S&P 500 Performance from Inauguration Day Chart showing the S&P 500 performance across different presidencies, from Ronald Reagan to Donald Trump. From 1928 to 2019, S&P 500 annual returns were positive 72% of the time. Image: Financial Times
Five Largest Stocks vs. S&P 500 The five largest stocks have returned +39% YTD, while the remaining 495 stocks have returned -1%. Image: Goldman Sachs Global Investment Research
Performance of Rule of Ten Stocks vs. Equal-Weighted S&P 500 The equal-weighted basket of “Rule of Ten” stocks has returned 24% YTD, compared with -4% for the equal-weighted S&P 500 and 39% for the equal-weighted FAAMG. Image: Goldman Sachs Global Investment Research
Correlation Between Russell 1000 Growth and Russell 1000 Value The correlation between Growth and Value has been close to zero, as during the dotcom bubble, when value investors were squeezed out while growth investors enjoyed high returns. Image: Goldman Sachs Global Investment Research
U.S. Unemployment Rate Forecast Chart suggesting that the return of the U.S. economy to full employment likely will take years. Image: Goldman Sachs Global Investment Research
S&P 500 Index Market Capitalization, YTD Performance Higher returns YTD, but higher valuations for the top five stocks. Image: Morgan Stanley Wealth Management
S&P 500 Cycle-Adjusted P/E The S&P500 cycle-adjusted P/E is now 29.9 and 75% above its long-term average, suggesting weak equity returns over the next 10 years. Image: J.P. Morgan
Flows into Inflation Protection ETFs Inflation protection ETFs see record inflows as investors predict inflation return. Image: Arbor Research & Trading LLC
All Weather Portfolio (Stocks, Bonds, Cash and Gold) The All Weather Portfolio of 25/25/25/25 in stocks, bonds, cash and gold is up 18% over the past 90 days, the highest return ever. Image: BofA Global Investment Strategy
Valuation – Defensive Assets vs. Assets More Sensitive to the Economy Valuations suggest that we’re a long way from a return to normal times, as the market remains concerned about long-term growth. Image: Morgan Stanley Research