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...That is more than any of the biggest names in corporate America including Tesla, the $565bn behemoth whose stock is often frenetically traded....
...S&P 500 dividend yields went as high as 9.2 per cent in the first quarter of 1938, according to S&P Dow Jones Indices. Even IPOs paid them, as I read to my surprise in Peris’s book....
...The S&P 489 has a weighted average P/E of 24, cheaper than the whole index, but not by much....
...The inflows means America’s global dominance of global equity markets is now approaching the levels seen in the 1950s and 1960s, when the US led the postwar economic recovery and the Nifty Fifty grouping...
...Stocks with low P/E ratios relative to their expected growth rates are rare....
...The S&P 500 index rose 24.2 per cent in 2023 in comparison....
...S&P already holds a negative outlook on the country....
...Even smaller stocks are finally catching up a little, with the Russell Midcap index (+4.3 per cent) and the Russell 2000 (+3.6 per cent) leading the Russell 1000 (+3.2 per cent) in March, notes Bank of America...
...TCI made $12.9bn for investors and ended last year up 33 per cent, ahead of the S&P 500 index’s 24 per cent rise....
...It’s no coincidence that the S&P 500 is also having a stellar run....
...This story has been amended to correct the percentage increase in the S&P 500 on Thursday...
...Bank of America analysts said 75 per cent of investors now expected a so-called soft landing for the economy, leaving 20 per cent forecasting no landing at all and just 5 per cent a hard comedown....
...He worked there from October 2018, and headed the firm’s S&P 500 options desk until his move to Millennium in February. Spottiswood worked for Jane Street from August 2020 to February....
...New drilling techniques have opened up access to enormous oil and gas reserves in North America....
...And yet in 2021, the same McKinsey survey showed nearly 60 per cent of industry leaders expected North America to beat China in developing driverless car technology....
...Seems to me, therefore, that unless I can beat the S&P 500 — in sterling to match my liabilities — I shouldn’t bother. The author is a former portfolio manager....
...Bezos remains Amazon’s largest shareholder, with a stake of about 9 per cent even after the recent sales, data from S&P Capital IQ indicates....
...Goldman Sachs, Bank of America and Société Générale have all recently raised their end of year forecasts for the S&P, which has notched more than a dozen record closes in 2024....
...When everyone was bearish on America at the beginning of 2023, I was its biggest fan. I bought an S&P 500 fund a few weeks later, selling again in September for a tidy 12 per cent profit....
...It was founded in 2015 by Bank America, Citigroup, Jefferies, Morgan Stanley and UBS, and generated close to $100mn in revenue in 2023, through selling to buyside investors and corporate clients....
...In the S&P 500, 64 per cent of stocks have crossed above their 200-day moving average, which is above the historical mean: Every S&P sector has positive returns over the period....
...Japanese stocks traded on a P/E of 67x in 1990. The Nifty 50 traded on a P/E of 34x in 1973....
...And — as a chart borrowed from Duncan Lamont at Schroders shows — the extent of concentration in the S&P 500 is not something investors are used to....
...Or crashing, say if inflation returns (America?) or geopolitics worsens. Any of these scenarios is possible....
...And, lo: This wasn’t just a narrow large-cap US stockpickers vs S&P 500 issue either....
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