MSCI Europe Relative to S&P 500 The relative range between the MSCI Europe Index and the S&P 500 has been broken since the European financial crisis. Since 2011, European equities have underperformed the U.S. at a -5.5% annual rate. Image: Deutsche Bank Global Research
Valuation – The Largest Stock in the S&P 500 At current level, Apple is the largest publicly traded U.S. stock. Image: Bianco Research
What Happens The Year After The S&P 500 Gains More Than 30% (Total Return) Historically, the chart shows that the following year has been higher 10 of 12 times and the average return is 15.2%. Image: Ryan Detrick, LPL Financial LLC
BofA Fund Managers Sentiment vs. MSCI ACWI TR Fund managers are euphoric about the future state of the global economy, but the chart suggests that the euphoria has not yet reached the warning zone. Image: Tomasz Hońdo
U.S. Buybacks and Buyback Yield Buybacks are expected to slow to $625bn in 2020, while providing robust yields. Image: Wells Fargo Investment Institute
State and Private Enterprise Default Rate in China The default rate for private Chinese companies has reached a record high at 4.9% vs. 0.6% in 2014. Image: Financial Times
Flows into ETFs and Mutual Funds (Passive vs. Active) Mutual funds exhibit persistent outflows explained by aging and fees, while inflows into ETFs continue to rise. Image: Arbor Research & Trading LLC
Performance: MSCI World Banks Index Relative to MSCI World Index Chart showing the terrible performance of banks all around the world since the Great Financial Crisis. Image: Gavekal, Macrobond
Chicago Fed National Financial Conditions Index and S&P 500 Financial conditions remain easy, which is historically bullish for U.S. equities. Image: BofA Global Research
Cumulative Flows into Small and Mid Cap Equity ETFs Chart showing robust inflows into small and mid-cap ETFs this year. Image: BofA Securities
Debt – U.S. Shale’s Maturity Wall and Interest Should investors be concerned about the shale’s wall of maturity? There is no doubt about it. Image: Quill Intelligence, LLC