Commodities vs. 50/50 S&P 500 and U.S. Treasuries Commodities remain undervalued relative to U.S. stocks and bonds, offering room for strategic allocations that enhance portfolio balance. Image: Bloomberg
Gold Prices in Real Terms Gold’s real price is sky-high right now. It’s a very different story from the dot-com boom, when investors piled into tech and gold fell out of favor almost overnight. Image:…
Cumulative Gold Demand – Gold ETF vs. Central Banks Amid macro conditions, currency moves, and rising geopolitical tension, gold’s rally gathered pace in 2025 as central banks began competing with private investors for scarce bullion.…
U.S. Equity Index Valuations vs. History The S&P SmallCap 600’s forward P/E of 16x looks attractive by historical standards, while the S&P 500’s 22x forward multiple, sitting in the 94th percentile, paints a very different…
Gold Price vs. Other Assets You have to go all the way back to 1980 to find a time when gold looked this pricey against other assets. The question now is whether the metal cools…
Inflation – U.S. ISM Services Prices vs. Super Core PCE History shows the U.S. ISM Services Prices Index tends to lead super core inflation by five months, which means sticky prices aren’t going anywhere soon.…
S&P 500 Returns in January The S&P 500 is up 1% so far this month. January has finished higher three years in a row. Could this be the fourth? Since 1950, when January finishes in…
Valuation – Mega-Cap Tech PEG Ratio Despite relying on forward growth estimates that often move, the Mega-Cap Tech PEG ratio (P/E to CY3 EPS growth) has fallen sharply, echoing the lows of 2022. Image: Goldman…
YTD Returns of Select Equity Indices Wall Street has lost some spark. The KOSPI, fired up by semiconductor leaders, has surged 15% this year, dwarfing the S&P 500’s and Nasdaq 100’s modest 1% gains. Image:…
Net Weekly Global Flows: Equity vs. Money Markets Strong equity inflows and shrinking money market assets show investors are pulling cash out of safe havens and putting it back to work in stocks, giving new…
Gold vs. Bitcoin The gap between gold and bitcoin has widened in recent weeks. Safe‑haven flows have lifted gold, while bitcoin has been trading more like a high‑beta risk asset, closely tracking tech and growth…