Google portfolio
Source: Stocks World
Hedge funds have rarely been this underweight North American stocks:
Hedge funds sold North American stocks for 3 consecutive weeks despite 3 consecutive weeks of S&P 500 all-time highs. This has pushed their allocation to North American equities down to the lowest on record relative to the MSCI All World Index, according to Goldman Sachs. At the same time, their allocation to Emerging Markets is up to an all-time high. What is happening here? Source: Global Markets Investor, Goldman Sachs
The US economy is picking up, corporate earnings are picking up, and investor sentiment is picking up. The headwind? Oil prices are picking up, too.
But so far, US sticks continue to shrug off higher oil prices. On Monday, Deferred Brent (Dec 2026) - see below black line (inverted) - hit a new Iran war high. The S&P 500 (green line) has been moving up for 5 weeks in a row and was only down -0.4%. Source: zerohedge
South Korean stocks have more than tripled over the last 16 months, trouncing every other country.
Source: Charlie Bilello
Google Cloud has far outpaced AWS and Azure in terms of YoY Revenue growth.
This is a great chart from MS. Source: Ayesha Tariq, CFA
320 companies out of the S&P500 have reported earnings this season.
Of the 320, the average earnings surprise has been 20% so far, the US seeing the biggest beats in years. Source: Bloomberg, Negligible Capital
Investing at the time of high nominal growth...g all this money to build data centers with no revenue models. It's all going bust." (Clone)
BofA writes that nominal GDP is in the midst of a 75% boom in 7 years, from $20tn in ‘20 to $35tn in ‘27... In that kind of macro context, equities historically outperformed bonds. Period. Source: BofA, zerohedge
"AI is a fad, they are spending all this money to build data centers with no revenue models. It's all going bust."
Source: Lance Roberts, The Daily Shot, A16Z
