Shuli Ren, Columnist

Citadel Securities’ Audacious Market Call Is Spot On

Retail investors are taking the lead this summer. Don't stand in front of this liquidity train.

July 28, 2025 at 3:00 PM EDT

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

A change of guard.
Photographer: Michael Nagle/Bloomberg

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With global stocks hitting record highs and meme trades making a comeback, investors are naturally asking if it’s time to take profit. Some institutional managers are going a step further, shorting shares of unprofitable US tech companies that have seen sharp upswings.

Before talking about froth, one must ask if we are witnessing a structural change in the market. After all, if a different cohort is dominating trading, lofty valuations by historical standards can no longer predict future pullbacks.