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14 Dec 2023

What a journey for Ireland...

Ireland has experienced unprecedented growth in prosperity in recent years. GDP per capita is now almost $100k, which is more than twice as much as in Germany and three times as much as in Italy. The small country with a population of 5 million has benefited from the large investments made by tech giants, who have settled here b/c of the low tax regime. No other country in Europe has a meaningful budget surplus, can set up 2 sovereign wealth funds, (Future Ireland Fund (FIF) and a smaller Infrastructure, Nature and Climate Fund (INCF) and has a war chest of €2.5bn before 3 important elections. Source: Bloomberg, HolgerZ

14 Dec 2023

BREAKING: an ATH for the Dow > 37k !

The Dow Jones rose to its highest level ever following latest Fed meeting—which left rates unchanged & predicted 3 possible cuts in the coming year—as cheer continues to flood equities markets at year’s end. Breaking its prior ATH of nearly 37,000 set in January 2022 Dow rose >37k. Source: Bloomberg

14 Dec 2023

Interest rate futures shift to showing a ~57% chance of rate CUTS beginning in March 2024

Markets also see a growing 9% chance of rate cuts beginning as soon as next month. Futures are projecting a total of FIVE rate cuts in 2024. There's a 28% chance of 6 cuts and an 11% chance of 7 cuts in 2024. Meanwhile, the Fed just said they see just 3 rate cuts in 2024. So markets are still "fighting" the Fed. But the Fed is starting to adjust... Source: The Kobeissi Letter

13 Dec 2023

Earnings should return to growth in 2024 across all major global markets after a difficult 2023, led by emerging markets

All major regions are on track for earnings declines in 2023, creating easy comparisons for 2024. Source: Gina Martin Adams, Bloomberg

12 Dec 2023

Largest US Companies by Market Cap, 1960 to Today...

Source: Charlie Bilello

12 Dec 2023

Record Options Volume !

Average daily stock options volume this year is 44 million contracts, on track to be the highest in history and more than double what it was 5 years ago. Source: barchart

11 Dec 2023

Big tech has notched over $200B in profits in 2023 so far

To see how massive they are, this comparison of their market caps vs. the private tech sector (unicorn valuations) makes it quite clear. Source: CB Insight

8 Dec 2023

A chart for the history books

Source: Michel Arouet, BofA

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