Small-Cap Black Swan Not Likely Sustainable, Wilson Says

Morgan Stanley's Mike Wilson doesn't sound especially enthusiastic about the historic rotation to small-caps. A dramatic squeeze in beaten down cyclicality managed to grab a few headlines last week between wall-to-wall coverage of America's domestic political melee. The two stories aren't entirely separate. Small-caps are an ostensible "Trump trade." But if you ask Wilson, the business cycle will ultimately determine whether the trade has legs, not the election cycle. "While markets have been