“Great Rotation”- A Wall Street fairy tale?
NEW YORK (Reuters) – Wall Street’s current jubilant narrative is that a rush into stocks by small investors has sparked a "great rotation" out of bonds and into equities that will power the bull market to new heights. That sounds good, but there’s a snag: The evidence for this is a few weeks of bullish fund flows that are hardly unusual for January. Late-stage bull markets are typically marked by an influx of small investors coming late to the party – such as when your waiter starts giving you stock tips. For that to happen you need a good story. . . .
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