Human decisions to sell stocks may have been behind the August rout for equity markets after all, with hedge fund and mutual fund managers selling in response to turbulence and fears for China’s economy.
The conclusion, based on work by strategists at JPMorgan, is a riposte to those who have attempted to blame esoteric trading strategies such as “risk parity” for the correction’s size and speed.
“Discretionary managers were likely the ones responsible for the recent equity market sell-off,” Nikolaos Panigirtzoglou, global asset allocation strategist for the bank, told clients.
您已閱讀20%（581字），剩余80%（2319字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。