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Warren Buffett's Berkshire Hathaway owns 3% of the entire Treasury Bill market according to JP Morgan
Source: Barchart
As highlighted by Tavi Costa, this is one of the reasons China is enhancing teh quality of its international reserves and accumulating gold:
China’s macro imbalances are increasing pressure on its monetary system to devalue. Source: Bloomberg, Tavi Costa, Crescat Capital
The implications of an aging population for investment strategies
Source: Bloomberg
Are large cap stocks losing popularity?
The number of large-cap US long-only funds has decreased by ~40% in 10 years, to its lowest level in decades. Since 2013, the number of large cap funds has declined from ~570 to ~340, according to Bank of America. In addition, active mutual funds have been consistently underperforming the market. More than 90% of actively-managed equity funds underperformed their benchmark in over the last 20 years. In 2023 alone, 60% of all active large-cap US equity funds underperformed the S&P 500. Source: Bank of America, The Kobeissi Letter
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