Last month, during our 13-F postmortem, we showed that just as hedge funds had gone all-in stocks, or rather a handful of momentum stocks, resulting in record gross and net hedge fund leverage… which also meant a record drop in S&P short interest as any remaining bears have been ritualistically slaughtered in the last few months … hedge funds did what they normally do, which is to organize low lit “idea dinners” and agree to all jump in the same handful of stocks while at the same time shorting a different group of stocks (after all they have to at least pretend to hedge otherwise bye bye 2 and 20). Unfortunately, … (full story)