America's Markup Just Shrank
The premium investors pay for US stocks over the rest of the world has fallen to about 22% on forward earnings, the narrowest in
Growth Note: US Banks (XLF / KRE)
Banks just made their first all-time high in nineteen years.
The S&P Bank Index just made its first all-time high since January
Worst Month, Record Inflows
Chip stocks had one of their worst months in nearly two decades, down about 21%, while semiconductor ETFs pulled in roughly $13
Throwing In The Towel
Three-month outflows from the Magnificent Seven ETF are approaching a record. Investors are heading for the door right as the group got
Income + Growth: Gold
Central banks now hold more gold than US Treasuries, for the first time since 1996.
Gold is now 27% of official central-bank reserve assets
Buyers Became Borrowers
Big Tech used to hand shareholders as much as $40 billion a quarter in buybacks. The same five names just raised roughly $50 billion from
The Luckiest Generation Yet
Someone born in the 1980s has spent about 7% of their first 40 years in a recession. Someone born in 1900 spent 43%. Each generation
Growth Note: EWJ (Japan)
A 31% discount to the S&P 500, in a currency at 30-year lows.
Deutsche Bank's annual global price study found Japan flipped from one of
The Scary Selloff That Wasn't
Semiconductors just had their worst two-week stretch of the year, down about 25%. Zoom out and it barely dents a rally that ran for
Everyone's Down But the Index
Micron is off 25% from its high, Microsoft 27%, SanDisk 31%, SpaceX 33%, Netflix 45%, Oracle a brutal 60% — and yet the S&P 500
Growth Note — Value (IVE)
If value’s turn comes, you’ll want to already own it — at a discount, with a cushion.
Growth (IVW) trades at ~30x earnings; value (IVE)
Stocks Ate Your House
For the first time on record, US stocks are a bigger slice of household net worth than real estate. Americans' wealth now rises and falls
