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Nomura’s McElligott: Momentum Now Acts Like A ‘Straight-Up 60/40 Portfolio’
"Days like yesterday express the challenge for managers right now, as the 'everything duration' trade proxy that is the 'Momentum' factor continues to work like a hedged portfolio", Nomura's Charlie McElligott wrote on Tuesday, underscoring precisely the points made here in "Rip Van Winkle And Escape Velocity".
Tech's blockbuster rally to start the new week reversed most of last week's underperformance and served as a reminder that big-cap tech benefits from a “heads I win, tails you lose”
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