Key points
US equity long/short weighted net leverage vs S&P 500, 2020-2026 ｜ Weighted net leverage fell from about 68% toward the mid-40s% recently while the S&P 500 stayed near highs
Image source: @puckrin
2026-11-08
Morgan Stanley: US Equity L/S Net Leverage Rolls Over Even as the S&P 500 Holds High