When quality is bought at any price, the market opinion tends to get polarised. On one hand, the believers in quality stocks are using past performance to justify investing at even the high valuations prevailing now. On the other, value investors believe this trend is not sustainable.

The lack of floating stock in quality companies is forcing new buyers to pay a very high valuation premium to exiting investors. This trend seems to be indefatigable. This is only tiring for waiting investors who hope to buy into a correction.

As patience wears off, these investors are jumping in buying whatever they can lay their hands on. The value school is not doing too badly either. Several commodity stocks have risen significantly from the bottom formed this year. There is a lot of stock rotation that is happening across categories. Small caps are seeing the highest activity.

All these points towards the absence of fear, the high polarity of investment opinion, and the unwillingness of one school of investing to accept other views. The coming months will be interesting to see how the trends change, opinions evolve, and investment actions reverse. Meanwhile, the debate is seeing the din rise globally.

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