Average Short Interest on Companies in the S&P 500 Sign of optimism or complacency?  Short interest on companies in the S&P 500 continues to decline. Image: Financial Times

Core CPI Inflation The jump in U.S. inflation is likely transitory. Image: Capital Economics

M1 Money Supply Growth YoY The M1 money supply in the United States has grown faster than any time in history. Image: Gavekal, Macrobond

S&P 500 Total Number of Employees to Total Revenues Ratio In 1986, it took 8 employees to generate US$1 million in revenue. Today, the S&P 500 is 70% less labor intensive than it was in…

Inflation – Annualized 3-Month Headline CPI Change Has U.S. headline inflation peaked? Image: BofA Global Investment Strategy

Inflation – Annualized 3-Month Core CPI Change Has U.S. core inflation peaked? Image: BofA Global Investment Strategy

Valuation – FY2 P/E Premium of Growth vs. Value The valuation spread between Growth and Value is still well above its long-term average. Image: Goldman Sachs Global Investment Research

MOVE Index vs. U.S. 10Y-2Y Yield Curve Should investors expect a steeper yield curve and more fixed-income volatility? Image: Variant Perception Research

Flows – Broad Commodity ETFs Flows into broad commodity ETFs are massive this year. Image: Arbor Research & Trading LLC

Performance – U.S. Small Cap Stocks vs. Large Cap Stocks Will small caps continue to outperform large caps this year? Image: BofA Global Research