The Madman crash arrives

Monday 9 November 2026

TME on what my long-awaited Madman flush has delivered so far.

The great positioning flush

The week’s market turmoil triggered one of the sharpest positioning resets in years, with hedge funds aggressively cutting exposure and broader equity positioning turning underweight. Here are the charts showing the scale of the unwind — and how far positioning has diverged from the earnings backdrop.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.