Plesident-erect Kylo Ren | #Swolo Crazy Fenak Jeff Weniger The author's point is labor force competitiveness. It costs a lot more to hire US labor than other OECD labor right now, and that gap continues to grow.

The fact that US has higher cost of living is irrelevant to the decision of labor force attractiveness.

Barry brings up a strong counterpoint. However, I would say these line items also applied during the moment-in-time comp gaps in 2010 or 2000 or 1990. The French, to name one group, always had more of a state backstop than Americans. USD strength is driving 99% of the divergence.

In my opinion, this is an absolutely major theme in the coming years.

A massive wage arbitrage has opened between the US and its competitors. The overwhelming majority of people in the US have no idea just how much more money they make than the Japanese, French, British, etc.

These are the top ten companies in the S&P 500 Consumer Discretionary sector. Using 2023 earnings, they all trade at P/Es of 20 to 66 times. Eight of these don't even have a fun story to lure speculators. 'Story stock' P/Es for burritos, shoes, hamburgers and lawn mowers.

Robust US wage growth has been the lay of the land since 2021. Thus far we have not seen a hit to corporate profits relative to GDP. That may be what comes next.

If you think Europeans are itching for a June ECB rate cut, consider the hopes and prayers at the Bank of Japan. Against the euro, the yen has already breached critical 1991 and 1998 thresholds and is now just spitting distance from the 2008 extreme, ¥169.48. All eyes on June.

1990-2000: Tech stocks
2000-2008: Energy stocks
2008-2020: Tech stocks
Since Sept. 2020: Energy stocks

It may be a little premature to say manufacturing is out of the woods. Though the ISM Manufacturing gauge is slightly above 50, which indicates expansion, we have a real problem here with rail car loadings, which have printed negative year-over-year in 8 of the last 10 months.

This is on Thursday. Tell your colleagues.

⚡ Welcome to the #PensionWars : Why Everything is About to Change and How to Profit. Mike Philbrick and Adam Butler are joined by Jeff Weniger from WisdomTree, Inc. to discuss global pension strategies and market dynamics. twitter.com/i/broadcasts/1…

The saga continues in the US housing market. Millions of potential sellers locked in 2.75% or 3% rates, so they cannot list their house and then take on a 7.3% mortgage. Because these sellers are missing in action, 30% of homes that are on the market are new homes.

🎙️ This week on #ReSolveRiffs we're joined by Jeff Weniger from WisdomTree, Inc. to discuss global pension strategies and market dynamics.

⚡ Welcome to the #PensionWars

🌐 𝗦𝘁𝗿𝗲𝗮𝗺𝗶𝗻𝗴 𝗹𝗶𝘃𝗲 𝗵𝗲𝗿𝗲 𝗮𝘁 𝟰:𝟬𝟬 𝗣𝗠 𝗘𝗦𝗧.

This is not a meme stock. It's the CPI for Motor Vehicle Insurance. The average transaction price of new cars is $48,759, according to Cox Automotive. Big price for cars, big inflation when you insure those cars.

Let this chart be your 'forever chart' for stock market humility.

Home prices falling like a rock, homebuilder stocks zooming like rocket.

The CPI for electricity is zooming.

The first time we saw anything like this was in the wake of the 1973 oil embargo, with electricity prices running higher for the rest of the 1970s. Then we saw it when the 'Commodities Super Cycle' busted the middle class into 2008.

Full-time employment is declining sharply.

Japan’s Retirement Contribution Overhaul is Fueling Its Bull Market

LONG FORM THREAD

Though the MSCI Japan Index has returned “only” 20.9% over the last year, trailing the 28.7% run for the S&P 500, the performance disparity is obscured by the yen’s sharp losses. Over that same…