Diminishing Returns And WAM Chatter Galore

Diminishing Returns And WAM Chatter Galore

As expected, Monday's encouraging vaccine news from Moderna prompted outperformance from value, small-caps, and other equities expressions synonymous with reflation optimism and the reopening narrative. There was plenty to like in the Moderna readout, and equities were already pleased with weekend comments from Joe Biden's advisers who indicated the President-elect is not in favor of a sweeping national lockdown. Solid activity data out of China and a new regional trade pact also contributed to
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