The S&P 500 rose 24% in 2023 but was up only 10% at the start of November. Retail options positioning did not experience its usual rise during the market rally. ... Read More
Sentiment is an important measure to gauge future expectations for market moves. The caveat, however, is sentiment is often correlated to what has happened in the market recently.... 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. These are most often passive investments (allocators), yet active ETFs (traders) have become more common in recent years. ... Read More
How does the relationship between valuations and future stock returns change as the holding period lengthens?... Read More
U.S. equity net issuance rose by $110 billion in the third quarter.... Read More
Traders reached as far out the risk curve as they could in November, piling into some of the most speculative stocks they could find.... Read More
Although stock valuations have come down over the past couple years, they remain high by historical standards. Expectations on future long-run stock returns must be tempered.... Read More
S&P 500 valuation levels would be okay for a growing economy, but elevated levels are troublesome when heading into slower economic growth. ... Read More
U.S. equity net issuance shrunk by $74 billion in the second quarter.... Read More
U.S. equity net issuance shrunk by $517 billion in the first quarter.... Read More
Domestic equity index funds with the lowest fees saw the large majority of inflows in 2022.... Read More
Equity ETFs accounted for 30% of stock market volume in the U.S. in 2022.... Read More
2023's equity market rally has been concentrated in big tech, especially since the beginning of the banking crisis in early March. As small caps begin to rally, we take a look at what has changed and who is benefitting.... Read More
Buybacks offer companies a way to increase shareholder value without issuing a taxable dividend. Buybacks among the largest companies make sense given the large cash hoards they hold. ... Read More
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