NFLX - A Historic Capital Rotation Is Quietly Marching On

• There has been an ongoing historic capital rotation in the markets that can be traced to the March 23rd, 2020 broader market lows.
• This growth-to-value rotation is still potentially in its early stages, and it has a chance to exceed and supersede the capital rotation we saw from 2000-2007.
• Energy, which is still a loathed sector despite its recent outperformance, energy equities, and commodity equities are at the center of current subset of the value opportunity.
• Thus, while the broader market cheers the stock rises of Lucid, Tesla, Netflix, Alphabet, and Microsoft, the real performance leaders, at least in percentage terms, are hidden in the background.
• Meanwhile, there are increasing signs that leading technology titans, including, Amazon and Apple, are faltering, at least from a relative performance standpoint.

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