The P/E ratio on the S&P 500 is currently 21.3, with a multiple expansion of 9% in 2023
The average P/E ratio for the S&P 500 since 1989 is 19.2. Source: Charlie Bilello
BREAKING 🚨: Chinese Stocks have fallen to their lowest prices in 5 years
Source: barchart
Unprofitable Tech stocks continue to outperform the Magnificent 7, with the latter now back at support levels seen in the early summer relative to the unprofitable names...
Source: www.zerohedge.com, Bloomberg
Peak Big Tech? Nvidia insiders unload shares after 220% AI rally:
Insiders sold or filed to sell about 370,000 shares last month worth ~$180mln. Zuckerberg sells 1st Meta shares in 2 years after 172% surge. Meta co-founder unloaded $185mln of stock in November. Meanwhile, Nvidia Corp. executives and directors last month sold or filed paperwork showing they intend to sell roughly 370,000 shares worth about $180 million, according to data compiled by the Washington Service. If all of the shares were sold, it would be the biggest monthly disposal by dollar value in at least six years. Source: Bloomberg, Holger Zschaepitz
2024 is expected to be a year of interest rate cuts
Here's what's currently priced in markets of who does what when. Source: Bloomberg, David Ingles
Latest Bianco research presentation highlights Big Tech risk:
The current top 5 companies by market cap make up ~26% of the S&P 500, The last time the top 5 had a greater concentration in the S&P 500 was 1964 w/AT&T, GM, Exxon, IBM, Texaco. Source: HolgerZ
Capital allocation framework
Source: invesquotes
Interesting market action... Bitcoin and Gold just moved in sharply opposite directions after weeks of similar price action. Beginning late Sunday night, both assets jumped sharply
Since then, Bitcoin is up 6.5% while gold prices have posted a massive $100 reversal. Some shift from gold to digital gold? Or just a random short-term divergence? Source: The Kobeissi Letter
