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...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?...
...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...
...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....
...But valuation shifts don’t go on forever....
...Why aren’t earnings estimates higher? This is a robust economy....
...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....
...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...
...On the surface, this hasn’t happened (at least in the large-cap world), given the S&P 500 rose by 10.2 per cent in the first quarter while the fed funds futures market went from pricing in nearly seven cuts...
...Jon P Frey Philadelphia, PA, US...
...This chart doesn’t per se indicate that it’s going to restart, as it merely shows that earnings forecasts are getting trimmed, not necessarily that they are expected to fall again....
...In our view, this probably explains their strong re-rating (forward P/E of 27.2x), and why they are trading at a 110% premium to the STOXX 600 (13.0x)” wrote....
...“These data will support the hawks” at the ECB, said Tomasz Wieladek, an economist at investor T Rowe Price....
...An increase in liquidity tends to push the marginal investor further out on the risk spectrum, since investors as a whole don’t have an infinite appetite for holding cash....
...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....
...I don’t think this is quite right....
...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....
...When doing “draw and inspect”, new drawdowners will see the S&P 500 index reached an all-time high on March 28....
...The fact that war has broken out, following the Russian invasion of February 2022, doesn’t negate the importance of civilisation....
...We’ll just note that S&P currently rates Paramount Global one notch above junk with a stable outlook....
...Things that look like a crisis from the outside often aren’t enough [to force change]. Deep financial stress is often what it takes. And that is something Boeing hasn’t had....
...And, lo: This wasn’t just a narrow large-cap US stockpickers vs S&P 500 issue either....
...This is an audio transcript of the Unhedged podcast episode: ‘Why so down, S&P 500?’ [MUSIC PLAYING] Ethan WuRemember last week’s massive 4.9 per cent US GDP number? Well, stocks don’t like it....
...In the US, the S&P 500 has added 7.9 per cent....
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