$ 499 + HST
The market lurched upward on Vaccine Monday on the Pfizer-BioNTech news that it had found promising results in its vaccine trial. In a “Great Rotation”, investors piled into value stocks and abandoned former growth darlings.
We believe the Vaccine Monday rally was the spark for a Great Rotation from U.S. into non-U.S., growth into value and large caps into small caps. While the rotation is not dependent on the specific success of the Pfizer-BioNTech vaccine, the news nevertheless opens the window into what might be possible once health authorities get the pandemic under control and the global economy recovers. The market is only on the initial phase of the Great Rotation, which should usher a stampede into a cyclical and reflation trade that will last for many months.