"15 per cent declines in small cap indices are much more common than recessions. They occur, on average, once every year and a half or so, and sometimes several times in a single year. The last one was in 2023, and there were two in 2022."

💀

www.ft.com/content/9c54...

R2K 3-year total return: zero

As usual time horizon is everything

Fitting that the stock finally collapses with short interest at multi-year lows...where did all the other shorts go?

$AI CEO: Your puny spreadsheets do not understand "factorial," so you cannot model our business

$AI CEO: On an unrelated point, we might volunteer to give up ~20% of our revenue in the spring of 2025 but it won't impact our guidance

finance.yahoo.com/news/the-rea...

I agree and see the same in healthcare

Another interesting relevant chart

In a world of mega forces, only one investor still has the power to generate alpha

In case that previous image looks black to you too (oops)

Is the U.S. co in the S&P 493?

"Below is a chart of the forward price/earnings valuations of the S&P 500, the S&P 493 (ie the 500 minus the Mag 7), and (just to pick one global example) the S&P Europe 350. Taking out Big Tech makes only a small difference."

www.ft.com/content/2673...

Also ironic given historical data that investors seem to perceive Mexico as a loser from potential US trade policy changes

www.wsj.com/economy/trad...

Amusing that this sector scenario analysis came up with the opposite of what happened yesterday