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21 Feb 2025

The S&P 500 is expensive on 19 out of 20 metrics, according to the BofA analysis.

Some metrics such as the Buffett Indicator (Market Cap to GDP ratio) are over 100% above historical averages. Source. Global Markets Investor

13 Feb 2025

"AI" +"Adoption" mentions of the US companies with over $1 billion in market capitalization spiked to ~100, an all-time high.

During Q4 2024 earnings, a record 50% of S&P 500 firms mentioned “AI”. Source: Global Markets Investor

10 Feb 2025

Gold has been truly one of the GREATEST assets over the last few years, widely outperforming the S&P 500:

🔴 1-year performance: Gold +41% S&P 500 +21% 🔴 3-year: Gold +59% S&P 500 +34% 🔴 5-year: Gold +84% S&P 500 +80% Source. Global Markets Investor

6 Feb 2025

There has been significant rotation happening beneath the surface of the markets.

Tech is the only sector down year-to-date, while every other sector has climbed—some quite substantially already. Source: Otavio (Tavi) Costa

5 Feb 2025

With deepSeek and tariffs, we almost forgot that we are in the middle of the earnings season.

FactSet notes that beats are being rewarded above average and misses are being punished around average.

30 Jan 2025

Why does a strong January matter?

Here's a chart shared last year (so it isn't updated for 2024 yet), but it shows a clear trend starts early in the year. Source: Carson, Ryan Detrick

30 Jan 2025

S&P 500 ETF $SPY short interest has fallen near its lowest level in the last 14 years 🚨

Source: Barchart

27 Jan 2025

The S&P 500 reached a record $54.3 trillion in market cap last week, adding $1.1 trillion in 1 week.

Since the August low, the index's market cap is up a massive $8.5 trillion. Furthermore, the index has added $12.4 trillion in value since the beginning of 2024. The S&P 500 has added 78% of Europe's market cap and DOUBLE the size of the Japanese market in 1 year. As a result, the US market cap to GDP ratio has reached an all-time high of 209%. Source: The Kobeissi Letter

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