David Pearl, Epoch’s co-CIO, describes how the market has favoured companies with growth over profitability, how index funds have abetted their rise, and where he sees value in the market today.

The momentum of these stocks will eventually subside. With continued transition from QE to QT, he describes an environment that Epoch characterises as “the return of price discovery.”

David argues that banks have not been getting the credit they deserve for their continued profitability and returning capital to shareholders. Both video and podcast available here.