Less than 50% of european equities sectors are reporting positive YoY EPS growth
Source: MacroMicro
$PLTR trailing P/E: 336x
Source: Trend Spider
Penny stock trading is through the roof right now
Source: Mike Zaccardi, CFA, CMT, MBA, Goldman Sachs
Share of MSCI World trading at 10x EV/Sales
Meb Faber @MebFaber via ManGroup
Opendoor. Krispy Kreme. Kohl's. GoPro.
Meme stock mania is back. Source: Brew Markets @brewmarkets
Copper soars to highest closing price in history 📈📈
Source: Barchart
The SP500 is outperforming the world's biggest hedgefunds in 2025 YTD
Source: Brew Markets
This is how many investors currently feel... but we disagree.
There are "reasons" behind the current bull market. First, liquidity conditions remain favorable with Global M2 (a global liquidity proxy) going up. Second, earnings remain a tailwind with positive earnings revision and 2026 earnings growth reaccelerating. Third, the global macro & geopolitical context is more favorable than in H1 with some clarity on tariffs expected to improve in the coming months and lower taxes ahead. Of course, there are many risks to be taken into consideration but the probability of occurrence is probably exaggerated (e.g. ousting of Fed chairman Powell seems unlikely). But yes indeed, with this level of valuations, any unexpected event could trigger a very decent correction. So stay invested but keep some dry powder to buy the next dip Source picture. Brew markets
