A healthy dispersion of individual stock returns is not the only ingredient necessary to make a good stock-picking environment.... Read More
The number of publicly traded companies in the U.S. has more than halved since the peak in 1999.... Read More
S&P 500 constituent level implied volatility tends to be higher than index level implied volatility. ... Read More
U.S. equity net issuance rose by $465 billion in the second quarter.... Read More
The S&P 500 remains extremely concentrated relative to history. What does this mean going forward?... Read More
While margin debt recently surpassed its October 2021 highs on a nominal basis, it is not so concerning when shown as a percentage of stock market capitalization.... Read More
The S&P 500 is only 2% off its all-time high that was hit just last week, yet hedge fund and speculator positioning has skewed bearish since Liberation Day. ... Read More
Stocks are still expensive, even if one avoids the Magnificent Seven.... Read More
Nvidia's market cap recently surpassed $4 trillion. The S&P continues to be dominated by the biggest stocks.... Read More
Financial conditions are a function of market stress. When financial conditions are easing like now, it is usually a sign of positive sentiment for equities. ... Read More
U.S. equity net issuance rose by $982 billion in the first quarter.... Read More
Domestic equity index funds with the lowest fees saw the large majority of inflows in 2024.... Read More
Equity ETFs accounted for 27% of stock market volume in the U.S. in 2024.... Read More
Stocks never exactly got cheap during the recent drawdown. Investors should temper their expectations for future returns over the next decade.... Read More
Over the past few decades, almost all of the returns in the U.S. stock market have come outside of trading hours.... Read More
U.S. equity net issuance rose by $1.14 trillion in the fourth quarter.... Read More
At the end of 2024 retail traders accounted for almost a fifth of all equity volume; more than hedge funds, quant funds, HFTs, and banks.... Read More
Only 41% of the stocks in the S&P 500 beat the index's return over the past year, among the lowest percentages in at least four decades.... Read More
We have argued in the past that Cathie Wood and the ARK ETFs, headlined by ARK Innovation (ARKK), were arguably the most important manager/complex on Wall Street. Keeping up with innovation isn't as easy as it seemed. ... Read More
Stocks are still expensive, even if one avoids the Magnificent Seven.... Read More