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Bloomberg

Citadel Securities' Audacious Market Call Is Spot On

With global stocks hitting record highs and meme trades making a comeback, investors are naturally asking if it's time to take profit. Some institutional managers are going a step further, shorting shares of unprofitable US tech companies that have seen sharp upswings. Before talking about froth, one must ask if we are witnessing a structural change in the market. After all, if a different cohort is dominating trading, lofty valuations by historical standards can no longer predict future pullbacks.