$Microsoft(MSFT.US)What surprised me most was that IGV and Microsoft offered almost no real defense during the selloff. The idea was that software and quality mega-caps would become a safe harbor once volatility returned, but the market had other plans.

After the drop, capital didn‘t rotate into software. It went straight back into the same crowded “certainty trades” that had been leading all along. Looking back, the strength in IGV now feels less like a genuine leadership change and more like a short squeeze fueled by positioning.

In a market where liquidity is tightening, investors seem unwilling to pay for future possibilities. They want earnings, cash flow, and immediate visibility. Everything else is just a trade.

@Bridge Buzz SG