The US economy is seeing the highest boost in labor productivity in decades. While artificial intelligence could explain a small part of this, the main reason is a surge in business creation and economic dynamism.

By: Robert Spendlove

Peak ESG?

Search interest in ESG investing dropped significantly as investors became disillusioned (disappointing price action, tighter monetary conditions +general hype and arguably a fair bit of miss-selling/greenwashing)

By: Topdown Charts

"The fear of missing out on upside gains (FOMO) exceeding the fear of downside may seem irrational. But it’s happening. Since 2023 US equities have exhibited higher volatility on days equities are up than on days they are down."

By: Tilo Marotz

The above diagram shows the percentage of unprofitable companies in the US, across different groups and compares the numbers to previous downturns.

By: Ryan Lemand, PhD

From the excellent research team at Gavekal, the above graph shows that small business hiring in the U.S. is going down and this is typically a leading indicator regarding U.S. unemployment rates.

By: Ryan Lemand, PhD

Commercial real estate risk has changed over the last few years. Hotel and hospitality default risk rose following the lockdown period of the pandemic, but has fallen in recent years as people return to travel and vacation.

By: Robert Spendlove

Active Management performance is Cyclical

-index/benchmark issues (e.g. large cap concentration)

By: Callum Thomas

This is simply incredible… At 2.6 trillion USD, Nvidia’s market cap is now 890 billion USD higher than all of the companies in the S&P 500 Energy sector (combined!).

By: Till Christian Budelmann

"All-time high number of passengers passed through TSA checkpoints at US airports last weekend."

By: Daily Chartbook

Many of us know the saying "history often rhymes, but never repeats". In my view, that couldn't be more true of the chart below. This represents the ratio of SOX (Philadelphia Semiconductor Index) / SPX (S&P 500).

By: Oliver Loutsenko