Topley’s Top 10 – July 22, 2021
1. The market has never run this far this quickly to a multiple this high.
KCR Concepts-Record Returns & Record Prices:
- The chart shows the rolling annual returns of the S&P 500 since 1963
- We put the Price to Sales ratio above the years that returned over 40% (the 96th percentile)
- In the year ending March 1998 the market rose 48% and was valued at 1.8x sales – a level which was a precursor to the final run higher into the peak of the dot.com bubble
- The 12 months ending in March 2021, the S&P was up 56% – the third highest return in history
- Post this 56% run the market hit 3.0x sales, valuing the market higher than the peak of the speculative bubble in 2000
The market has never run this far this quickly to a multiple this high. Massive stimulus from the federal reserve, record low bond yields and investor enthusiasm have sent equities markets to peak returns and peak valuations.
Continue readingTopley’s Top 10 – July 21, 2021
1. I golfed the Saturday Morning Before Musk SNL Appearance and Both Caddies were Long Dogecoin.
Charlie Bilello https://twitter.com/charliebilello
Continue readingTopley’s Top 10 – July 20, 2021
1. Inflation Related Stocks Underperformance for Last Month
Equities: Stocks that perform well in a rising inflation environment have underperformed substantially in recent weeks – despite the upside CPI surprises.
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