US equities: still not cheap... (especially the large-caps)
Source: GS
A Taiwanese official said Chinese air force and missile units that would take part in an invasion had improved to the point where they could 'switch from peacetime to war operations any time'.
Link >>>https://lnkd.in/epE_ri2X Source: FT
China's dominance in the global supply of rare earth elements (REEs) is a significant factor influencing various industries, from smartphones and electric vehicles to guided missiles and satellites.
Between 2020 and 2023, China supplied 70% of U.S. rare earth imports, establishing itself as the primary source. Following closely are Malaysia, Japan, and Estonia in the top four suppliers. Despite their name, rare earths are not scarce in the Earth's crust; the challenge lies in extracting them in concentrated amounts economically and sustainably. China plays a pivotal role in this scenario, producing approximately 90% of the world's refined rare earths. Its extensive capacity for separation and purification gives it a substantial influence over global supply chains. For instance, yttrium, crucial in radar systems, lasers, and television screens, saw 93% of its U.S. imports originating from China between 2020 and 2023. Other vital rare earths like Samarium, Gadolinium, Terbium, Dysprosium, Lutetium, and Scandium face similar supply concentration challenges. These elements are integral to military applications, electric motors, and cutting-edge electronics, with companies such as Lockheed Martin, Tesla, and Apple relying on them for their core products. Source: Elements
US Federal Government Spending as % of GDP...
1950s: 17% 1960s: 18% 1970s: 21% 1980s: 22% 1990s: 21% 2000s: 20% 2010s: 23% 2020s: 27% Source: Charlie Bilello
$HIMS spectacular revenue growth
Hims & Hers Health is a company that offers online consultations and treatments for sexual performance, hair regrowth, skin care, weight loss, and mental health. Learn how Hims connects you with licensed providers, delivers innovative products, and provides 24/7 support. Market Cap is $12.3 billion. Source: Investing visuals NB: This is NOT an investment recommendation
➡️ Our Global M2 proxy continues to point to supportive liquidity dynamics for risk assets in the weeks ahead.
➡️ The link between our Global M2 proxy and the Bitcoin continues to hold remarkably well and to point to still more short-term upside potential for the BTC. ➡️ Interestingly, our Global M2 proxy suggests a pause in the upward trend for Equities and Bitcoin in the second half of June (taking into account the 10-week lag). But the recent resuming of the M2 upward trend, if extended, would point to a resuming of positive market dynamic for July. NB: This is NOT an investment recommendation. Liquidity is one among the numerous indicators that need to be considered Source: Syz Research
According to the aggregate strategic asset allocation of family offices published in the latest UBS Global Family Office Report, gold is NOT a crowded trade, far from it...
I don't see an allocation to bitcoin either by the way. file:///C:/Users/cmonchau/Downloads/global-family-office-report-desktop2025.pdf
🚨We've seen a HUGE reversion to the mean so far this year with Eurozone stocks UP 24% and International stocks overall are UP 14% while the S&P 500 is DOWN 1%.
This comes after 16+ years of US outperformance, the longest run in history. Source: Charlie Bilello
