S&P 500 Returns After Eight Month Win Streaks An eighth straight winning month in sight? Since 1950, the S&P 500 has done that only ten times, and almost never lost steam afterward. Nine out of…

Valuations – S&P 500 12-Month Fwd P/E Multiple – Top 5 Largest Stocks vs. Other 495 Stocks Valuations aren’t as stretched as in past bubbles. The U.S. market looks more balanced, with the top five…

Global Quarterly Tech Capex Growth Tech investment has surged in recent years, but the underlying rhythm hasn’t changed: global tech capex has grown 14.6% annually since 2013, right in line with its decade‑long trend. Image:…

U.S. High-Yield Spreads vs. Corporate Cash Flow as % of Debt (Leading Indicator) Rising AI infrastructure spending and swelling debt are draining liquidity, setting the stage for weaker cash-flow-to-debt ratios in 2026 and wider credit…

S&P 500 Index vs. S&P 500 Equal-Weighted Index In 2025, the traditional, market‑cap‑weighted S&P 500 has strongly outperformed its equal‑weighted counterpart because a small group of very large, tech‑centric stocks has driven most of the…

Performance – S&P 500 Total Return Index vs. Spot Gold vs. Spot Silver U.S. stocks are rising, but metals are shining brighter. Gold, and even more so silver, have surged since the precious-metals move accelerated,…

Valuation – PEG Ratio between U.S. and Europe As equity returns broaden in 2025, the PEG ratio gap between the U.S. and the rest of the world is narrowing. This convergence in growth-adjusted valuations is…

Arithmetic Average Annual Real Return of S&P 500 over Different Periods Since 2009, S&P 500 investors enjoyed annualized real returns about 50% above the 1900+ historic average, fueled by low rates, QE, and post-crisis recovery.…

Market Capitalization – The Smartphone Revolution The iPhone’s 2007 launch ignited a smartphone revolution that sent the market capitalizations of U.S. giants like Apple, Alphabet, Amazon, Microsoft, and Meta skyrocketing. Image: Gavekal, Macrobond

S&P 500 Options: % of S&P 500 Listed Volume Expiring within 24 Hours The frenzy in S&P 500 options expiring within 24 hours shows no sign of cooling, now making up more than 62% of…

Positions in S&P 500 Equity Futures by Asset Managers Equity positioning is far from stretched. Asset managers haven’t returned to their peak long bets in U.S. stock futures, and with resilient growth, easier policy, and…