Pfizer-BioNTech’s news on Nov.
Pfizer’s vaccine was seen bringing about a value revival, yet several waves of rotation from growth to value in the past year have proved short-lived.
The year saw global stocks add nearly $16 trillion in market capitalisation but much was down to tech, possibly as reopenings – and economic recovery – were stymied by COVID.
Sovereign bonds were among the biggest losers immediately after the vaccine news.