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But we saved everything 🙂.
Michael Kantro said that he has been advising clients to avoid higher-beta stocks for the past few months.
He stated that the best returns in such stocks, as well as in those considered lower-quality and in the market overall, typically occur during rebounds in cyclical macro data, earnings growth, and earnings breadth.
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Kantro recently reported that the S&P 500 Macro Select index has climbed nearly 30% year to date. In a separate update, he noted that corporate margins are continuing to rise due to cyclical and secular forces. These observations build on his ongoing market commentary.