The drawdown for the long-term Treasury ETF $TLT is now more extreme that the S&P’s drawdown during the Dot Com Crash:
Source: Bespoke
Self-Improvement
Source: Brian Feroldi
Looking at the September US payroll numbers through another lens
Unadjusted total payrolls rose by 585K and yet private payrolls dropped by 399K. All of the unadjusted jobs in September came from the government, which added a whopping 984K jobs (mostly teachers). What if all the mess in Washington (shutdowns, political gridlock in Congress, etc.) and rising cost of debt put a cap on the fiscal support? Where are the jobs going to come from? Source: www.zerohedge.com, Bloomberg
Amazon's annual R&D expenses for 2022 amounted to $73.213 billion, marking a 30.62% increase from 2021
These R&D costs accounted for 14% of its total revenue. Source: Genuine Impact
Novo Nordisk weight loss drug Ozempic is causing selloff in candy and beer stocks, per Bloomberg.
Walmart said it’s already seeing an impact on shopping demand from people taking Ozempic. That sent shares of food and beverage companies sliding, some to multiyear lows. Source: Bloomberg, TME
Hedgeye Cartoon of the Day:
Heads will roll...
Who has the losses on the books? Value of global bonds has lost another $1.04tn. This brings the total losses to $3.9tn since mid-July
Source: HolgerZ, Bloomberg
Ranked: The Most Carbon-Intensive Sectors in the World
Source: Elements / Visual Capitalist
