YTD, 65% of large-cap fund managers trailing but only 47% of small-cap funds missing. Add to YE chase potential. Important data is Nov PCE on Friday 12/22.

We discuss: It's holiday party season and we spoke to many institutional investors over the weekend.  Anecdotally, 66% remain bearish with bearish views on Fed. Plus we analyze fund manager performance.

Please click below to view our Macro Minute (Duration: 4:56).

Over the various holiday cocktail parties in the past week, anecdotally, I find most institutional investors remain cautious, mainly bec...

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