Asks if the rotation away from tech at the start of the year is limited in scope, given Lerner's overweight on tech.
Dani Burger
Keith Lerner
We have a global bull market underway. Tech has been lagging after almost doubling off the lows, but some rotation/broadening has legs. It's hard to give up on tech, and TSMC's news reinforces that.
If it's a broadening trade, should investors avoid market-cap weighted indices and own the rest of the market more?
Dani Burger
Keith Lerner
Advocates for a bit of both. Maintains overweight in tech/communications, but upgraded industrials (due to economic uptick), healthcare, and small caps. You don't have to react to every move; all markets are pressing on 52-week highs.
Asks why gold still has room to run as a diversifier.
Dani Burger
Keith Lerner
Gold acts as a positive portfolio diversifier. On days when stocks and bonds were both down last year, gold was up more than 50% of the time. Historical cycles, central bank buying, geopolitics, and hedge against the dollar support more upside.