"World''s Most Bearish Hedge Fund" Goes Short Tech "World''s Most Bearish Hedge Fund" Goes Short Tech The world''s financial graveyards are covered with the career tombstones of those who, over the past decade, have called the end to a tech bubble that not only has yet to pop but has culminated with just 5 tech names - the FAAMGs - comprising 23% of the SP''s market cap vastly surpassing the lofty dot com days, with a combined valuation of over $7 trillion. Among those who were steamrolled by the tech juggernaut is Ned David Research, traditionally known for its accurate market timing calls if certainly not this time: two months ago it slapped a sell reco on tech right before it ripped the bears'' faces off and embarked on a 14% rally. And then, just as the FAAMGs fell out of bed late last week, the firms strategists pulled a Gartman, and abandoned their underweight stance, expecting that the rotation out of reflation and into growth, coupled with a plunge in yields, will lead to more tech buying when we may well be facing the first market rout since March considering last week''s coordinate selloff. The rapidly evolving COVID landscape, coupled with the Feds more hawkish tone at the June FOMC meeting have gone against cyclical Value sectors that tend to be positively correlated to interest rates and the yield curve, said Ned Davis strategist Rob Anderson. The progression of the virus will likely influence whether Growth or Value sectors gain the upper hand in the second half. After trailing small-cap stocks which were the biggest beneficiaries of economic reopening, the Russell 100 Index erased its underperformance last Wednesday.