October was ugly ... HISTORIC DE-GROSSING?! dont be hysterical TLDR: last week ... worst performance for systematics in over 2 years (ouch)... L/S fundy guys bad / not horrific... Gross & Nets actually went up overall. I just call balls & strikes.... seeing a lot of these historic de-grossing comments ... different data... but here is my best cut from our internal aggregation and models... was more "rotation" / stock specific selling than panic puking 1/ 25 separate selloffs since 2016 ran deeper. In dollars, 7 were bigger; the worst, to Jul 16 of this year, lost ($32.8B) 2/ No volume spike (forced deleveraging shows up as heavy trading) Tech traded at 1.02× its pace over the prior year. In March 2020 it hit 2.08× 3/ it was a rotation. Tech bled −$11.0B while the rest of the market took in +$29.4B. Consumer & Retail saw stronger buying than in 99% of its windows since 2016. Internet Platforms and search sold harder vs the market than in 99% *going to release our "GICS" competitor this week ... I think better and more informative tbh 4/ $NVDA (−$5.0B) and $GOOG (−$3.6B) led the selling. Buyers/COVERS took $AAPL +$1.6B