Partying Like It's 1999... In Coca-Cola: BofA Says Defensive Froth Is A Feature Of Bubble Markets

Last week, BofA's derivatives team made the counterintuitive case that the flight-to-safety has become a bubble of its own, with the anti-AI rotation pushing healthcare and staples to the top of its Bubble Risk Indicator. One week (and another nearly 3% Nasdaq puke) later, the defensives are still there, and BofA has gone back 30 years to show that this has happened before... right at the peak of the dotcom bubble.

From the latest Global Equity Volatility Insights note, "The age of idiosyncratic risk" (available to pro subs):

Healthcare: Frothier Than Bitcoin