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Montier reckons that mining stocks are a clear example.
Energy and mining stocks are exposed to China's appetite for commodities, which may slow as the economy cools.
Copper and other metals are steady ahead of a holiday in China - currently the key consumer of commodities - so mining stocks are in demand.
All of this has raised hopes of providing a shot in the arm for the global economy, and mining stocks are the biggest winners so far this morning on the expectation of greater demand for commodities.
Many markets across Europe are closed to mark Labour Day so this could suppress volumes a little too, but it's worth noting that the heavyweight mining stocks are at least managing to post some gains.
Metals and mining stocks are up an average of 32% halfway through the year, grabbing three of the top spots in our mid-year winners table.
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Oil and mining stocks were "drowning in losses" from the beginning of the day, he said.
But, apart from a vague feeling that three mining stocks is one too many, I'm short of ideas.
Some of the performance discrepancy between gold and mining stocks is justified by developments affecting the metal and the companies that produce it, analysts and fund managers say.
And some of the anxiety about mining stocks is merely a pretext to preach the merits of actively managed funds, with higher fees.
Leading shares have moved into negative territory once more, with the FTSE 100 below 3500 and heading for a fresh six year low, as a recovery in mining stocks is outweighed by more falls among the insurers.
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