Free Cash Flow Margin for S&P 500 and Tech Sector The free cash flow margin for the tech sector has risen from less than 5% in the aftermath of the Internet bubble to more than 23% today. Image: J.P. Morgan Asset Management
GWIM Cash Flows This chart shows the largest cash outflow from BofA’s private clients since April 2019, while there has been a lot of cash inflow this year. Image: BofA Global Investment Strategy
ISM Manufacturing Index vs. S&P 500 Cash Flow Chart showing the correlation between S&P 500 cash flow and the ISM Manufacturing Index. Image: Raoul Pal
Shareholder Return vs. Free Cash Flow Thanks to low interest rates, shareholder return has exceeded free cash flow levels again. U.S. companies cannot spend more than they earn indefinitely. Image: Goldman Sachs Global Investment Research
Dividends and Buybacks vs. Free Cash Flow Dividends and buybacks have exceeded free cash flow levels again, thanks to low interest rates. But companies cannot spend more than they earn forever. Image: Capital Group
2020 Inflows: Equities, Bonds, Cash and Gold There is still a lot of cash on the sideline, which could be put to work in the market. Image: BofA Global Investment Strategy
GWIM Flows to Cash 4WMA BofA private clients have raised record amounts of cash amid uncertainty in the global economy. Image: BofA Global Investment Strategy
GWIM Flows to Cash In the current market turmoil, BofA private clients have raised record amounts of cash over the past four weeks. Image: BofA Global Investment Strategy
U.S. Equity Fund Flows vs. Bonds and Cash This chart puts into perspective the rotation from equities to bonds and cash, as investors become cautious about further growth. Image: Goldman Sachs Global Investment Research
Inflows as % of Assets Under Management (AUM) Cash, gold and tech are the largest inflows this year, amid the coronavirus pandemic. Image: BofA Global Investment Strategy