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So Pfizer announced a vaccine last night – with reported 90% efficacy.

This news sparked a massive rotation out of the pandemic winners (tech, industrial REITs, growth etc) and into the pandemic losers (value stocks, energy, airlines, hotels, banks etc).

3 thoughts from me:

1. Vaccine is not a holy grail

A lot of these deep value stocks (banks, airlines, hotels, real estate etc) have sold off crazily, trading at historical discounts to growth stocks. So short term, a massive snapback like this was always bound to happen – we just didn’t know the timing, or the catalyst.