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...Asian markets followed the US higher on Wednesday morning, with South Korea leading gains in the region....
...(Alphaville believes that using L’Oréal as an O is cheating, even if it makes your acronym look nicer.)...
...Optimism is springing everywhere, evidenced by the high percentage of bulls in the American Association of Individual Investors survey, aggressive flows into equity ETFs, or the low equity put/call ratio...
...Equity long-short hedge funds have had a miserable decade both in terms of performance and flows. MainFT last week published a very good piece on the theme....
...Italian luxury bag and shoemaker Tod’s plans to go private in a deal with LVMH-backed private equity firm L Catterton, ending more than two decades as a public company on the Milan stock exchange....
...The US has become increasingly dominant among global equity markets since the financial crisis as near-zero interest rates lifted the valuations of tech groups with strong profit growth....
...“The S&P 500 index and ETFs that track it is the entry point into the ETF market for many investors. It’s the most well-known and favoured of the US equity benchmarks,” Rosenbluth said....
...Contracts tracking Wall Street’s benchmark S&P 500 and the tech-heavy Nasdaq Composite were up 0.8 per cent and 1.1 per cent, respectively, ahead of the New York market open....
...But simply inverting the old rule for a bear market — down 20 per cent — this market has hooves and horns, and it snorts. Since its recent low on October 27, the S&P 500 has risen 23 per cent....
...“Broadening out” is the hot new US stock market narrative, with the equal-weighted S&P 500 index actually beating its top-heavy conventional counterpart over the past month....
...The S&P is up 4.4 per cent since January while Germany’s Dax and France’s Cac 40 are both up about 6.6 per cent....
...Private equity, public market problems Yes yes, it’s trendy and facile to blame private equity for absolutely everything, but hear us out....
...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 investor group also includes private credit groups Ares Management and HPS, and L Catterton, a private equity group that invested in Equinox in 2017....
...We are told near the top of every bull market it is different this time, that company growth rates and margins and returns on equity will not fade....
...“The median S&P 500 stock carries short interest equal to 1.7 per cent of market cap, well below the average of 2.2 per cent since 1995....
...Equity offerings were expected to pick up this year as investors became more confident that the US — home to the world’s largest equity market — would avoid a recession....
...The luxury shoemaker’s controlling shareholder, Italian entrepreneur Diego Della Valle, has teamed up with LVMH-backed private equity group L Catterton to take Tod’s private....
...What does matter is that it has become increasingly hard to discuss equity markets without reference to the moniker....
...Australia’s S&P/ASX 200 climbed 0.2 per cent. Australia’s economy is exposed to Chinese demand for its commodities exports....
...The dominant force in the derivatives market right now is upside call buyers, not sellers, as investors use options to tactically increase their leverage to the equity market....
...In contrast, Global equities are on a 16.8x P/E (90th percentile vs. their own history), and [ . . . ] most countries trade well above their historical averages....
...Broader market direction has clearly been key to the recent IPO thaw. Since late October, the S&P 500 is up just over a fifth....
...US futures held steady ahead of the New York trading session, holding close to flat after Wall Street’s benchmark S&P 500 closed at a record high on Tuesday....
...Since 1990, missing the 30 best days of the S&P 500 cuts your compound returns in half....
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