This article is part of our annual Talking Heads series of interviews. The others, and those of previous years, can be found here.

Equity markets have long sung to a macro tune. Lower interest rates typically favour growth stocks while value tends to perform in a higher-rate environment. Investors have historically swung between the two approaches on shifting inflation and rate expectations.

This well-trodden rotation recently took a back seat to the explosion of dispersion between single names