There continues to be several uncertainties surrounding the global economy, especially after the banking crisis. Markets remain fairly valued for strong economic times, but valuations don't seem to account for potential disruptions ahead.... Read More
U.S. equity net issuance shrunk by $210 billion in the fourth quarter.... Read More
While correlations are trending in the right direction for hedge funds hoping to pick up some alpha, the market is not yet a stock picker's paradise.... Read More
In the fourth quarter of 2022, retail traders accounted for more equity volume than quant funds, HFTs, and banks.... Read More
U.S. equity net issuance expanded by $75 billion in the third quarter.... Read More
Margin debt typically mirrors movements in the stock market, so it should come as no surprise it peaked in late 2021. When compared to the stock market's capitalization, however, margin debt remains near its lowest level in over 15 years.... Read More
ETFs represent an important part of equity markets, allowing everyday investors to capture different types of market strategies with just one investment and minimal fees. ... Read More
Stocks have rallied on "peak inflation" and "peak hawkishness" narratives as shorts have unwound their bets against US equities. However, both sentiment and positioning among managers remain bearish.... Read More
Despite prices plunging over 50% at the low in 2022, Cathie Wood's ARK Innovation Fund has seen YTD inflows.... Read More
U.S. equity net issuance expanded by $251 billion in the first quarter.... Read More
Domestic equity index funds with the lowest fees saw the large majority of inflows in 2021.... Read More
Equity ETFs accounted for 25% of stock market volume in the U.S. in 2021.... Read More
Although stock valuations have come down over the past year, they remain high by historical standards. Expectations on future long-run stock returns must be tempered.... Read More
U.S. equity net issuance shrank by a $630 billion in the fourth quarter.... Read More
ESG funds, dominated by FAAMG stocks, have outperformed vice funds handily over the past few years.... Read More
U.S. equity issuance grew by a net $198 billion in the third quarter.... Read More
Tesla's deal to deliver 100,000 electric vehicles to Hertz pushed the electric car company's market cap into the top five, making the stock market even more highly concentrated in the five largest stocks.... Read More
As Tesla skyrocketed to a $1 trillion market cap, Elon Musk's wealth has similarly ballooned. The man behind Tesla, Space X, and the Boring Company is now worth more than $300 billion.... Read More
U.S. equity issuance grew by a net $1.1 trillion in the second quarter.... Read More
Cathie Wood and the ARK ETFs, headlined by ARK Innovation (ARKK), are arguably the most important manager/complex on Wall Street. After their outstanding performance in 2020, these funds have not kept pace in 2021. We update their returns, investors' reaction to their performance, and Wood's reaction to skeptics.... Read More