Flows into Gold Funds Demand for gold funds is picking up again as retail investors return to ETFs, central banks keep adding to their reserves and the macro backdrop continues to favor gold. Image: Goldman…

Global Cross Asset Risk Sentiment Global investors are firmly risk-on, but sentiment is constructive rather than euphoric, keeping the door open to further gains. Image: TS Lombard

Top 7 Hyperscaler Capex Forecast This year, the top seven U.S. hyperscalers are on track to pour almost $900 billion into capex, with 2027 set to drive the total toward $1.5 trillion. What began as…

U.S. Corporate Profits and S&P 500 Relative Total Return to U.S. Treasuries Earnings are still riding on nominal growth, and with valuations creeping higher, strategists see enough fuel to stay tactically bullish on U.S. equities…

Long/Short Momentum Factor Returns Around 3-Month Rallies of 20%+ The AI trade has cooled, but the broader trend remains intact. Price action still looks typical of a momentum rally, setting up the possibility of another…

S&P 500 Annual Total Return by Change in Reported EPS Earnings drive corrections by severity, not direction. The deeper the earnings decline, the deeper the market decline. Every 20% market drop has arrived alongside a…

U.S. Equity Valuation Metrics (Z-Score Since 1900) U.S. stocks have priced in a lot of good news, with most valuation metrics more than two standard deviations above their historical averages. But momentum could keep the…

Estimated Hyperscaler Debt Issuance Credit markets are joining the AI buildout. What began as an equity story is now a credit one. Goldman Sachs strategists expect debt to fund 35% of hyperscalers’ capex by 2027.…

12-Month Forward ROE Ranges for Different MSCI Regions Higher ROE usually translates into stronger profits and a valuation premium, but U.S. equity multiples are driven just as much by growth, risk, liquidity, and investor sentiment.…

Share of S&P 500 by Weight Eligible to Repurchase Stock As S&P 500 companies emerge from earnings-related blackout periods, buyback activity is expected to resume by mid-August. That could offer some support to equities, but…

Average Cumulative S&P 500 Total Returns – Invest on Any Day vs. Invest at a New High Record highs make many investors nervous. But history shows that buying into strength has often delivered better forward…