The Hunt For Losers: The Great Rotation And The Illusion Of The Indices

Agar Capital3.61K FollowersFollow5ShareSavePlay(14min)Comments(2)SummaryAI is now disrupting software itself, shifting market focus from growth vs. value to resilience vs. replicability.Market selectivity intensifies as investors prioritize business models resistant to AI commoditization and physical infrastructure over intangible assets.ETF-driven 'basket effects' create indiscriminate sell-offs, generating opportunities in quality industrial, infrastructure, and energy names.Capex volatility in AI infrastructure, especially semiconductors, will trigger rapid repricing, rewarding structural winners and exposing fragile business models. Bordinthorn Loyrat/iStock via Getty Images The Last Supper (of Software) In a way, this year's market movements are quite ironic. Everything has happened in these first (almost) two months. January was terrible, but February was "quietly" even worse. We'veThis article was written byAgar Capital3.61K FollowersFollowI’m a Portfolio manager (flexible equity funds and private clients), fundamental equity research, macro and geopolitical strategy.Over 10 years across global markets, managing multi-asset strategies and equity portfolios at a European asset manager.I combine top-down macro, bottom-up stock selection and real-time positioning (Bloomberg, models, data).I focus on earnings, tech disruption, policy shifts and capital flows — to identify mispriced opportunities before the market.On Seeking Alpha I share high-conviction ideas, contrarian views and deep breakdowns of both growth and value names.For more insights: follow me on X @AgarCapitalAnalyst’s Disclosure: I/we have a beneficial long position in the shares of SPX, NDX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.