“Private equity (PE) firms are selling stocks at the fastest pace in history. According to Bloomberg, PE firms have sold $73 billion of their holdings to the public so far this year. Like all investors, PE firms want to sell their investments at the best price possible. So they sell the most when they think the market is topping out. PE firms have access to information that the public doesn’t have. So when they’re selling, it’s a bearish sign. The S&P 500 has now rallied 204% since bottoming in March 2009. And it hasn’t had a 10% correction in more than three years. Bridgewater Associates, the largest hedge fund on the planet, now has 60% of its portfolio invested in emerging markets (EM).”
https://www.caseyresearch.com/articles/the-smart-money-is-selling-everything-thats-not-nailed-down