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...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...
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...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....
...“Crypto isn’t even a conversation for people who aren’t tech savvy,” said Eresi Uche, an associate at law firm Cytowski & Partners....
...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...
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...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....
...But valuation shifts don’t go on forever....
...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....
...Let’s look at the S&P then, right? So you’ve got to be big. You’ve got to be liquid for the S&P 500. You also have to have a certain number of quarters of profitability in order to get in....
...“These data will support the hawks” at the ECB, said Tomasz Wieladek, an economist at investor T Rowe Price....
...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...
...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....
...The only stupid thing would be not to ask one if there’s something you don’t understand....
...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....
...Coffins — which only came into general use in the 17th century — weren’t cheap, and nor were suitable clothes....
...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....
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