Of course! "I'm 'rotating' out of debt, using my 'cash on the side-lines', into an 'under-owned' market"...of course! "Why is the US Equity market going up?", you ask. Simple, it is because here is a pile of 'cash on the side-lines' that is flooding into the market, along with others 'rotating' out of low yielding bonds into equities all because the equity market is 'under-owned'! It all sounds very convincing, so convincing in fact that I'm hearing it from lots of people on all sides. So, excuse me if I choose not to follow that narrative but prefer something a little more logical and factual.