Rotation from Cash to Equities Among Major Investor Categories vs. Change in the U.S. 10-Year Treasury Yield Historically, investors tend to rotate from cash to equities when rates rise. Image: Goldman Sachs Global Investment Research
Valuation – Commodities Relative to U.S. Equities Commodities relative to U.S. equities are trading at very low valuation level. Image: Financial Times
What Bubble? – Mutual Funds and ETF Cumulative Flows into Equities and Bonds Since 2009 Are U.S. equities a long way away from being in bubble territory, as inflows since 2009 have gone into bonds, not equities? Image: Fidelity Investments
USA vs. Global Ex-U.S. Equities (Relative Performance) The U.S. stock market has significantly outperformed the rest of the world over the past decade. How long can the divergence continue? Image: Topdown Charts
World Equities Performance – Capital Intensive Companies vs. Non Capital Intensive Companies Equity markets tend to penalize capital-intensive companies. Image: Goldman Sachs Global Investment Research
S&P 500 Equity Risk Premium – Equities vs. Bonds The S&P 500 equity risk premium suggests that equities remain attractive relative to bonds. Image: Goldman Sachs Global Investment Research
CTAs Exposure to Equities CTAs overall equity exposure is in the 42th percentile. Image: Deutsche Bank Asset Allocation
U.S. Equities, Margin Debt and Composite Valuation Index Margin debt has reached an all-time high. Does market euphoria suggest a correction coming? Image: Alpine Macro
Valuation – CAPE Ratio of Major Developed Market Equities U.S. equities are at significantly higher valuations than international equities. Image: Deutsche Bank
Equities – FANG+ Index vs. Major 5 Central Banks Index The expansion of central bank balance sheets tends to push tech giants higher. Image: Deutsche Bank