Still hard to believe that just 6.5 years ago, the S&P 500 traded for less than 1/3rd its current price...
CAGR since 2020 lows: +20% $SPX $SPY Source: Trend Spider
From beta to alpha ?
57% of S&P 500 stocks are beating the $SPX this year, the most in a decade. Source. Barchart, Bloomberg Intelligence
The most profitable period in the modern history of the mining industry?
Source: Tavi Costa
Berkshire Hathaway hits highest price since Warren Buffett announced his retirement in May 2025
But there is still a huge gap that needs to be filled 👀 Source: Barchart
An important observation from Goldman which points out that half The S&P's "record" earnings growth is just "Big Tech" marking up its own stock portfolio.
Here it is, verbatim, from the desk of Goldman's Ioannis Blekos: "S&P 500 EPS growth is tracking at 26% year/year excluding the 'other income' from mega-cap tech's appreciating equity investments. Including those gains, the headline growth rate is 45%." i.e the "record" earnings season you have been told about - the one holding up the most expensive equity market in history - is running at 45% only if you count the gains that Nvidia, and its brethren, book when the stock portfolios they sit on go up. Strip out the mark-to-market of Big Tech valuing its own venture bets, and the number nearly halves, to 26%. Source: GS, zerohedge
The scariest number in the AI boom may be the one you won’t find on the balance sheet.
The five largest hyperscalers have committed more than $2.6 trillion to data centers, chips, and power infrastructure. Alphabet alone reportedly carries $811 billion in commitments, much of it disclosed deep in the footnotes. And these obligations don’t disappear if AI demand falls short of expectations. Meanwhile, the cost of insuring Big Tech debt is already rising. That matters because credit markets often detect stress before equity markets do. If AI infrastructure spending grows faster than the revenues it generates, the first warning sign may not come from tech stocks. It could come from the bond market of the biggest companies on Earth. Source: Kurt S. Altrichter, CRPS®
Cramer said investors should buy SpaceX $SPCX for their kids
Source: Barchart
911.5 million SpaceX shares worth nearly $100 billion unlock today.
Only about 639 million shares trade freely right now. So the amount unlocking is roughly 1.4 times the entire float. $SPCX is already down 52% from its all-time high with just 4.9% float. Source: Bull Theory
