20 Sep 2023
A tale of 2 markets: S&P 500 "big AI" stocks 12-month forward P/Es vs. S&P 500 "ex-big AI" stocks 12-month forward P/Es
Source: TME, Macrobond
19 Sep 2023
Long Big tech is now the most crowded trade in the latest Global Fund Manager Survey by BofA
Short China equities comes next.
18 Sep 2023
Corporate profit margins jump to highest level in 73 years 👀
Source: Bloomberg, Barchart
18 Sep 2023
US High Yield spreads moved down to 3.78% this week, the tightest we've seen since April 2022
Source: Charlie Bilello
18 Sep 2023
The top 3 country equity ETFs in 2023:
1) Argentina $ARGT: +34.7% 2) Greece: $GREK: +32.5% 3) Nigeria $NGE: +29.8% Just like everyone predicted. Source: Charlie Bilello
18 Sep 2023
Heat map of the S&P 500's $SPY performance so far in 2023
Source: Evan, Bloomberg
18 Sep 2023
Top five stocks by market cap are c.50% of Nasdaq-100 Index market cap
Source: SG
18 Sep 2023
The 10 largest companies in the S&P 500 now make up 34% of the index with an average P/E ratio of 50x
This is the highest percentage since 2001 during the Dot-com bubble. Even in the 2008 bubble, this percentage peaked at ~26%. These same 10 companies have accounted for ~80% of the Nasdaq's entire rally this year. Markets are increasingly held up by a few stocks, particularly in the technology sector. Source: The Kobeissi Letter, Apollo
