Everyone is starting to bet against the same stocks again. The top 10 percent most-disliked companies in the Russell 3000 Index made up 41 percent of the gauge’s average short interest at the end of July, up from a low of 38 percent in May, data compiled by IHS Markit Ltd. show. Peter Dixon, global equities economist at Commerzbank AG in London, says investors piling into the same bets is a worrying trend because “when everyone is doing the same thing, something which might appear sensible stops being sensible -- by definition, you won’t make money if you do what everyone else is.”

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