*Are Retail Investors Bearing Tail-end Risk?* Friends, This Eco Times article - https://m.economictimes.com/prime/money-and-markets/retail-investors-are-bearing-the-entire-market-risk-now-says-naren-of-icici-pru-mf/primearticleshow/117954717.cms reiterates what I have been saying since late 2021. Abysmally low fixed income yields (negative in many cases if adjusted for real effective inflation) forced the unknowing, ill-prepared and unsuspecting retail traders to take risks in paper assets that were way above their appetites. The Jensen's Measure turned hostile for retail investors as early as October 2021. That is when I first started warning you of rising cost of funds. I have proved to you that rolling returns adjusted for cost of carry and cost of funds show negative yields for Nifty and Bank Nifty since Oct 2021. SEBI findings show >90% retail traders losing money in last 3 years. *This is no coincidence.* Now the retail investor is largely holding most of the tail end risky investments as the MWPL, C-ratio and TST data shows. Smart money has been distributing stocks since June 2024. This is validated by the Nifty daily chart which will show atleast one big decline every month since June. *Markets of Extremes* This is going to be a market of extremes. This pro-cyclical hysteresis phase will be unlike any other prior to this event. Highest concentration of newbie traders with no understanding of _ßeta_ threats whatsoever. The levels of _DIP-ping_ (dis information protocols deployed by smart money) which I pointed out months ago, has reached _Maskirovka_ (highest level of masking of real mission objectives of smart money trades) levels. I believe you have been adequately warned since atleast 4 quarters of the approaching procyclical hysteresis and even prepped with counter measures. You have tail risk hedges, MWPL, C-Ratio and TST tutorial videos on my channel to identify trading traps. Hope you have deployed assets in sovereign guaranteed paper that I have been nudging you towards since late 2021. As also bullion which will be both a store of value and mission critical αlpha generation. The *Phalanx* phase ended recently and the *Pincer* phase has commenced, as I warned you recently. As I was trained in my formative years - chance favors the prepared mind. _If you like our work please share it with all your friends and groups. Help them take data backed decisions._ Lets stay ahead of the crowds with a 360° worldview of the markets 👍🏻 Connect with me here - Telegram channel - https://t.me/market360_with_vijaybhambwani Twitter - http://www.x.com/vijaybhambwani Youtube channel - http://www.youtube.com/vijaybhambwani *Vijay L Bhambwani*