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
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