Part of the optimism unleashed in the stock markets by vaccine news has manifested itself in the form of investment flows towards equities.
As we can see in the graph, after the big outflows this year, the month of November has been especially good for equities.
Investors, optimistic about the vaccine, the outcome of the American elections and growth in Asia, have chosen to increase the risk in their portfolios before the end of the year.
We will have to wait if we want to see whether this flows towards equities are sustainable in time. With this bull sentiment in the market, one always runs the risk of going with the herd and riding the wave when already It's too late.
In any case, the support of central banks for both the real economy and the financial economy makes one think that this wave that many investors have now ridden is surfable for a sustainable period of time, at least in the short term future.