LVMH vs Novo Nordisk gap is getting extreme. Is there cross asset logic here, or is it just hot money switching from one ex hot asset to another "must have" asset?
Source: TME, Refinitiv
Moderna's stock is now down 81% from its peak and below the price it was trading at when the FDA issued an EUA for its Covid-19 vaccine back in December 2020
$MRNA Source: Charlie Bilello
Cash + Treasury Bills now account for 15% of BoA's Global Wealth AUM, the highest level since the onset of the pandemic and one of the highest levels since the GFC
This could potentially limit the downside risk if that capital rotates back into stocks. Source: Barchart, BofA
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
