Michael A. Gayed, CFA, is chief investment strategist and co-portfolio manager at Pension Partners, LLC., an investment adviser which manages a mutual fund and separate accounts according to its ATAC (Accelerated Time and Capital) strategies focused on inflation rotation. Prior to this role, Gayed served as a portfolio manager for a large international investment group, trading long/short investment ideas in an effort to capture excess returns. From 2004 to 2008, Gayed was a strategist at AmeriCap Advisers LLC, a registered investment advisory firm that managed equity portfolios for large institutional clients. In 2007, he launched his own long/short hedge fund, using various trading strategies focused on taking advantage of stock market anomalies. Follow him on Twitter @pensionpartners and YouTube at youtube.com/pensionpartners.
The sector is catching up to the industrial trade, which has been fairly strong over the past couple of months.
Risk-on has certainly been the right call exiting last year and entering this one despite the fiscal cliff noise.
Investment in cyclicals and emerging markets indicates big money has not been afraid of risk.
The market re-evaluated its bearishness on the alternative-energy space once Obama got re-elected.
A broad rotation is under way, out of the U.S. and back into emerging economies.
Its statements on QE could increase risk-taking and weaken the dollar.
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