Rotation and Divergence

This is the title of an email that I sent to myself on March 24 that only has the title. It reminds to write a blog about the divergence between the group of relative losers, e.g., China, Australia, Brazil, Russia, et al. vs. the relative gainer, the U.S. But I never got time to write it till now. So going forward, it will make a difference when I talk about risk on and off using Hang Seng Index or S&P 500 Index. HSI will be relatively flat or get worse in the next few years, whereas S&P will likely go up (still volatile). I have already discussed this issue a long time ago. But we won’t have as many back and forth going from here.