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...Ethan here, with some professional news. After two-and-a-half years, this is my last edition of Unhedged....
...If you take the Magnificent 7 out of the S&P 500, its multiple moves from 22 to 19. The S&P 350 is at 14....
...The S&P is off 3 per cent. That’s not a sell-off, right? That’s caution....
...(Robert laughs) So the S&P is up about 10 per cent this year. Some of the Mag Seven are up even more. Nvidia up almost 100 per cent, Microsoft chugging along, Alphabet....
...Ethan WuThat’s right. The CEO in the S-1 document, the public filing to take Reddit public, had a very unencouraging quote about his understanding of what and how Reddit works....
...Ethan WuYeah. You can’t Google the market, right? Like the S&P 500, I can tell you within five seconds of googling if the market’s up, down or sideways, right? Private credit’s not like that....
...And when it filed the S-1, the investors looked at it and were like, wait, there’s a lot of conflicts of interest here....
...Sonja Hutson Ethan Wu is a financial reporter for the FT and hosts the Unhedged podcast. Thanks, Ethan. Ethan Wu Thanks, Sonja....
...You’re looking at like a 4 per cent dividend yield on the FTSE 100 nearly versus, you know, 1 per cent on the S&P 500....
...Ethan WuYeah....
...Katie MartinI don’t know about that, Ethan Wu. It’s a bit much. Ethan WuWe’ll see....
...So far this week, the S&P 500 is off 2 per cent. More Federal Reserve officials are putting zero rate cuts in 2024 on the table....
...Katie MartinOne little thought to leave you with here is yes, we’ve got all-time highs in the S&P 500....
...You tell us: robert.armstrong@ft.com and ethan.wu@ft.com. No, higher rates are not (very) inflationary Here’s a theory that’s been making the rounds....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. 2024 vs 2021 There is not, so far as we know, an agreed-upon marker for the birth of a bull market....
...Citi expects Nvidia and Eli Lilly alone will make up a quarter of S&P 500 earnings growth in 2024. How’s everyone feeling about this rally? Email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...(Ethan Wu) One good read The post-Dalio Bridgewater turnaround isn’t going great....
...So the equal-weighted S&P 500....
...Ethan WuYeah. On that basis, S&P 500 Equal Weight, in the past decade, returns have been 10 per cent, which is pretty respectable. Robert ArmstrongKilling the rest of the world. Ethan WuYeah....
...(Ethan Wu) One good read One problem with US politics: losing elections is too pleasant....
...We ran the numbers on just how bad we did and if you had taken the inverse bet to us, if you had bought the inverse Unhedged ETF, you would have been up 40 per cent in 2023, more than double the S&P 500...
...Katie here, helping out Ethan because he asked me nicely and Rob is slaying the slopes....
...Ethan here; Rob’s off this week. The next few days are stuffed with Fedspeak, including the open market committee’s January meeting minutes on Wednesday....
...You’ve got the S&P up three. There are just much . . . Ethan WuJapan, India....
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