Let’s wait for a fall in stocks before declaring a great rotation
With all the excitement about ‘the great rotation’, it often feels that the debate focuses too much on analysing the recent flows, and less about the greed/fear dynamics driving them. It’s been well...
View ArticleContarian indicators
Thanks to reader Grumpy for mentioning this in the Long Room. Remember this, from 2007?Continue reading: Contarian indicators
View ArticleGreater and lesser rotations
Sounds impressive, doesn’t it — more than $100bn in investor money has sploshed over to the US stock market since the start of 2013, according to EPFR and BNP Paribas: Continue reading: Greater and...
View ArticleMoney-go-round theme du jour, bonds beat cash
So what have the retail investors been up to? Buying stocks! But, even with yields down low and no-where to go, they are yet to break the bond buying habit. Continue reading: Money-go-round theme du...
View ArticleRetail has rotated
A new year is a new country, so far as the investment prognostication world is concerned. What will people do with their clean slates, we wonder? Buy equities is a strong contender. It appears to be...
View ArticleThe (corporate) pension problem evaporates
Remember how pension deficits were huge and insurmountable? Not so much, any more. On its way to posing the question, will they be buyers of bonds?, JPMorgan‘s Flows & Liquidity team notes that the...
View ArticleRotate, reflate, reflect, placate
Tech is down, Treasuries are up, stocks are flattish: whatever happened to asset rotation, great or otherwise? For an answer, we turn to the flows as interpreted by Nikolaos Panigirtzoglou and team at...
View ArticleUS investors “rotating” back into bonds
In 2013, US mutual fund investors started moving money out of bonds and into equities. Some thought that this was the beginning of a “great rotation” in asset allocations that would undo the changes...
View ArticleStill waiting for the Great Rotation? Stop
Mark Schofield and his team of macro strategists at Citi have a new watchword: diversification. The bank has a major new paper on the matter (one of its occasional Citi GPS series), arguing that we’ve...
View ArticleShaken, rotated, positioned
Barclays have had a look at the reaction of various types of investor since markets started to move around with energy in April. We find that positioning in bonds has been cut back considerably by...
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