Moral of the story - do NOT chase hot IPO
Year-1 average drawdown = 55% Year-1 median drawdown = 54% Table: Truist Source: Puru Saxena
Victoria’s Secret just posted its best quarter in years — and the stock exploded 47% after-market.
Just four years ago, the company looked dead. Its entire brand was built around fantasy-driven marketing and supermodel runway shows — a formula that dominated for decades but eventually lost touch with what women actually wanted. Sales collapsed from $7.51B in 2020 to $6.18B in 2023. The annual fashion show was scrapped. Wall Street had completely written the company off. The turnaround ultimately came down to one thing: bras. CEO Hillary Super rebuilt the business around new bra launches, focusing on the category that drives the highest repeat purchases and the strongest customer lifetime value. When customers buy bras, they come back more often — and spend more across every other category. The results have been dramatic. Q1 2026 revenue reached $1.56B, up 15% YoY. The company swung from a $2M loss to a $48M profit in just 12 months. Management also raised full-year revenue guidance from $6.85B to $7.13B. Two years ago, investors thought Victoria’s Secret was finished. Today, the stock hit an all-time high. Source: Bull Theory
Beware of the increase in equity supply... It’s not just the IPOs. It’s the coming wave of lockup expirations too
Source: Goldman Sachs, zerohedge
Japan's NIKKEI has surpassed 68,500 for the first time in history.
The NIKKEI is now up 36.5% in 2026, adding ¥365,000,000,000,000 ($2.5 trillion) in market value. Source: Bull Theory
South Korea has claimed the spot of the world's sixth-largest stock market.
We all know this is largely driven by tech, specifically Samsung and SK Hynix. Source: Ayesha Tariq, CFA
The software squeeze
At range highs, it is difficult to get greedy. Source: TME, LSEG Workspace
The S&P 500 averages +4.6% in midterm years dating back to 1950.
It's already up 11% halfway through 2026. Stocks are outpacing their own history by a mile this year. Source: Phil Rosen
The U.S. technology sector has surged 42% in the last two months, marking its biggest two-month rally in 24 years as AI and semiconductor stocks lead the market higher.
Source: Bloomberg
