Highlights
- Confounding the bears as usual, the S&P continues to march higher, negative news headlines be damned.
- While most are under the understandable impression that stocks have been in a bull market for two years, we present still more evidence to show that things are only just getting started.
- Rotation away from low volatility stocks, towards high beta, is traditionally a hallmark of healthy, risk-taking behavior of bull markets.
- High beta has been underperforming low volatility since 2021, when the bear. . .