"At a macro dinner last night someone asked why retail keeps outperforming institutional money? Complex question but think simply put retail has remained risk-seeking while institutions have been cautious (nets and sentiment have remained low all year). Institutional money...tethered to valuation and those pesky fundamentals. One could argue if both constituents were over their skis, there’d probably be no incremental buyer left... for now they are capturing the risk premia the institutional crowd is not. Short term hard to ignore, long term unclear if its sustainable." GS Delta-1 head Rich Privorotsky:(zerohedge)