‘Extreme’ Stock-Valuation Gap Looms Over Gravity-Defying Rally
- Defensive styles look expensive in sign of investor caution
- Morgan Stanley sees rotation potential in favor of value bets
Source: Getty Images
This article is for subscribers only.
As the S&P 500 approaches all-time highs, defensive investing styles are trading at their most overbought levels in decades -- a sign of investor incredulity at this gravity-defying rally.
Something may have to give.