Is #value investing dead? Biggest value drawdown since 1826. Chart by @FT pic.twitter.com/LInpzSyDTz
— jeroen blokland (@jsblokland) October 26, 2020
Frothy. pic.twitter.com/uYpKPXIXbZ
— Otavio (Tavi) Costa (@TaviCosta) October 28, 2020
Even after today’s US Q3 GDP beat, equities are still trading on a 1.6X market cap/GDP ratio, 14% higher than Dot-com peak levels & still in the 100th percentile of its historical distribution over 70Y. Valuations this extreme generally imply more downside for equities vs. bonds. pic.twitter.com/Gxh40frJNG
— Julien Bittel, CFA (@BittelJulien) October 29, 2020
'The 10 largest stock markets represent 78.8% of the global stock market value. The top two—the NYSE and Nasdaq—capture 46%.' https://t.co/GR9lJJnnXB by @VisualCap pic.twitter.com/QUP4Lby2lU
— Jesse Felder (@jessefelder) October 30, 2020
The stock market is now a derivative of the options market pic.twitter.com/XGBZFv8Z5p
— Christopher Cole (@vol_christopher) October 29, 2020
ICYMI! : Cash levels in the US have risen by USD 4 trillion since March. pic.twitter.com/ApckrmLihf
— jeroen blokland (@jsblokland) November 1, 2020
European earnings: The downgrade cycle resumes… pic.twitter.com/UehDuTsR5U
— Daniel Lacalle (@dlacalle_IA) October 27, 2020
ECB Survey of Professional Forecasters: long-term expectations have stabilised both for inflation and GDP, although I suspect that real expectations are more like ¯_(ツ)_/¯. pic.twitter.com/J925pV6RkS
— Frederik Ducrozet (@fwred) October 30, 2020
Service sector lockdowns hitting restaurants hard: ex. Ireland pic.twitter.com/4kzfhDshzP
— Jeffrey Kleintop (@JeffreyKleintop) October 29, 2020
More evidence underpinning a deterioration in EUR/USD. The spread in US vs. EZ consumer confidence ticked higher in Oct amid a growing number of Covid cases across Europe. A bout of further rel. strength would be a headwind. Divergences tend to close via EUR/USD closing the gap. pic.twitter.com/j5wJDfuNKV
— Julien Bittel, CFA (@BittelJulien) October 30, 2020