Market is a 'micro machine' ideal for stock picking - Morgan Stanley [Seeking Alpha]
Morgan Stanley (MS)
Last morgan stanley earnings: 4/16 07:15 am
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Source: Seeking Alpha
"For all the sound and fury coming from the macro, 2024 remains an unusually micro market," strategist Andrew Sheets wrote in a note. And the dispersion seen in single stocks is ideal for stock picking, Sheets said. Morgan Stanley's Prime Brokerage Strategic Content Group says 1Q24 was the "best first quarter for equity long-short alpha since 2010 (when the data begin). Even more notable, that alpha is coming from both longs and shorts, across the US, Europe and Asia. It's dispersion in action." "We think that a reasonable definition of a ‘macro-driven' market is one with high correlation, where lots of assets are following the same macro-driven measures like oil ( CL1:COM CO1:COM ), interest rates or policy expectations," Sheets said. "Indeed, these issues make it seem almost self-evident that 2024 is a year where macro forces are in the driver's seat. But with a slight exaggeration, and to paraphrase the old economics joke, there's just one problem: this 'macro volatility'
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- 4/16/24 - Beat
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- MS's page on the SEC website