Citigroup says a simple strategy involving selling the winners and buying the losers of 2022 has paid off thanks to a market rally, oil-sector profit-taking...
Last year’s stock losers are off to a great start for 2023, but investors would be foolhardy to chase those gains any further.
That’s the advice from a team at Citigroup, led by chief global equity strategist Robert Buckland, who note how a simple strategy involving selling the winners and buying the losers of 2022 has paid off thanks to a market rally, oil-sector profit-taking and surging tech stocks. Buckland and the team say selling winners and buying losers worked due to dovish signals from central banks pushing bond yields lower and tech stocks higher, while hopes that the economy will downshift slowly without a recession — a “soft landing” — have weighed on defensive stocks, and oil companies have dropped amid falling oil prices.
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