Total Returns over last 3 years...
MSCI India ETF $INDA: +33% MSCI China ETF $MCHI: -41% Source: Charlie Bilello
The gap between returns in tech stocks and US Treasuries has widened significantly since June
As bond prices continue to plummet but equities hold higher, this gap is getting larger. Source: BofA, The Kobeissi Letter
One bond market is defying global selloff with mega returns
As bond markets everywhere get battered by a cocktail of higher interest rates, deficit angst and hawkish central bankers, one class of debt instrument is handing creditors double-digit returns: catastrophe bonds.
Because of the way the bonds are structured, their coupons keep going up as Treasury yields rise, and investors get a sizable risk premium on their capital, as long as catastrophe doesn’t hit.
Source: SwissRe, Bloomberg
The KBW Bank Index is underperforming the S&P 500 by 37% year-to-date, on pace for the widest annual gap on record
(note: data via Dow Jones going back to 1993). Source: Charlie Bilello
Another week, another IPO
$BIRK Birkenstock could reach a $10B valuation in its US IPO. Here's a look at how they make money. Source: App Economy Insight
Over half of bond ETFs are now trading at a discount
Spikes in this number have been a pretty reliable bottom signal in the past. That said we not quite near the last two spikes but close.. Source: psarofagis thru Eric Balchunas, Bloomberg
The US has already issued $1.76 trillion in net Treasury securities through September
It will be well over $2 trillion by year-end, trailing only 2020 for the largest net debt issuance of any year in history. Source: Charlie Bilello
New record bitcoin hashrate!
420,000,000,000,000,000,000x per second Source: Documenting bitcoin
