Has there been a better pairs trade than long US, short world... ever?
This relationship has generated steady alpha for a decade and a half now. Growth over value and large over small have also been excellent long / short pairs. Source: Steven Strazza
When the book on 2023 closes, extreme sector divergence will surely be considered one of the major plot points
Technology and Communication Services are each up more than 40% YTD, while five of eleven sectors are in the red on the year. Source: Bespoke
US median home prices are contracting aggressively. In just 2 years, the % has gone from over 20% to -7.9%. This is THE sharpest collapse on record
Current levels have occurred ONLY 2 times in the last 60 years: 1. 1970 2. 2008 Both instances ended with equities declining more than 30%. Source: Game of Trades
In a regime-shift from historical norms, the US Treasury yields are broadly trending higher with USA Sovereign credit risk...
Source: www.zerohedge.com, Bloomberg
The U.S. Treasury market visualized
Source: X @concodanomics thru Audrey Wang, CFA🇭🇰
Prospective California homeowners currently in the market would need to make $221,200 annually to qualify to purchase a median-price, single-story home in California, typically costing $843,600
The latest figures show that California’s housing affordability rates continue to decrease. The figures released during the third quarter are down from 16% in the second quarter of 2023. For comparison, about 56% of California home buyers could afford a home during the first quarter of 2012, the index’s peak high. Source: Wall Street Silver
The richsession...
A record-high share of US consumers are planning to go on vacation to a foreign country within the next six months. Via Apollo/Slok
Stock markets care much more about US Treasury auctions now than they used to
Chart from Citi’s Stuart Kaiser thus Lisa Abramowitz
