Insiders & Private Equity Investors Are Dumping Stock At Near Record Pace, Turkey Halts Stocks Twice

2 years ago
6

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This week - Goldman Sachs and Bank of America focused on the chaos inside long duration (Nasdaq) equities. Goldman´s Tony Pasquariello said:
“a screaming dislocation has emerged between long-duration equities (which have been falling apart - ARK Names, Software, long duration cash flows) and long duration itself (the yield on the 30 year long bond is near YTD lows). Elements of capitulation are starting to accumulate and there are clear footprints of major risk reduction.”
Pasquariello notes Goldman´s PB (prime broker) data reveals the largest net selling over any 10-day period since April of 2020. Likewise - insider selling looks to be 2 standard deviations greater than any quarter looking back over the last 6 years. In November, insiders unloaded a collective $15.59 billion - an all-time record).
They also showed Private Equity insiders are unloading stock in size. Over the last two quarters, PE deals and exits have been completed deals at their highest levels relative to trends in at least the last 20 years.
all trades on Turkey’s benchmark stock index Borsa Istanbul 100 were halted after a sudden plunge in stocks - which until now were trading gingerly higher as one would expect in a time of runaway inflation - triggering a market-wide circuit breaker.

Trading of equities, equity derivatives and debt repo transactions were “halted temporarily” at 4:24 p.m. in Istanbul after the index reversed gains and fell as much as 5%, according to a public filing. Trading was scheduled to restart at 4:54 p.m, however we are confident it will only lead to more selling.

And this is what the realization that hyperinflation has arrived and may not be good for stocks looks like:

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