Last week was a painful one for multi-assets portfolios: it was the worst week in four for Treasuries, the worst for commodities since June and the worst for stocks since March
Over the week, the 2s10s curve steepened by 19 bps, a 2.3 standard deviation move. As a consequence, the sectors that slid the most were those that are most exposed to bond yields, ie the long-duration stocks (Communications & Tech despite earnings beats by Apple and Amazon but also Utilities). Energy gained as Saudi Arabia said it would extend production cuts to prop up prices. Source: Bloomberg, J-C Gand.
Energy is the least expensive sector in the S&P 500 but generates the most cash.
Perhaps this explains why Warren Buffett continues to increase his position in Occidental Petroleum - source; Barchart, Bloomberg
Tesla holds the undisputed leadership position among #electriccar companies based on market capitalization
Tesla holds the undisputed leadership position among electric car companies based on market capitalization. However, this year, BYD has surpassed Tesla to become the world's top-selling EV brand. Source: Genuine Impact
