The great value rotation in the stock market could be over already as investors embrace tech again

cnbc2021-06-11

Is the great value rotation over? The S&P 500 is at an historic high, but investors who earlier this year overweighted their portfolios into reopening stocks likeCaterpillarand banks, and away from ...

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精彩评论

Ray19
2021-06-12
Ray19
Cool
Barbarazhao
2021-06-12
Barbarazhao
Glad to know
ulteare
2021-06-12
ulteare
true
26629536
2021-06-11
26629536
[Facepalm] [Surprised]
peggy85
2021-06-11
peggy85
that's too bad
- Alfred8189:
  Wow
- NiuNiuNiu:
  No!
老木不朽
2021-06-11
老木不朽
Like and comment. Thanks [爱你]
- RAY6377:
  GREAT 🐯

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The narrative in the first quarter was that the reopening would be very strong, bond yields would move up, and inflation may be an issue later in the year.\nThis was only partially correct. The reopening has been strong, but bond yields have come down, not up, as investors have come to believe: 1) that inflation and supply chain issues may indeed be “transitory,” or temporary, as the Federal Reserve has insisted, and 2) that the second and third quarter is the top in earnings and economic growth.\n“The value trade is unwinding, and the growth bulls are winning,” Alec Young, chief investment officer at Tactical Alpha, told me. “Bond yields are a proxy on the growth outlook,” he told me, noting that bond investors see moderating inflation and a slower rate of growth (though still positive) in the second half of the year.\nThe result: Investors are staying in the market, but they are rotating into defensives (health care) and growth (technology). Formerly crowded trades like cyclicals and banks that are associated with the “value trade” are now retreating.\nWhy would investors rotate into growth stocks if growth is slowing?\n“Value is a more economically sensitive sector because value is weighted toward Industrials, Energy, Materials, and small caps,” Young said.\n“Early in the economic cycle, coming out of a recession, there is more earnings leverage from value stocks, so they are a better investment,” he added.\n“The problem is that everything has been compressed,” Young said. “We went into a recession really fast, and we came out of it fast, partly due to all the stimulus. Growth stocks now offer more reliable growth and are less subject to the vagaries of the economic cycle.”\nGoldman Sachs’ Ben Snider and David Kostin, in a recent note to clients, agreed: “History, valuations, positioning, and economic deceleration indicate that most of the rotation [from growth to value] is behind us,” they said.\nBecause this was a “crowded” (overweight) trade, Goldman suggested that many players are likely caught offsides: “Mutual funds are overweight Value to a larger degree than any time in our eight-year data history,” they said. “Hedge funds remain tilted toward Growth, but that tilt has recently fallen sharply and now ranks as the lowest in over five years.”","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":186399230,"gmtCreate":1623472113820,"gmtModify":1634032672194,"author":{"id":"3581771143434296","authorId":"3581771143434296","name":"Ray19","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3581771143434296","authorIdStr":"3581771143434296"},"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186399230","repostId":1159804717,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":188220962,"gmtCreate":1623450062656,"gmtModify":1634033136632,"author":{"id":"3576888762442253","authorId":"3576888762442253","name":"Barbarazhao","avatar":"https://static.tigerbbs.com/40f6fdeabe0e8cac300f1fd2a17eb3ac","vip":1,"crmLevel":8,"crmLevelSwitch":0,"idStr":"3576888762442253","authorIdStr":"3576888762442253"},"htmlText":"Glad 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[Surprised]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188979245","repostId":1159804717,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":188915578,"gmtCreate":1623419258694,"gmtModify":1634033460396,"author":{"id":"3581811291499435","authorId":"3581811291499435","name":"peggy85","avatar":"https://static.tigerbbs.com/e664ba5e10199decb88d9dc807352693","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3581811291499435","authorIdStr":"3581811291499435"},"htmlText":"that's too bad","listText":"that's too bad","text":"that's too 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and comment. Thanks [爱你]&nbsp;","listText":"Like and comment. Thanks [爱你]&nbsp;","text":"Like and comment. Thanks [爱你]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/188010616","repostId":1159804717,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4723337,"gmtCreate":1623557714990,"gmtModify":1635324313329,"authorId":3585989853738178,"author":{"id":3585989853738178,"idStr":"3585989853738178","authorId":3585989853738178,"name":"RAY6377","avatar":"https://static.tigerbbs.com/845ccee629c624e23439d847b3134e01","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":188010616,"type":1,"supId":0,"prevId":0,"content":"GREAT 🐯","text":"GREAT 🐯","html":"GREAT 🐯"}],"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":32,"commentSize":12,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1159804717"}