(October 2020)
In an unusually bullish opinion, one of Morgan Stanley’s best-known and most bearish strategists—Andrew Sheets—has just released a very bullish outlook. The bank’s chief cross-asset strategist is telling investors to dump their defensive positioning in large tech and long-dated Treasuries and switch to risk-on asset like small caps. Sheets contends—in contrast to many other analysts—that growth will continue unabated, saying “The glass half-full view of stimulus talks is if you don’t get it today you’ll get it tomorrow from whomever wins the election”. He points to the recent outperformance of cyclical and value stocks as evidence that investors are getting more bullish.
(New York)
FINSUM + Magnifi: On the positive side, the market has been seeing a big pickup in breadth—with gainers outpacing losers 2 to 1 in recent weeks. This seems to be a sign of building bullishness. That said, the election and long-term fiscal concerns could weigh on the market, helping defensive assets like gold.
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