Japanese stocks have an earnings yield that is 612bps above the yield on 10-year Japanese government bonds
Put that in context; in the US, the gap is only 113bps. Little room for error in the US, plenty of room in Japan. This is a margin of safety concept. Source: Jeff Weniger
Investors are currently quite bearish on oil and commodities
The risk of higher energy and higher commodities prices in H2 doesn't seem to be priced by the market. Meanwhile, Crude Oil futures are pushing up against new 3-month highs. Could this be the big surprise of the second part of 2023? Source: All Star Charts
J.P. Morgan Kolanovic & Dubravko -> The recent rise in market cap concentration has been the steepest on record based on >60 years of history
Even narrower leadership than seen during the TMT Bubble. Source: Seth Golden
Most Expensive Euro on Record Has Traders Braced for Declines
As the Nominal effective exchange rate reached an all-time high, a dovish message from ECB this week can add pressure on the euro. Source: Bloomberg
A Pivotal Week for Central Bank's
Source: Bloomberg
Spanish conservative leader Alberto Nunez Feijoo won the most seats in Sunday’s election and is on track to govern with the support of the far-right group Vox, according to opinion polls.
Feijoo’s People’s Party is set to claim about 150 seats in the 350-strong parliament while Vox will get around 31, according to a survey by GAD3, which was published when voting closed at 8 pm in Madrid. The Socialists were set to win 112 seats. Source: HolgerZ, Bloomberg
Key reasons people miss buying great winning stocks
Source: Compounding Quality
Dow component returns in 2023...
Source: Charlie Bilello
