Retail-driven squeezes are migrating from the original 2021 names into rate-sensitive special situations.
Jakab's column observes that the squeezes of the past month — AVIS, SAVE, and a small cluster of regional banks — share a common profile: high short interest, distressed but not bankrupt fundamentals, and a retail community that has taught itself to coordinate without a single central forum. This is not 2021 redux. It is a more diffuse, less newsworthy version of the same pattern.
We do not run momentum portfolios for clients. But we do hold special-situation watch positions in AVIS and SAVE for the clients who explicitly want a tactical sleeve. Position sizing remains tiny — the asymmetry only works if you can sit through 50% drawdowns without being a forced seller.
A 15-minute review — an update on positioning.
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