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After October Selloff, One Bank’s Clients Are The Most Underweight U.S. Stocks Since January
The market narrative in and around the October bond rout (first) and equity selloff (the following week), centered on a rather dramatic rotation from Growth to Value.
Naturally, that rotation was accompanied by a momentous Momentum (pardon the pseudo-pun) unwind or, more simply, an especially ugly drawdown in what amounts to a pure play on Long Growth/Short Value.
There were a number of plausible explanations for that rotation, one of which was that because the somewhat anomalous late-hiking-c
They will chase any performance as many face an existential threat. I am guessing we will see the usual suspects reassert themselves in a performance grab into y/e. the battle between slowing growth, tougher compares, higher rates but we see lower, and more reasonable valuations combined with the end of the momo quant issues and settled elections and some hope on China trade will make for an interesting few months……….