Denise Chisholm’s sector and factor perspectives – November 10, 2023

Joining us today is Denise Chisholm, Director of Quantitative Market Strategy. She tells us what factors and market sectors she’s keeping an eye on and where she’s seeing opportunities. Denise talks about the volatility of the bond market pointing out that they have a volatility premium as the equity market. Denise says this creates a bear care for treasuries or higher yields. When you look at the speculators, the large speculators, you see net positioning is the most short its ever been historically going back to the 90’s. She says this is a great contrarian indicator. The more visible the bear thesis is the more likely it’s already priced into the market and the more likely it is there’s actually a total return opportunity in bonds as well as in equity. Denise also highlights opportunities in industrials, consumer discretionary, technology and financials. Bottom sectors would be utilities, and consumer staples.

Recorded on November 10, 2023.

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