Active manager exposure

There is a lot of eagerness to consider everything a contrary indicator. The world doesn't work that way, though. The latest survey of active investment managers from NAAIM shows that they are leveraged long stocks with the 4th-highest reading on record. According to the Backtest Engine, there have been 18 weeks since the survey's inception when managers were leveraged long. That should be a negative headwind for further gains, but over the next 3 months, the S&P accommodated them by rising after 16 of them, an 89% win rate.