Institutional selling has rarely been greater: Hedge funds sold global stocks at their fastest pace in 4 years on March 7th and 10th. Not even the 2022 bear market recorded such a sharp reduction in exposure. The majority of transactions were selling of long positions in single stocks, according to Goldman Sachs data. As a result, the S&P 500 declined -9% from its all-time high in less than 3 weeks. This marks the fastest drop of such magnitude since the 2020 pandemic crash. Institutional exits are moving markets.