Only 24% of S&P 500 members outperformed the index over the last year, the lowest % on record w/ data going back to 1994.
Source: Charlie Bilello
A tale of 2 markets
Source: The Economist, Bloomberg
What are the stocks favoured by retail investors?
$NVDA, $TSLA, $AMD, and $SMCI Source: Markets & Mayhem, Vanda Research
P/E expansion explains recent S&P 500 rally
Source: Goldman Sachs, TME
It's starting to feel a bit more crowded
Source: mayhem4markets
Europe's leading stock index reaches 500 points for the first time, 24 years following its achievement of 400 points
source : Bloomberg
Interesting chart showing the # of stocks that are up 100%+ YoY with a price to sales ratio greater than 10 over time.
Currently not nearly as frothy as the Dot Com bubble peak months and the peak months during the meme stock rally in late 2020/early 2021. Source: Bespoke
Less and less listed companies; but big companies are getting bigger...
The number of publicly listed companies in the US has declined by 50% since 1995. Currently, there are just over 4200 public companies in the US. The same trend has been seen in the number of banks in the US which was at 31,000 in 1920 but just 4,000 today. Meanwhile, the top 10% of stocks in the US now reflect ~75% of the entire market. This is, by far, the most concentrated 🇺🇸 stock market since the Great Depression in 1931. Even in the Dot-com bubble of 2001, concentration of the top 10% of stocks peaked at ~72% before the 2008 Financial Crisis, it peaked at nearly 66%. Big companies are indeed getting bigger! Source: The Kobeissi Letter, Wall Street Engine
