To an extent it does feel like too much money chasing too few ideas. It’s very hard to make that rotation from growth to value, from disinflation to reflation without there being some interruptions in the market. So I think it’s just a lot of money, a lot of liquidity, a lot of algorithms that are just saying, ‘Well, these didn’t go up, let’s buy them. The other ones may have went up a lot, let’s sell them.’ So it’s almost like a computer-driven rebalancing.
30 September 2020