Money Value Rotation May Not Last Long, Money Managers

(Bloomberg) - “Fakes” and “Value Traps” - These are the terms two asset managers use to warn investors who, following recent positive vaccine news from Pfizer Inc. and Moderna Inc. Shift into substance values ​​.

An effective vaccine against Covid-19 could revitalize the global economy, help sectors hit by the pandemic and boost cheap stocks. Investors should be cautious, however, as these moves are excessive after this month's trading activity and can lead to "value traps," said Matt Orton, vice president of asset manager Carillon Tower Advisers Inc. in St. Petersburg, Florida.

© Bloomberg Value stocks outperformed growth this month

“Technically and given investor enthusiasm, it looks a bit tight in the short term, and there is still a lot of uncertainty until February or March next year,” said Orton in an interview with Bloomberg. There is a possibility of further lockdowns as Covid-19 cases increase and US President Donald Trump calls for a recount in Georgia, both of which could lead to uncertainty in the short term, he added.

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The same applies to daily logrotation and a day may be skipped. I would suggest only recording a timestamp in logrotate.status when rotations are hourly (and only record them to the nearest hour). Alternatively ignore the hour/min/sec for weekly logrotates and ignore the min/sec for the hourly

Representing money as a double or float will probably look good at first as the software rounds off the tiny errors, but as you perform more additions, subtractions, multiplications and divisions on inexact numbers, errors will compound and you'll end up with values that are visibly not accurate.

In his view, energy and financial companies are the biggest value traps as both sectors face “structural challenges”. Instead, it would "position for growth but be cyclical," said Orton in the short term.

As examples, he cited credit card companies like Visa Inc. and Mastercard Inc., which were betting on the reopening of the world economy. He also likes semiconductor companies and semiconductor plant builders.

Likewise, Invesco's chief strategist Talley Leger believes the positive vaccine news may not be enough to provide the global economy with a sustained recovery and dampen shifts into value stocks. "It could potentially turn out to be yet another fake that we've seen quite a few lately," he told Bloomberg in an interview.

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The MSCI World Value Index is up 13% since October 30th, while its growth counterpart is up 9%. However, the growth index is still up 25% this year, while the value index has fallen by 7.9%.

Leger believes that there could only have been a sustained rotation of values ​​if there had been a united US government that could have launched a large fiscal package. “So ultimately, we're going to go back to the old normal, where technology and growth do better,” he added.

Orton still favors large-cap tech companies like Microsoft Corp .. and Amazon.com Inc., with their "long-term structural tailwind" rather than just work-from-home benefits.

Leger maintains its recommendation to invest in risky assets for the longer term, including cyclical companies and smaller capitalization companies, favoring stocks over bonds.

Heading of the article in the original:

Value Rotation May Not Last Long, Warn Carillon and Invesco

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