Daily Charts - Relative Value Trinity vs Passive Activists

1.Passive Activists

The rise of passive investing has lead to a weird perversion of corporate governance -- who gets the vote? Are we happy leaving key shareholder decisions to a nameless faceless corporate with hidden agendas?

Things are changing here, but it highlights some unintended consequences $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$

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2.Relative Value Trinity

It looks like we have turned the corner on this global equity mega-theme — especially for global vs US stocks...

We are still so early on this one

this theme will be measured in years not months

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3.Defensives have gained ground in relative performance terms through the correction, and still look extremely compelling as a contrarian defensive play...

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