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...year ago noted (Alphaville’s emphasis below): We use recent exchange-related developments to identify option trades that originate from retail investors, and find that more than 75% of their trades in S&...
...“Broadening out” is the hot new US stock market narrative, with the equal-weighted S&P 500 index actually beating its top-heavy conventional counterpart over the past month....
...Thus only a fraction of overall AUM is deployed in strategies that have a direct impact on the VIX® index (e.g. 1-month over/underwriting strategies on the S&P 500 index)....
...making their investment decisions or deciding to invest in companies claiming to harness its transformational power, we are committed to protecting them against those engaged in ‘AI washing,’” said Gurbir S....
...At the top of the pile is the S&P 500, which is an absolute beast....
...And, lo: This wasn’t just a narrow large-cap US stockpickers vs S&P 500 issue either....
...Another short-selling aspect that often gets forgotten is how higher interest rates also help L/S hedge fund returns by increasing their cash returns....
...Secondly, I’ve rebooted my old personal newsletter Buy The Dip, and aside from literally talking my book(s) I’m primarily using it as a way to get Alphaville content out and into people’s inbox (which has...
...A classic example of a yield-enhancing structured product is a so-called “covered call”: a purchase of the S&P 500 index and a simultaneous sale of a one-month call option on the index....
...Even with stagnant listings you’d expect average daily volumes to rise over time simply because of inflation – FTSE 100’s market cap has roughly doubled to £2tn over the past two decades....
...Which is why this new report from S&P Dow Jones Indices caught FT Alphaville’s eye....
...Moreover, despite index funds now owning more of the car company than Elon Musk, it’s trading below its S&P 500 index inclusion price....
...This was abundantly apparent in March 2020 and 2022’s LDImageddon, even if has never been formally articulated....
...Less than 30% of stocks outperformed the S&P 500, the lowest annual breadth in our data history since 1987....
...It’s only barely enough for inclusion into the S&P 500....
...In the median experience since 1984, the S&P 500 forward P/E has declined by 2% in the 12 months preceding Election Day....
...Because the changes appear to be the result of intentional modifications to the code, it is unrealistic to assume that we can predict what change[s] might look like going forward....
...In terms of the nominal number of options contracts being traded, Nvidia has only surpassed Tesla four days so far this year (most recently on Monday), notes Asym500’s Rocky Fishman, and the five-day rolling...
...Looking at a 20-year chart of the price/earnings valuations of the S&P 500 and its small cap sibling the S&P 600, it seems possible that this is what has happened to small stocks: Small caps (dark blue...
...UBS also forecasts 4,700 for the S&P 500 at the end of 2024, Wells Fargo has a target range of 4,600-4,800, which is a not-very fancy way of saying “4,700, probs, maybe, dunno”....
...keep off a repeat of 2022’s high heat....
...It has already forced Goldman Sachs’s David Kostin to raise his 2024 target for the S&P 500. Update: you can read the full revised US equity market outlook here....
...The S&P 500 is often used as the default comparison because of its ubiquity, but, in reality, it’s a poor benchmark for private equity returns given how top-heavy it is....
...Non-sovereign fixed-income sales have picked up again this year and are approaching the $6tn mark, according to S&P Global....
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