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A Bullish ETF Trader With $6 Billion Just Made Some Risky Bets
One big investor flipped the risk-on switch this week, trading about $6 billion worth of exchange-traded funds as global markets flashed bullish signals following a brutal December. On Wednesday, a frenzy of fresh trading hit U.S-listed products, and was likely the work of a single manager, according to Josh Lukeman, head of ETF market making for the Americas at Credit Suisse Group AG. Among the moves: yanking cash from investment grade bonds and splashing it into high yield, and swapping out developed-market equities for EM. The shift comes as a dovish Federal Reserve, steady economic growth and optimism over trade ... (full story)