RPO's Become the New (and Dangerous) AI acronym

AI-linked risk sells off, but defensives, miners, and metals stay afloat.

Dec 18, 2025

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Key Takeaways

• Bullish Positioning, Great Expectations: As we highlighted yesterday, investor sentiment and positioning could scarcely be more bullish than is the case today. With cash ratios driven down to record lows, pray hard that we never see a redemption cycle ever again. Then again, investors surely can be forgiven when the bottom-up analyst consensus community is penciling in +12% operating earnings growth for the S&P 500 this year, followed by +13% in 2026, and then +14% for 2027.

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