Valuation – Software Forward P/E Software valuations have come under heavy pressure, with the forward P/E multiple sliding to 20 times, a level investors haven’t seen since 2014. Image: Goldman Sachs Global Investment Research
Net Monthly Flows of U.S. Spot Bitcoin ETFs Since the reversal in October 2025, institutions have cut billions in Bitcoin holdings month after month, an indication of fading appetite and a darker mood across crypto markets. Image: Deutsche Bank Research
S&P 500 Growth vs. Value – Relative Total Return Value is back in favor to start the year, as lofty valuations keep investors on edge. Still, growth could stage a comeback if earnings deliver some upside surprises. Image: Topdown Charts
Gold Price vs. Gold Composite FX Breadth Indicator Gold’s role is shifting: it’s no longer just a safe haven but a cornerstone of monetary stability as central banks keep adding to their reserves in an increasingly fragile global system. Image: J.P. Morgan Flows and Liquidity
Bitcoin, Gold and S&P 500’s Performance Bitcoin has lost some ground lately, but at about 370% above its early‑2023 lows, it looks less like a speculative bet and more like a market finding its footing. Image: Deutsche Bank Research
Bitcoin Drawdown Volatility persists, but Bitcoin’s drop of more than 40% from its October peak looks more like a typical correction than a structural breakdown. In most markets that would be a crash; for Bitcoin, it’s business as usual Image: Bloomberg
Cumulative Fund Flows Across Assets Many investors continue to favor the relative safety of bonds and money market funds over riskier equities, amid ongoing geopolitical tensions and relatively high interest rates. Image: Goldman Sachs Global Investment Research
Performance – S&P 500 Relative to FTSE All-World Excluding U.S. US stocks have sunk to a two-year low versus global peers, as tariffs bite and AI gains stay concentrated among a handful of megacaps. Diversifying beyond the U.S. is paying off. Image: Bloomberg
Gold to S&P 500 Ratio Gold’s outperformance has pushed the Gold-to-S&P 500 ratio to its highest since 2013, signaling a defensive shift but not yet the kind of rush to safety seen during crisis years. Image: Goldman Sachs Global Investment Research
Valuation Ranges of MSCI World Styles Indices Across markets and styles, valuations remain lofty amid AI-driven optimism and market concentration, forcing investors to pick their spots carefully. Image: Goldman Sachs Global Investment Research
MSCI World Performance vs. U.S. Dollar Index The link between the US dollar and global equities is often decisive. A softer dollar usually lifts stock markets worldwide, while a firmer one tends to weigh them down. Image: J.P. Morgan