2021: A Rotation Odyssey

2021: A Rotation Odyssey

The pro-cyclical rotation finally came. For years, fleeting bouts of outperformance from perennial laggards (e.g., value shares) proved to be just that -- fleeting. It was the rotation that never truly played out -- always "burgeoning" and "nascent," never "durable" and "sustainable." To be sure, there's no guarantee this time will be any different in that regard. After all, an epidemic is still killing thousands of people each and every day around the globe, and lockdowns aimed at curtailing
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6 thoughts on “2021: A Rotation Odyssey

    1. In my relatively small Colorado ski town, last week 400 vaccines were available for 70+, locals only, and it was reported that over 4,000 called in to get a vaccine.
      I’d say we have a serious shortage.
      Hope we get this rolling before mutations make the vaccines ineffective.
      I am in my 50’s and have absolutely no idea when I will be able to get poked, let alone twice.

  1. I’m confident that Biden and his team will get vaccines and rapid testing squared away. It’s supply chain and logistics for delivery. If you don’t deny science and logic, smart people who put effort into it will get it done. Trump’s team denied science and spent most of their effort talking, not working. I’m pretty sure when I was young most of us were taught that nothing great is achieved without great effort. What changed and turned that into ‘do no work, just lie’.

    1. Logistics may seem to be the issue but mostly it is paralysis among the huge number of decentralized political units who have been assigned responsibility for determining distribution priorities and how to form the line. Make no mistake there is politics in this, even with lives at stake. Only 45% of Republicans are interested in the vaccine and where they are in charge, in my area at least, there seems to be less urgency attached to the distribution process. Missouri state government has completely abandoned its responsibility and seems to feel no pressure to improve the situation.

  2. The valuation of Russell 2000 is… interesting, to say the least. My understanding is these companies are losing money in aggregate, but I don’t have the most updated nor forward looking figures.

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