‘SPDR S&P Semiconductor ETF’ has the highest 10-year returns at 24%.
They are closely followed by BlackRock’s 'iShares Semiconductor ETF’ at 23.3%. There is a clear pattern here where semiconductor and technology ETFs have achieved the highest returns over the last 10 years. Source: Genuine Impact
$LVMH Q2 2023
"Thanks to the desirability of our brands, we approach the second half of the year with confidence and optimism" - Bernard Arnault Organic Growth by Business Group - source: Quartr
Top Cobalt Producers
Colbalt is essential for a series of technologies, from batteries needed for EVs to portable devices like smartphones, tablets, and laptops. The Democratic Republic of Congo (DRC) has long been the world’s largest cobalt producer, accounting for 73% of global output in 2022. However, according to the Cobalt Institute, the DRC’s dominance is projected to decrease to 57% by 2030 as Indonesia ramps up its cobalt production as a byproduct from its rapidly expanding nickel industry. Indonesia accounts for nearly 5% of global cobalt production today, surpassing established producers like Australia and the Philippines. Source: Visual Capitalist, Elements
S&P 500 Forward Earnings Yield
The S&P 500 equity risk premium hit the lowest level in two decades, which will be a headwind for longer-term returns. Source: The Daily Shot
The disconnect between Fed net liquidity (grey) and the S&P 500 (purple) is growing by the day
source: Markets & Mayhem
LVMH, the world's top luxury group, said Tuesday it enjoyed an excellent first half with net profits soaring by 30 percent to 8.48 billion euros thanks to strong growth in Asia and Europe.
Sales at the group whose brands include Louis Vuitton, Dior and Tiffany, rose 15 percent during the January-June period compared with last year, to hit 42.2 billion euros. ONE BUG SURPRISE -> LVMH reported a surprising drop in U.S. sales in the second quarter, as its chief financial officer said “aspirational customers are not shopping as much as they used to.“ LVMH’s U.S. sales slid 1% in the second quarter from the prior-year period. The disappointing results in the U.S. market came after Cartier owner Richemont earlier this month reported a 4% decline in U.S. sales. Richemont shares fell 10% on the news, pressuring other luxury stocks throughout the week as analysts braced for a potential U.S. luxury slowdown. Here are the details by App Economic Insights - LVMH Louis Vuitton Moët Hennessy H1 FY23 Revenue +15% Y/Y to $42.2B. Wines & Spirits -4% to €3.2B. Fashion & Leather goods +17% to €21.1B. Perfumes & Cosmetics +11% to €4.0B. Watches & Jewelry +11% to €5.4B. Selective retailers & other +26% to €8.4B. Source: App Economy Insights, Barron's, CNBC
Energy is the least expensive sector in the S&P 500 but generates the most cash.
Perhaps this explains why Warren Buffett continues to increase his position in Occidental Petroleum - source; Barchart, Bloomberg
The market has NO FEAR. Extremely little risk priced for the FOMC meeting.
Chart shows SPX 1 week implied volatility skew within one week of FOMC meetings. Source: TME, Nomura
