In case you missed it:
The past few months have brought a very significant tightening of US financial conditions; the Goldman Sachs Financial Conditions Index is now at the most restrictive point since November 2022. (HT GS) Source: HolgerZ, Bloomberg
ProShares Bitcoin Strategy ETF was the first Bitcoin ETF to trade on a major exchange in the US, launched Q4 2021 at the height of the last bull market
The ETF currently holds 35,890 BTC, and is the oldest and largest fund in the space. How much Bitcoin does each ETFs hold? 👇 Source: Coingecko
The US Bond Market has now been in a drawdown for 38 months, by far the longest bond bear market in history
The US Bond Market has now been in a drawdown for 38 months, by far the longest bond bear market in history
Tesla dominance in the US electric vehicle market
Source: Vital Knowledge Media
The S&P’s price has diverged from the trend for EPS estimates recently
The rise in bond yields probably explains this dichotomy
Last time global stocks had a longest streak of losses than the one we're in currently was 12 years ago
Source: Bloomberg, David Ingles
Is the golden era of 60/40s coming to an end?
And if equities / bonds correlation stay positive, which asset classes should be added to portfolios? hard assets and commodities? alternatives (private debt, private equities, etc.)? cash on an opportunistic basis? Source chart: Tavi Costa, Bloomberg
Congress Averts US Government Shutdown Hours Before Deadline – Bloomberg
The US narrowly averted a disruptive and costly shutdown of federal agencies as Congress passed compromise legislation to keep the government running until Nov. 17. The legislation, passed in both chambers Saturday just hours before a midnight deadline, buys Democrats and Republicans time to negotiate longer-term federal funding. It doesn’t include new funding for Ukraine. President Joe Biden signed the bill late Saturday night, capping an extraordinary day in Washington that began with the country careening to what appeared to be an inevitable and prolonged federal funding lapse.
