- "If history provides any guidance, there will be a shift to more cyclical, higher beta names, before this rally is well and truly over," says Niels Jensen of Absolute Return Partners, noting investors are buying in a "cowardly" fashion - focusing on defensive, low beta stocks.
- The trend can be seen in low volatility stocks - and the ETFs built to own them, SPLV and USMV - trading at P/E multiple premiums to the broader market, while a high beta portfolio like SPHB is at a discount.