Animal Spirits: The three Ranges of Wealth

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5 S&P 500 shares are set to shut Q1 with 50%+ YTD positive aspects. The highest three are $500+ billion firms.$NVDA: +87%$META: +73%$TSLA: +59%$WBD: +57%$AMD: +51%

— Bespoke (@bespokeinvest) March 31, 2023

This chart of cash market mutual fund property is breathtaking.. it is not simply the angle of the slope however the measurement too, they’ve grown by $460b this 12 months, that is >6x what all ETFs mixed have taken in. pic.twitter.com/M851Cz6WLO

— Eric Balchunas (@EricBalchunas) April 3, 2023

Fairness ETFs took in a measly $27b in Q1, their lowest money haul since COVID (and regardless of a stable +7.5% acquire for S&P500). In the meantime Treasury ETFs took in $40b, certainly one of their greatest quarters ever and have now taken in an absurd $166b previously 5 quarters. pic.twitter.com/OuXhgX9CoT

— Eric Balchunas (@EricBalchunas) April 3, 2023

Plenty of concentrate on reality that cash market mutual fund property (blue) have surged to new excessive, however as a % of S&P 500 market cap (orange), share continues to be beneath COVID bear market stage pic.twitter.com/jtR5uOEwoD

— Liz Ann Sonders (@LizAnnSonders) March 30, 2023

As U.S. greenback (orange) has moved decrease from its peak, efficiency for firms with larger share of home gross sales has lagged these with larger share of worldwide gross sales (blue, tracked by ⁦@GoldmanSachs⁩)
[Past performance is no guarantee of future results] pic.twitter.com/ZniNeyg1HD

— Liz Ann Sonders (@LizAnnSonders) March 30, 2023

For all of the hypothesis on the RMB changing the USD as a vacation spot for financial savings, it positive does not appear like the truth.

Foreigners have been aggressively promoting RMB bonds because the begin of 2022. And up to date reserves information signifies RMB was the one FX actively offered in ’22. pic.twitter.com/ENVkDAyZcx

— Bob Elliott (@BobEUnlimited) April 3, 2023

Nevada casinos received $1,237,272,530 in February, a brand new report for the month.

Las Vegas Strip properties received $712.5 million of that, 19% greater than final February.

— Las Vegas Domestically 🌴 (@LasVegasLocally) March 28, 2023

Core PCE inflation in February

+4.6% over the earlier 12 months
+4.9% over the earlier 3 months, annualized
+4.5% over the earlier 6 months, annualized pic.twitter.com/YdokzmQI0B

— Nick Timiraos (@NickTimiraos) March 31, 2023

Layoff bulletins are working fairly secure within the 50k vary for the final 6m apart from the large quantity in Jan.

Additionally highlights a few of the oddity of wanting at these. Accenture stated they’d downsize over subsequent 18m is included in right here regardless that not quick. pic.twitter.com/l85FhsvV7y

— Bob Elliott (@BobEUnlimited) March 30, 2023

B of A’s tech desk reminds us of those @JeffBezos quotes from 2016-18, then provides:

“I imagine he might come again to $AMZN in a outstanding position for one cause: To make sure not simply #AI participation, however A.I. management. Appears like an essential fork within the street is upon us.” 👀 pic.twitter.com/5HbArfihHe

— Carl Quintanilla (@carlquintanilla) April 2, 2023

RH CEO on earnings name: “I’ve by no means seen a luxurious residence market down 45% 1 / 4 ever, not even in 2008 and 2009. So I feel we’re close to the underside. However might it get a bit worse? I feel it might.”

— Gunjan Banerji (@GunjanJS) March 30, 2023

MORGAN STANLEY, on autos:

“With stock up for the eighth consecutive month, incentives are creeping again in. How for much longer can automotive costs stay so unaffordable? We expect rising stock would be the ‘inform’ of cracking trade worth self-discipline.” [Jonas] $TSLA $GM $F pic.twitter.com/HZny1MDxAY

— Carl Quintanilla (@carlquintanilla) April 4, 2023

That is completely wild!

I am relieved not less than we have hit the height of this expertise, and that there will not be any enhancements from right here. https://t.co/6Pl5gXYyNv

— Joe Weisenthal (@TheStalwart) April 1, 2023

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