, Columnist
Watch for the Fallout From This Extreme Rotation
Many quant managers may feel like they just stepped on a rake after the Pfizer vaccine news triggered a radical realignment.
That feeling when you went long growth, short value.
Photographer: Dan Kitwood/Getty Images
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Markets received a shot in the arm Monday from Pfizer Inc. and its encouraging Stage III tests on a Covid-19 vaccine. As a result, the S&P 500, the MSCI World and the MSCI All-World indexes all rose to records. But that misses the point of the impact. The news triggered the biggest single-day market rotation I’ve witnessed in the 30 years since I started covering markets.