For the first time in the last 5 decades, rising interest rates have failed to cause Stock P/E multiples to contract
Source: Barchart
Two different years
Two different reactions by growth stocks. Source: J-C Parets
stocks vs bonds
Source: Brian Feroldi
Yes, Hedge funds are short equities
But don't forget the bigger picture: positioning among asset managers and leveraged funds is rather long... Source: TME, JP Morgan
Birkenstock opening is even uglier than the shoes...
Birkenstock stock opens 11% below $46 IPO price in trading debut flop. The German sandal maker’s debut is the worst opening for a listing of $1bn or more in New York in over 2yrs, Bloomberg reports. Out of more than 300 US IPOs of that size in the past century, only 9 have fared worse, the last being AppLovin, which opened 12.5% below its IPO price in April 2021, BBG data show. Source: HolgerZ, Bloomberg
Emerging market stocks have fallen to their lowest valuation relative to the S&P 500 in AT LEAST 36 years
Source: Barchart, Bloomberg
Almost half of US listed firms have negative profit margins
They have been able to survive in artificially low interest rates and ample liquidity environment. Things have changed though. Source: GS, Michel A.Arouet
LVMH Louis Vuitton Moët Hennessy. Q3 results in one image
Q3 Revenue +9% Y/Y to €20.0B (in cc). 🍷 Wines & Spirits -14% to €1.5B. 👜 Fashion & Leather goods +9% to €9.8B. 💅 Perfumes & Cosmetics +9% to €2.0B. 💍 Watches & Jewelry +3% to €2.5B. 🛍️ Selective retailers +26% to €4.1B. Source: Quartr, App Economy Insights
