'There are signs that US equity outperformance may be running out of steam.' https://t.co/lnG8d7k4I2 by @louis_gave pic.twitter.com/SHooLcD4WS
— Jesse Felder (@jessefelder) October 18, 2019
The End Of The Trend? — Louis-Vincent Gave from Gavekal Research on Vimeo.
“Zero/low interest rates, lackluster organic growth, low wage and …. the proportion of IPOs with negative EBITDA/EPS has reached Tech Bubble levels
70% + of IPOs not yet profitable ”
– BAC#valuation #ipo #privateequity #Fed #QE #venturecapital #VC @ilpaorg @iimag #SFO https://t.co/K6aIIVLgWa pic.twitter.com/71jeiIZwGD— Mo Hossain (@MoHossain) October 19, 2019
$SPX is reporting revenue growth of 2.6% for Q3 2019, which would be the lowest revenue growth reported by the index since Q2 2016. https://t.co/4CyajAfhmR pic.twitter.com/8U0uZUK58O
— FactSet (@FactSet) October 19, 2019
Good news, US stocks are at / near all-time highs* (Apple, Microsoft).
Bad news, overall NYSE new highs Friday were down at 87.
Oct 2019: 87**
June 2019: 218*
Aug 2018: 143
Jan 2018: 341*
Dec 2016: 484**Healthy, "risk-on" bull markets have far > participation.
(3)
— Lawrence McDonald (@Convertbond) October 20, 2019
Ongoing and unprecedented uncertainty hitting the #economy hard. The #Fed now says 1H20 #GDP could be reduced >1%. (Chart: @WSJ) pic.twitter.com/Z15DnDRyqC
— Richard Bernstein Advisors (@RBAdvisors) September 6, 2019
U.S. Leading Economic Index #LEI pic.twitter.com/AyB1ZYCNWT
— Win Smart, CFA (@WinfieldSmart) October 18, 2019
Business Roundtable CEO Economic Outlook Survey pic.twitter.com/RqDSH3BlkV
— Tracy Shuchart (𝒞𝒽𝒾 ) (@chigrl) October 19, 2019
Global Asset Class flows week ending 16 Oct 2019 pic.twitter.com/M2sRaUn7Kd
— Tracy Shuchart (𝒞𝒽𝒾 ) (@chigrl) October 18, 2019
What is missing here is buybacks. Since 2009 S&P 500 companies have bought back $5 TRILLION of the stock. This cumulative flow is SIGNIFICANTLY than mutual fund and/or ETF flows.
This cycle is about buybacks. Investor flows are a sideshow. https://t.co/QWoVK7f88k pic.twitter.com/HRKCFYm0ut
— Jim Bianco (@biancoresearch) October 20, 2019
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