GROW - The Historic Capital Rotation Is Continuing

• We have been stalking a historic capital rotation.
• This historic capital rotation is happening, hidden in plain sight at first, and now more visible after the price action over the past month.
• November 2020 was one of the best months on record for energy equities.  Smaller capitalization equities flourished too in November.
• Global economic growth continues to come in ahead of expectations, particularly in the manufacturing sector, and this is driving a new commodity bull market.
• Commodities and commodity equities are leading the historic capital rotation, and the last shoe to drop is interest rates, which should be much higher at the long end of the curve.

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