S&P 500 Q4 GAAP earnings were down 20% year-over-year
S&P 500 Q4 GAAP earnings were down 20% year-over-year, the 3rd consecutive quarter of negative YoY growth and the largest decline since Q2 2020 (note: combination of actual/estimates w/ 37% of companies reported thus far). Source: Charlie Bilello
Tesla has become one of hottest stock-option trades on Wall Street
Tesla has become one of hottest stock-option trades on Wall St attracting equal numbers of enthusiastic supporters & outspoken critics. Both sides have turned to derivatives: Bulls betting on extreme upside scenarios, bears bet share price will plunge. Source: HolgerZ, Cboe
The Bitcoin market has stopped bleeding.
Realized P/L ratio (30d MA), a ratio between all coins moved at a profit and a loss (at the price last moved on chain), has flipped positive. Source: Glassnode, Dylan LeClair
Disinflation in one chart
In the 90s, a company needed 8 employees to generate $1 million in revenues. Due to technology, now it needs 2. Source: MacroAlf
The UK has been lagging other developed economies
Souce: Bloomberg
More evidence of a decline in the US Inflation Rate...
The PCE Price Index moved down to 5%, its lowest level since September 2021. Peak was 7% in June 2022. Source: Charlie Bilello
Inflation is always and everywhere a monetary phenomenon...
This chart highlights that #inflation is always and everywhere a monetary phenomenon. Eurozone M3 growth slows to 4.1% in Dec from 4.8% in Nov. Lower money supply growth will bring inflation down further. Source: HolgerZ, Bloomberg
Tech valuations are normalizing
Each generation has its own bubble. Pain after the burst is so severe that it requires new generation of inexperienced investors to become irrational again. Source: LeutholdGroup. Michel A.Arouet
