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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....
...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...
...“Even though we don’t use coal, we don’t use gas, we still import oil from our friends in Norway,” former finance minister Thórdís Kolbrún Reykfjörd Gylfadóttir told Moral Money....
...“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....
...That’s around a quarter of an Nvidia or a single SPDR S&P 500 ETF. Things have changed....
...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....
...“Builders won’t have an incentive to break ground on new projects so long as demand remains subdued, and we don’t see a sustained turnaround until credit becomes less restrictive and affordability improves...
...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....
...“But it’s very hard to buy a house when you don’t have a job.”...
...It’s just that we don’t have any strong convictions about the macro environment....
...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....
...Builders FirstSource rose more than 150 per cent, joining the S&P 500 in December, where its gains rank it in the top five performers for the year....
...Sekisui, which also owns builders Woodside Homes, Holt Homes and Chesmar Homes, said it would become the fifth-biggest US home builder....
...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....
...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....
...“It’s more of a confession that growth isn’t going to come roaring back than anything,” he added....
...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....
...If this number were below $5bn Lyft would have a 6 per cent margin, ceteris paribus, though ceteris paribus really isn’t how P&L statements work....
...This has a lot to do with a steady increase in long-term interest rates and inflation that wasn’t declining quickly enough. The slogan was “higher for longer”, and stocks didn’t like it one bit....
...Its free float of just 8 per cent doesn’t meet the 15 per cent minimum required....
...The one thing they haven’t tried [is] fiscal stimulus. Since then, we’ve seen more fiscal support....
...“I honestly don’t know what levers he pulls. There is no new product, and he won’t take further price action.”...
...“We’re positioning the company for the long-term health of the business and the market doesn’t necessarily operate that way,” she said....
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