While everyone in the world appears convinced that (and positioned for) bond yields go higher, stocks go higher, gold goes lower, and risk has been vanquished, UBS notes that the world's largest, most active overweight crowded trade is in Amazon.com stock (followed cloesly by UnitedHealth.

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At 175x P/E what could go wrong?

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Notably, while Amazon is the most crowded long in the developed markets, Alibaba is the most over-crowded in global emerging markets...

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UBS explains: How do we measure the active positions? Using the institutional ownership data provided by FactSet, we form an active trading portfolio by aggregating positions across global active managers. Essentially, we sum up all the holdings in dollar value across all the active managers and calculate the weights of stocks in this active trading portfolio. We then compare this weight with the relevant equity index benchmark to form the active weight.