The V-shaped recovery in April has brought the S&P 500 index back to within 2% of its all-time highs, while the MSCI EAFE index is making consistent new highs. As the chart shows below, there are only a few historical analogs left in which the market continues to make new highs

Earnings growth outside the US continues to converge. The playing field is leveling out, which should provide the long-awaited catalyst to drive a lasting mean reversion trade.

Travel makes you like a child again. It shows you how routine has a way of blinding you, and most of the time you aren’t actually seeing the world around you, you’re just sleepwalking through it. The real art, of course, is learning how to keep your eyes fresh once you’ve

Fall in disposable income is a bit concerning given already subdued consumer spending. Driven mostly by taxes & changes in deflator (inflation ticked up earlier in the year).

Big V. Fastest recovery ever $SPY @wsj

Mega caps are driving the bus again, outperforming the equal-weighted S&P 500 by 19% over the past 3 months.

Q2 2025 started off with one of the worst 2-day drops in history, yet finished up more than 10%. Remember that the next time we have a few bad days and you hear on tv how bad it'll get.

“If solar and wind are the most affordable and fastest to build resources, why do they need tax credits?” A reporter asked me this fair question yesterday. Here's the steelman case, in my view: 1) Market failure correction: Social value of solar and wind (e.g. reduced fuel price

Exceptional ROE 🇺🇸🌭

One of the big questions remains whether a new world order is emerging in which the US dollar loses at least some of its supremacy and is supplanted by a mixture of other fiat currencies and hard money (gold and perhaps Bitcoin). Maybe this regime change was signaled three years

I was looking around for good (economic/market) news over the 12 months of this government. There is one signal coming from public equity markets - the "domestic earners" (>90% GBP earnings) listed on the FTSE have had their best run against the "dollar earners" (>30% US

Europe's YTD rally has stunned investors, but about half of the gain is simply due to the EURUSD's ascent. Another 12ppt is from multiple expansion. $VGK

The forward 12-month P/E ratio for $SPX is 22.2, which is above the 5-year average (19.9) and above the 10-year average (18.4). #earnings, #earningsinsight, bit.ly/3TjJPPj

It really is insane that the Anglosphere just doesn't build housing.

Are you ready to have your mind blown? Since 1989, money invested when the market is at all-time highs has actually outperformed money invested on any given day. 🤯🤯🤯

We are lending Britain an iconic jewel of our shared history: the Bayeux Tapestry. This is the first time this national treasure will leave French soil. It marks an unprecedented cultural partnership between our two countries — a powerful symbol of our Entente amicale.

Mag 7: Beefy P/E, beefy sales growth & margins

Vanguard’s outlook for financial markets: 4-6% US stocks (value over growth) 6-8% ex-US developed Weakening dollar Vanguard

Since 1987, private equity funds have been publicly listed and traded on the LSE. We can compare directly the volatility of the traded funds to the listed NAVs, and get a real-life example of just how private equity assets trade when they are listed publicly.

The bear case for AI is how annoying it is that AI cannot even reliably find internet links for articles. It literally just makes up feasible looking urls. Like this is the most basic of useful tasks that it could do.