1. FPXI-First Trust International IPO ETF +60% YTD.
It’s not just the U.S. IPO market that is hot…International.
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2. U.S. IPO Market Topping Every Year But 1999
In an interview, Ritter said that the new-issue market is “not as crazy as in 1999 and 2000, but still crazier than any other intervening years.” Support for Ritter’s assessment is provided in the accompanying chart, which incorporates data from Ritter through Dec. 9. Notice that this year’s average first-day return was 37%, which is significantly less than the 56% average in 2000 and half of 1999’s average. Nevertheless, this year’s average is higher than any other year since 2000.
A similar picture of this year’s new-issue market is painted by the number of IPOs. Ritter counts 153 IPOs through Dec. 9, which annualized is equivalent to 162 new issues. That’s less than the yearly totals for 2004 and 2014, though still higher than the average of the last two decades.
Opinion: IPO expert says Airbnb and DoorDash launch echoes internet bubble and predicts value stocks will outperform
By Mark Hulbert
3. S&P P/E Ratio Has Moved from 20.6 Jan 1 to 30.3 Today
BY CHARLIE BILELLO
The S&P 500’s P/E ratio has moved from 20.6 at the start of 2020 to 30.3 today, on pace for the highest year-end multiple in history.
Data as of 12/11/20
Found at Abnormal Returns Blog www.abnormalreturns.com
4. Covid Pent Up Demand May Help Earnings Grow into S&P Multiples.
As we explain in Outlook 2021, we anticipate a strong earnings rebound in 2021 will help stocks grow into their current valuations. “The earnings story isn’t just about 2021,” explained LPL Financial Chief Market Strategist Ryan Detrick. “We see S&P 500 Index earnings per share of $190 by the end of 2022, well above the previous record of $163 in 2019 before the 2020 recession started.”
5. Top 10 YTD ETF Performers. ARK funds and Clean Energy
Top 10 YTD Performers—ETF.COM
|Ticker||Name||YTD Performance||Weekly Performance||AUM ($, mm)|
|ARKG||ARK Genomic Revolution ETF||173.81%||2.35%||5,349.99|
|PBW||Invesco WilderHill Clean Energy ETF||162.86%||0.45%||1,684.76|
|TAN||Invesco Solar ETF||160.42%||-1.49%||2,668.16|
|QCLN||First Trust NASDAQ Clean Edge Green Energy Index Fund||147.75%||0.00%||1,537.22|
|ARKW||ARK Next Generation Internet ETF||142.47%||0.41%||4,634.39|
|ARKK||ARK Innovation ETF||139.72%||2.38%||15,064.26|
|PBD||Invesco Global Clean Energy ETF||110.69%||0.88%||226.02|
|IPO||Renaissance IPO ETF||108.56%||-0.57%||643.80|
|IBUY||Amplify Online Retail ETF||108.46%||0.89%||1,236.31|
|ACES||ALPS Clean Energy ETF||105.92%||-0.04%||621.74|
6. 90% of S&P 500 Names Trading Above 200 Day Moving Average.
7. Millennials Will Make Up 75% of the Global Workforce by 2025
Millennials will make up 75% of the global workforce by 2025, but 41% of those aged 18-29 in the U.S. report having no retirement savings. Learn more about the longevity risk.
8. EXCLUSIVE-U.S. Treasury breached by hackers backed by foreign government – sources
By Christopher Bing
WASHINGTON, Dec 13 (Reuters) – Hackers backed by a foreign government have been monitoring internal email traffic at the U.S. Treasury Department and an agency that decides internet and telecommunications policy, according to people familiar with the matter.
“The United States government is aware of these reports and we are taking all necessary steps to identify and remedy any possible issues related to this situation,” said National Security Council spokesman John Ullyot.
There is concern within the U.S. intelligence community that the hackers who targeted the Treasury Department and the Commerce Department’s National Telecommunications and Information Administration used a similar tool to break into other government agencies, according to three people briefed on the matter. The people did not say which other agencies.
The hack is so serious it led to a National Security Council meeting at the White House on Saturday, said one of the people familiar with the matter.
The hack involves the NTIA’s office software, Microsoft’s Office 365. Staff emails at the agency were monitored by the hackers for months, sources said.
A Microsoft spokesperson did not immediately respond to a request for comment.
The hackers are “highly sophisticated” and have been able to trick the Microsoft platform’s authentication controls, according to a person familiar with the incident, who spoke on condition of anonymity because they were not allowed to speak to the press.
“This is a nation state,” said a different person briefed on the matter. “We just don’t know which one yet.”
The full scope of the hack is unclear. The investigation is still its early stages and involves a range of federal agencies, including the FBI, according to the three people familiar with the matter.
The FBI, Homeland Security Department’s cybersecurity division, known as CISA, and U.S. National Security Agency did not immediately respond to a request for comment. (Reporting by Christopher Bing; Editing by Daniel Wallis)
9. How Much Does Social Media Hype the Political Divide??
The Divide Between Political Parties Feels Big. Fortunately, It’s Smaller Than We Think.
Source: Behavioral Scientist
10. The Trick to Creating More Time
As we move into December many of us find ourselves busier than ever. The goals that we had set for our work for the year are approaching the finish line. Not only are we working to ensure that the goals for 2020 are met, but we are also beginning to work on developing our goals for next year.
This big list of tasks and projects that need to be completed means thousands of decisions that must be made. This scenario can easily snowball into unproductive days in which you aren’t able to focus well and move through your to do list. I have found utilizing templates for my days allows me to prioritize my time and ensure that the most important tasks are completed efficiently.
I want to encourage you to consider using them as well. Just like smaller rituals can optimize your mornings, creating a template for your day and week can help maximize productivity.
Templates for Your Day
As my company has grown, we have also implemented these templates across our team in order to help ensure maximum productivity for our entire company as well. This practice has helped to protect the most important, deep thinking work that drives our business forward. It also helps set a clear boundary for “out of the business” work or personal time.
Much like the Habit Loop, creating templates for your day allows you to automate your day and removes some of the decision making—giving you more mental energy and clarity to complete big projects. This practice also allows you to batch your tasks together so that you are able to maximize efficiency.
How to Create a Template
In order to create effective templates for your day, you must first take the time to map out your typical week. Take a weekly calendar and complete the following shading to all seven days of the week:
- Shade your sleep times gray.
- Color your most energetic and alert times of each day of the week green.
- Shade the time that you feel less focused yellow.
- Draw boundaries on the calendar around each block of time that you are awake. These three boundaries or blocks of time should include “off the business”, “on the business”, and “in the business”.
The goal is to align each area with the color on your calendar which will allow you to work the most efficiently. I batch my tasks into groups of similar activities that will allow me to flow from one project to the next. This might mean that certain days of the week are allotted for only meetings, and other days are set aside to work through projects. For some people, it may be the most efficient to set aside every morning when they are the most energized for their deep thinking work and move all meetings to the afternoon.
The key is to look at your calendar and align the tasks according to the template that will work best for you. Then, as you start each week you will already have decided what needs to be accomplished each day in order to achieve that week’s goals.
In our book, No-Fail Habits, we dive deeper into batching your tasks and installing templates that will work best for you as an individual and your team.
Lansing Street Advisors is a registered investment adviser with the State of Pennsylvania..
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