Today’s Animal Spirits is brought to you by birddogs:
See here for more information on birddogs stretchy khakis, joggers, and sweatpants!
On today’s show, we discuss:
Future Proof:
Listen Here:
Recommendations:
Charts:
Tweets:
Five S&P 500 stocks are set to close Q1 with 50%+ YTD gains. The top three are $500+ billion companies.$NVDA: +87%$META: +73%$TSLA: +59%$WBD: +57%$AMD: +51%
— Bespoke (@bespokeinvest) March 31, 2023
This chart of money market mutual fund assets is breathtaking.. it’s not just the angle of the slope but the size too, they’ve grown by $460b this year, that’s >6x what all ETFs combined have taken in. pic.twitter.com/M851Cz6WLO
— Eric Balchunas (@EricBalchunas) April 3, 2023
Equity ETFs took in a measly $27b in Q1, their lowest cash haul since COVID (and despite a solid +7.5% gain for S&P500). Meanwhile Treasury ETFs took in $40b, one of their best quarters ever and have now taken in an absurd $166b in the past 5 quarters. pic.twitter.com/OuXhgX9CoT
— Eric Balchunas (@EricBalchunas) April 3, 2023
Lots of focus on fact that money market mutual fund assets (blue) have surged to new high, but as a % of S&P 500 market cap (orange), share is still below COVID bear market level pic.twitter.com/jtR5uOEwoD
— Liz Ann Sonders (@LizAnnSonders) March 30, 2023
As U.S. dollar (orange) has moved lower from its peak, performance for companies with higher percentage of domestic sales has lagged those with higher percentage of international sales (blue, tracked by @GoldmanSachs)
[Past performance is no guarantee of future results] pic.twitter.com/ZniNeyg1HD— Liz Ann Sonders (@LizAnnSonders) March 30, 2023
Corporate profit margins deteriorated in 4Q22 to 13.9%; down from peak of 17% but still elevated relative to history pic.twitter.com/FAPY79PXmc
— Liz Ann Sonders (@LizAnnSonders) March 31, 2023
Americans saved 4.6% of their after-tax income in February, up from 4.4% in January. https://t.co/eDZgP9dcXM
— BEA News (@BEA_News) March 31, 2023
For all the speculation on the RMB replacing the USD as a destination for savings, it sure doesn’t look like the reality.
Foreigners have been aggressively selling RMB bonds since the start of 2022. And recent reserves data indicates RMB was the only FX actively sold in ’22. pic.twitter.com/ENVkDAyZcx
— Bob Elliott (@BobEUnlimited) April 3, 2023
Nevada casinos won $1,237,272,530 in February, a new record for the month.
Las Vegas Strip properties won $712.5 million of that, 19% more than last February.
— Las Vegas Locally ???? (@LasVegasLocally) March 28, 2023
Core PCE inflation in February
+4.6% over the previous 12 months
+4.9% over the previous 3 months, annualized
+4.5% over the previous 6 months, annualized pic.twitter.com/YdokzmQI0B— Nick Timiraos (@NickTimiraos) March 31, 2023
Layoff announcements are running pretty stable in the 50k range for the last 6m except for the big number in Jan.
Also highlights some of the oddity of looking at these. Accenture said they would downsize over next 18m is included in here even though not immediate. pic.twitter.com/l85FhsvV7y
— Bob Elliott (@BobEUnlimited) March 30, 2023
B of A’s tech desk reminds us of these @JeffBezos quotes from 2016-18, then adds:
“I believe he could come back to $AMZN in a prominent role for one reason: To ensure not just #AI participation, but A.I. leadership. Feels like an important fork in the road is upon us.” ???? pic.twitter.com/5HbArfihHe
— Carl Quintanilla (@carlquintanilla) April 2, 2023
RH CEO on earnings call: “I’ve never seen a luxury home market down 45% a quarter ever, not even in 2008 and 2009. So I think we’re near the bottom. But could it get a little worse? I think it could.”
— Gunjan Banerji (@GunjanJS) March 30, 2023
BAML-Done fixing up the basement…. pic.twitter.com/5qQCSBuXRl
— LongConvexity (@LONGCONVEXITY) March 30, 2023
Homebuyers are putting less #money down https://t.co/TzNXkOCkP0 #realestate #housing pic.twitter.com/iRVLT2qVM8
— George Papadopoulos (@feeonlyplanner) April 3, 2023
MORGAN STANLEY, on autos:
“With inventory up for the 8th consecutive month, incentives are creeping back in. How much longer can car prices remain so unaffordable? We think rising inventory will be the ‘tell’ of cracking industry price discipline.” [Jonas] $TSLA $GM $F pic.twitter.com/HZny1MDxAY
— Carl Quintanilla (@carlquintanilla) April 4, 2023
This is totally wild!
I’m relieved at least we’ve hit the peak of this technology, and that there won’t be any improvements from here. https://t.co/6Pl5gXYyNv
— Joe Weisenthal (@TheStalwart) April 1, 2023
Follow us on Facebook, Instagram, and YouTube.
Check out our t-shirts, coffee mugs, and other swag here.
Subscribe here:
Wealthcast Media, an affiliate of Ritholtz Wealth Management, received compensation from the sponsor of this advertisement. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees.
