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...The stock has gained nearly 40 per cent over the past 12 months, outpacing the S&P 500’s 20 per cent rise....
...And as Chronert points out, S&P 500 performance this year has been notably correlated with economic surprises (his chart): The simultaneously strong market momentum and delirious sentiment doesn’t worry...
...“Even though we don’t use coal, we don’t use gas, we still import oil from our friends in Norway,” former finance minister Thórdís Kolbrún Reykfjörd Gylfadóttir told Moral Money....
...That’s around a quarter of an Nvidia or a single SPDR S&P 500 ETF. Things have changed....
...LSEG hasn’t split out earnings in its latest accounts, but S&P Global says its indices generated net profits at $925mn in 2023, and MSCI said they clocked in at $1.1bn....
...I don’t think this is quite right....
...“These data will support the hawks” at the ECB, said Tomasz Wieladek, an economist at investor T Rowe Price....
...If this wasn’t provocative enough, bondholders were then told that they should brace themselves for haircuts....
...The failure of higher rates to pop bubbles (when stocks someone doesn’t own rise a lot in value) is a source of continual annoyance....
...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...
...You can’t, as they say, make this stuff up....
...It’s just that we don’t have any strong convictions about the macro environment....
...So everyone piled in and production shot up, but near-term demand hasn’t materialised....
...“It’s more of a confession that growth isn’t going to come roaring back than anything,” he added....
...The S&P 500 hit another all-time high yesterday. More importantly, Trump Media & Technology Group rose another 14 per cent, right after we wrote that it looked a bit overvalued....
...Below is the trailing P/E ratio on the S&P 500: There are other signs of dizziness out there. Some individual stocks have gone bananas....
...Assume, then, that TMTG’s weighted average cost of capital falls from more than 20 per cent to 5-6 per cent, the S&P 500’s average WACC. Even then, we’re only at $51....
...“If future generations don’t feel hopeful about this country and their future in it, then the US doesn’t only lose the force that makes people want to invest....
...In many cases, the numbers “simply won’t stack up,” says Pete Smith, professor of soils and global change at the University of Aberdeen....
...Its free float of just 8 per cent doesn’t meet the 15 per cent minimum required....
...This has a lot to do with a steady increase in long-term interest rates and inflation that wasn’t declining quickly enough. The slogan was “higher for longer”, and stocks didn’t like it one bit....
...“We’re positioning the company for the long-term health of the business and the market doesn’t necessarily operate that way,” she said....
...“I honestly don’t know what levers he pulls. There is no new product, and he won’t take further price action.”...
...Only five per cent of S&P 500 companies have price-to-book ratios below that critical level, according to JPX....
...The one thing they haven’t tried [is] fiscal stimulus. Since then, we’ve seen more fiscal support....
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