Hints and tips:
...That’s the percentage by year of large-cap domestic equity funds underperforming the S&P 500, and wasn’t in a story....
...Year-to-date things are looking only slightly better, with US equity long/short hedge funds trailing the S&P 500’s continued surge by about one percentage point. That’s all fine....
...To be sure, March 2023’s growth was 14 per cent so tough to loop, and the latest month had three fewer days....
...at Ukrenegro (Clauses and Controversies via Apple podcasts) — The Data is Clear: People Are Having Less Sex (Graphs About Religion) — Bring back private offices (Life Since the Baby Boom) — Behind F1’s...
...We’ve divided the issuers up by their primary exchange and overlaid short-interest data from S&P Global, accurate to February 23....
...Income Growth Over Five Generations of Americans (FEDS) — The Dream of the 90’s, Part V: How to Return to Productivity Growth Today (Employ America) — All-Time Highs in the Stock Market are Usually Followed...
...And while corporates have been the dominant buyers of equities over the past year, there’s $6tn of dry powder sitting in money market funds that could be dislodged by lower interest rates: The S&P 500’s...
...For instance, just one tech company’s recent gains added the equivalent of the market capitalization of the bottom 100 companies in the S&P 500, and the size of the crypto market doubled since last fall....
...— The Dream of the 90’s, Part II: Clear Eyes, Full Employment, Can’t Lose (Employ America) — The US economy is booming. So why are tech companies laying off workers?...
...(Bond Vigilantes) — Why private investment isn’t driving a rapid green transition (Jacobin) — The Dream of the 90’s, Part III: Boom Goes the Fixed Investment (Employ America) — The science of happiness...
...This reinvestment rate is more than double the 26% of the Tech Bubble 5 and about 3x that of the S&P 493. OK, maybe we’re being overly snide....
...A dual-class shareholder structure gives Art Share 002’s three-person board powers to keep the stock listed on Artex exclusively, and to veto “any joint venture, partnership, profit sharing agreement, consolidation...
...While balance growth to $40bn appears feasible, we struggle with the mid-40’s cost-income target and fear this business will continue to generate sub-par returns, especially in light of sizeable RWA inflation...
...In trouble is where, JPMorgan adds: Even though Mag7 represents 29% of index weight within S&P 500, their share of total expected 2024 earnings is at 21%....
...t=Y9t0T-RnJMxWG5hi8C5-OA&s=19 Further reading:— Putting a price on Tesla post Musk (FTAV)— The Tesla financial complex (FT)...
...the ‘dummy variable’ approach this pattern flips from significant to insignificant depending on sample length, while there is no corresponding sign of seasonal effect in equity markets (proxied by the S&...
...Regulators Are Taking Notice (Bloomberg $) — Is the S&P 500 Broken?...
...It’s the S has been carrying all the weight and maintaining overall outperformance: Some kind of sectoral effect?...
...Hindsight makes it easy to argue that General Electric, for example, probably shouldn’t have held on so long to the title of S&P’s 500’s biggest stock....
...Mostly, though, the few big winners were funds that either backed tech giants pre float or caught 2021’s Spac boom, as illustrated by this slightly absurd chart: Remove 2021 from the analysis and the top-tier...
...compared with a 5% decline for S&P 500 EPS....
...A few years ago, prompted by Procter & Gamble bringing media planning in-house, investors had a panic about creative revenue as companies including Lloyds Bank, M&S Food and Three set up their own internal...
...To recap, the S&P 500 is up 8 per cent so far this year because a few AI-adjacent companies have gained 20 per cent plus....
...As such, potential indigestion / objections from existing partners (including M&S) doesn’t seem that important to us....
...Second, 2022’s rate shock and 2023’s growth fears have enforced persistently tight financial conditions on leveraged corporates for the past 18 months, leading to a paucity of new issuance and refinancing...
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