The big news in November was obviously the US election in the early part of the month. I had the distinct impression that a lot of investors and fund managers were taking a wait and see approach through most of October to see what happened next.
Trump's decisive election win seems to have ushered in a strong risk-on sentiment as far as US equities are concerned, with some stocks being bid up well north of the valuation levels most sane investors should be comfortable with. On the small caps side, we still see many stocks available at crazily cheap valuations; it seems that the traditional backers of small cap risk are staying away from the market.
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