thanks for another great post. One question Could you explain why “In this context, it’s no surprise that IT; Utilities and Financials outperformed, while Materials, Real Estate, and Energy lag.” in the main takeaway section near the end ？I’m curious specifically with respect to energy which is part of the three security types that you mentioned in previous macro Beutler articles along with tech and defense And also materials？Without materials and energy nothing goes forward.
Nasdaq has been able to outperform over the past week as I guess there is still a lot of end of the year window dressing and tax selling going on which means that the YOLO investors have been selling those sectors which have underperformed YTD while still institutional investors have been busy window dressing in the outperformers of the year.
The Trump Stagflation has not yet been discounted meaning that Energy and Aerospace Defence have yet to outperform IT in the Smart Defence Equity portfolio.
Hi Laurent,
thanks for another great post. One question Could you explain why “In this context, it’s no surprise that IT; Utilities and Financials outperformed, while Materials, Real Estate, and Energy lag.” in the main takeaway section near the end ？I’m curious specifically with respect to energy which is part of the three security types that you mentioned in previous macro Beutler articles along with tech and defense And also materials？Without materials and energy nothing goes forward.
Thanks
John
Nasdaq has been able to outperform over the past week as I guess there is still a lot of end of the year window dressing and tax selling going on which means that the YOLO investors have been selling those sectors which have underperformed YTD while still institutional investors have been busy window dressing in the outperformers of the year.
The Trump Stagflation has not yet been discounted meaning that Energy and Aerospace Defence have yet to outperform IT in the Smart Defence Equity portfolio.