A Shot in the Dark

The ink has not even dried on the US ballot papers (!) but the Market already thinks it knows what this will all mean. And then there's Pfizer's vaccine announcement - perhaps similarly preliminary in nature - but, hey, the Herd will always take every silver lining it can find. Some of the themes we touched upon at the end of the Summer are still in play: Japan has been attracting money, non-oil commodities are rallying, gold has lost some lustre, bond yields are creeping higher, and Value may just be topping out at last v Growth.