Macro hedge funds and managed futures gained 2.4% in August as bonds, currencies and policy uncertainty created opportunity. With U.S. stocks still expensive, the bigger lesson isn't predicting the next crisis—it's building a portfolio that doesn't require you to. Aliens optional.

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As hedge fund leverage climbs and AI enthusiasm reaches extraordinary levels, Goldman Sachs and JPMorgan are warning that quarter-end rebalancing could unleash up to $165 billion in stock selling. Markets may continue higher—but history suggests that gravity eventually reminds investors that valuation, leverage, and humility still matter.

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