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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....
...Apple, on the other hand, was until recently the largest company by market cap (now it’s Microsoft), and it is still almost 6 per cent of the S&P 500....
...The first is a standalone public company — albeit with a lot of other businesses bolted on — while the latter two are part of broader listed companies, S&P Global and LSEG respectively....
...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....
...It’s a tale of unusually concentrated returns, further inflamed by the mania for artificial intelligence, which is seen as a boon mainly for the biggest companies. I don’t think this is quite right....
...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....
...“These data will support the hawks” at the ECB, said Tomasz Wieladek, an economist at investor T Rowe Price....
...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....
...Shares in the company, which declined 5.6 per cent on Monday, have fallen more than a third this year, making it the second-worst performer in the S&P 500 and underperforming those of legacy carmakers....
...If this wasn’t provocative enough, bondholders were then told that they should brace themselves for haircuts....
...First, they tried McKinsey’s statistical approach on S&P 500 companies, and found no significant relationship. Second, they fault McKinsey’s methodology....
...“We’re positioning the company for the long-term health of the business and the market doesn’t necessarily operate that way,” she said....
...The company doesn’t release user numbers (“adhering to traditional key performance indicators . . . could potentially divert [our] focus”, it says)....
...“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....
...“I still love the company....
...It’s just that we don’t have any strong convictions about the macro environment....
...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....
...“The company’s rebound hasn’t kept pace with the big tech titans,” said Insider Intelligence principal analyst Jasmine Enberg....
...Only five per cent of S&P 500 companies have price-to-book ratios below that critical level, according to JPX....
...It doesn’t often come from the chief executive of a company we’ve written about....
...Not all aeroplane malfunctions can take more than 8 per cent off of two companies’ market capitalisations in a day....
...The one thing they haven’t tried [is] fiscal stimulus. Since then, we’ve seen more fiscal support....
...Specifically, we’ve taken the view that at maturity, Uber will have the returns of a very large but capital-intensive taxi company, not a big tech company: [Uber] can’t charge a big premium over what it...
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