Sector Fund Flows Despite the selloff, semiconductors have seen heavy inflows over the past few weeks. That looks more like dip buying than broad risk aversion. Will it last? Image: Deutsche Bank Asset Allocation

MSCI ACWI 12-Month Forward EPS With global stocks priced for perfection and ACWI earnings expectations stretched, it looks prudent to take some risk off the table. Image: TS Lombard

S&P 500 CAPE Valuations and 10 Year Annualized Real Return With the S&P 500 Shiller CAPE Ratio near rare highs, the market looks priced for perfection. History says that kind of setup often leads to…

S&P 500 – Net Debit Balances in NYSE Margin Accountsge The ongoing investor deleveraging wave since June is a near-term headwind for U.S. equities, especially in technology and high-beta momentum stocks. Image: J.P. Morgan Flows…

U.S. Real Retail Sales and Recession U.S. real retail sales stand at 3.15% YoY. About 70% of U.S. GDP is personal consumption. In the past, U.S. real retail sales trended sideways before the recession began.

10-Year Annualized Performance vs. The Market of The Best Performing U.S. Sector Tech outperformance has been unusually strong and unusually long, marking one of the most concentrated, longest-running spells of sector leadership in recent market…

Forward P/E Ratio and Subsequent 5-Year Annualized Returns With U.S. equities still priced for perfection, the next five years could bring slimmer returns. These are outstanding businesses, but valuation still matters. Even the best names…

Ratio of Bitcoin to Production Cost Bitcoin is trading around $64,000, well below JPMorgan’s estimated $80,000 production cost, a sharp divergence that still hasn’t shaken the bank’s long-term bullish view. Image: J.P. Morgan

Sentiment – Risk Appetite and Expected U.S. Equity Market Performance Risk appetite among U.S. equity fund managers held up in July, though it was hardly enthusiastic. Valuations, geopolitics and monetary policy are still weighing on…

Cumulative Flows to Cryptocurrency Funds For two straight months, crypto funds have faced relentless outflows, with Bitcoin vehicles taking the heaviest hits. Now the flow picture is improving as buyers step back in. Image: Deutsche…

S&P 500 Real Revenue per Employee AI is already lifting productivity in some tasks. Over time, that could mean more sales per employee. Image: Goldman Sachs Global Investment Research