Volatility Pulse - A Few Good Stocks

Vinay Tolia |

The market did fine. Investors, not so much

From 2002 to 2021 the S&P 500 returned 9.5% a year. The average investor earned 3.6%, barely above 2.2% inflation.

The market did fine. Investors, not so much

Source: Arvy


The average year almost never happens

Since 1928 the S&P 500 has averaged about 10% a year, yet only 4% of years landed within two points of that. The rest were a party or a punch.

The average year almost never happens

Source: Arvy


Top Heavy

Only 17.5% of S&P 500 stocks are needed to explain 80% of this year's gains. The March 2000 low, a record at the time, was 17.8%.

Top Heavy

Source: 22V Research


Even TikTok Shop obeys the power law

The top 0.1% of TikTok Shop sellers, all 126 of them, account for 24.7% of sales. The bottom half, more than 63,000 sellers, share 0.1%.

Even TikTok Shop obeys the power law

Source: Marketplace Pulse


AI might outspend national defense

Projected AI capex of $2.8T in 2028 would be about 1.5x US single-family mortgage originations and roughly 3x the national defense budget. A projection, but a big one.

AI might outspend national defense

Source: Coatue


Zoom out a bit

The chip index sits 22.4% below its June 22 peak. Cut it in half from that peak and it would only be back where it closed on March 30, 2026.

Zoom out a bit

Source: Bespoke Investment Group


Companies might stop buying stocks

Forecasts put net corporate demand for US stocks (buybacks plus cash M&A, minus new issuance and unlocks) near zero in 2027. Since 1995 it has only gone negative twice: 1996 and 2000.

Companies might stop buying stocks

Source: Goldman Sachs


Last call for America?

Only 54% of US adults say they drink alcohol, the lowest in a Gallup poll that goes back to 1939.

Last call for America?

Source: Gallup


Gen Z is out-earning millennials

Adjusted for inflation, Gen Z earned 20% to 40% more in 2025 than millennials did at the same age in 2015, at every income level.

Gen Z is out-earning millennials

Source: PNC Research


Saving more... and gambling more

Compared with millennials at the same age, Gen Z puts 2.3 more points of its spending toward retirement. On their cards, gambling's share is up 3 points, the biggest jump of any category.

Saving more... and gambling more

Source: PNC Research


AI is already in the shopping cart

37% of US consumers bought something based on an AI recommendation in the past year, and 44% say AI helps them find better value.

AI is already in the shopping cart

Source: Statista


Just don't let it hit buy

Asked whether they'd let AI make the purchase for them, 42% said they wouldn't trust it at all. Even the top category, clothing, only gets 27%.

Just don't let it hit buy

Source: Statista


Just Because...

A Blue Whale Heart Weighs 400 Pounds

The heart of a blue whale weighs around 400 pounds and is roughly the size of a small car. Its arteries are wide enough for a person to crawl through, and it beats just two times a minute when the whale dives.

A Blue Whale Heart Weighs 400 Pounds

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