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
Bloomberg's U.S. Pure Momentum Index returned 9.70% in 2024, the 2nd best year in the past two and a half decades.... Read More
U.S. equity net issuance rose by $667 billion in the third quarter.... Read More
The United States is home to many of the world's largest companies. It is also home to the best-performing and most dominant stock market globally. Can it continue?... Read More
By almost any measure, traders have rarely been this exuberant about the stock market.... Read More
It's no secret that equity valuations are stretched. What do high past returns and expensive valuations tell us about future returns?... Read More
Active managers frequently use factor models to adjust portfolio exposure to different asset characteristics, managing risk and performance. Momentum has been a driving factor for equity returns in 2024. ... Read More
U.S. equity net issuance rose by $236 billion in the second quarter.... Read More
Many U.S. companies are reportedly pushing off public offerings due to uncertainty surrounding the election and Fed policy. IPO's track record over the last couple years are likely also a big reason for companies' reluctance to go public.... Read More
Large-cap stock valuations remain extremely rich relative to small-cap stocks despite small-cap stocks' massive outperformance over the past couple weeks.... Read More
Only 35% of the stocks in the S&P 500 beat the index's return over the past year, one of the lowest percentages in at least four decades.... Read More
It is no secret that investors have been riding the bullish wave in stocks for quite some time. Price action in the last few days may have dented that enthusiasm, but the charts below quantify this bullishness for historical perspective.... Read More
Powell and other Fed officials have signaled if economic data cooperates, a cut is coming soon. This sparked a rotation into small caps and away from the winners of 2024.... Read More
As the Fed lifted rates off zero, traders began to differentiate between companies with high interest coverage ratios and those with low interest coverage ratios.... Read More
In the first quarter of 2024, retail traders accounted for more equity volume than quant funds, HFTs, and banks.... Read More