Daily Charts - Relative Value Trinity vs Passive Activists
1.Passive Activists
The rise of passive investing has lead to a weird perversion of corporate governance -- who gets the vote? Are we happy leaving key shareholder decisions to a nameless faceless corporate with hidden agendas?
Things are changing here, but it highlights some unintended consequences $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$
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2.Relative Value Trinity
It looks like we have turned the corner on this global equity mega-theme — especially for global vs US stocks...
We are still so early on this one
this theme will be measured in years not months
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3.Defensives have gained ground in relative performance terms through the correction, and still look extremely compelling as a contrarian defensive play...
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