(https://www.cnbc.com/2026/06/11/spacex-cuts-retail-ipo-allocation-to-low-20percent-range-source-says.html) while (https://www.cnbc.com/2026/06/11/pimco-is-warning-about-a-spike-in-defaults-how-to-position-portfolios.html) tells you everything about where institutional money REALLY is moving. Retail gets the scraps of a $2T+ IPO while the smart money is rotating OUT of risk assets into safer duration.

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