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...“But that doesn’t mean that they are not committed to it . . . The rhetoric is a lot more cautious.”...
...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...
...Since closing the IHS deal, S&P’s share price is up about 13 per cent, slightly lagging its benchmark S&P 500 index....
...It probably just doesn’t matter, from the point of view of long-term returns, whether you own Berkshire or the S&P. Why, then, should Berkshire exist?...
...“These data will support the hawks” at the ECB, said Tomasz Wieladek, an economist at investor T Rowe Price....
...I don’t think this is quite right....
...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....
...The rest of the eurozone “saw the best performance . . . despite growth slowing slightly”, S&P said....
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...This chart from JP Morgan Asset Management isn’t exactly titled BTFD, but it does remind us that when the S&P 500 has just lost a cool quarter in value, the most successful thing to do has usually been to...
...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....
...After a successful debut, user interest hasn’t translated into a rising share price. But tech platforms like having users on board....
...But valuation shifts don’t go on forever....
...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....
...Why aren’t earnings estimates higher? This is a robust economy....
...And its chief executive went further today in comments to the New York Times’s DealBook: “It’s quite clear to us that they don’t understand how consumers shop today and they don’t understand the dynamics...
...It’s just that we don’t have any strong convictions about the macro environment....
...A traditional source of long-short alpha, small has been looking increasingly correlated with large: Another trend is that long-short doesn’t seem to involve much short....
...The S&P 500 isn’t at such extremes today....
...So everyone piled in and production shot up, but near-term demand hasn’t materialised....
...You can’t, as they say, make this stuff up....
...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....
...That’s an uncomfortable question to ask, in a world where we regularly hear of unscrupulous employers bullying, failing to pay overtime, or throwing qualified staff overboard, as P&O Ferries did so disgracefully...
...The P/E relative of the stock on UBS 2026E EPS (against the market) goes to a record high of 152% on the UBS forecast of earnings. 2....
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