The King of Tech... $EEM iShares Emerging Markets ETF isn't what it used to be.
Many still view it as a commodities and old-economy EM trade, but the ETF has quietly evolved into a tech beast driven by semiconductors and AI-related exposure. Source: TME, Bloomberg
That was quick... The S&P Tech sector's trailing 12-month P/E ratio has jumped from roughly 32 to 48 since the 3/30 low.
Source: TME
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
ALPHABET $GOOGL MANDATORY CONVERTIBLE STOCK SALE IS SAID TO BE OVERSUBSCRIBED
ALPHABET $GOOGL MANDATORY CONVERTIBLE STOCK SALE IS SAID TO BE OVERSUBSCRIBED Source: Wall St Engine
Nice chart of how big SpaceX and Anthropic are at IPO vs the mega studs that have been public for years.
Source: Eric Balchunas, Bloomberg
Berkshire Hathaway buys another $10 billion in Alphabet $GOOG to raise its stake to $26 billion.
Warren Buffett never would have guessed that Berkshire's 4th-largest holding would be a $4.5 trillion AI company just one year after he retires. Source: Phil Rosen @philrosenn
