NVQ - Technically Speaking: Is The End Of The Value Trade Near?

• Since the end of last year, the "value" rotation finally did get underway, with the energy sector leading the charge.
• Historically, when rotations to "value" have occurred, it has accompanied significant market reversions and a break of the previous "bullish" psychology.
• The accompanying destruction of capital pushed investors into requiring a "margin of safety."
• The problem with the current "value" trade is there is very little, if any, "margin of safety" in the companies investors are piling into.
• The end of the value trade may be near as investors push prices beyond economic growth expectations.

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