A diary of the thought process behind my investment decisions
Change Of Heart
One of my themes coming into 2011 was that "defensive" sectors were undervalued versus "risk on" sectors. We have seen a complete about face and I believe that some "defensive" names are starting to look a bit pricey, while some cyclical sectors like software are starting to look cheap. I will be looking more closely at this in coming weeks. These trends tend to overrun so calling a turn is tricky. Have a good night.