10k Words | November 2024
Apparently, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in ads on the sides of streetcars...
The “Trump Bump” in full effect, with bitcoin not the greatest benficiary and fund managers allocating away from equities beforehand; the “Super Bump” in Australian equities, as evident in the P/E multiple of CBA; gold’s correlation; subsea cable spend creating opportunities; funds flowing out of Chinese investment markets; the boom in private equities and the truth about volatility; and finally the inflation story is not over yet in the US.
Benchmark returns in the week of the US Presidential election (Nov 4 - 8, 2024)
Source: Equitable Investors’ SmallTalk
“Trump Bump” for NYSE-listed “closed end” SpaceX investor Destiny Tech100 (DXYZ) outshines bitcoin
Source: Koyfin
Second largest net sale by institutional clients in Bank of America fund manager survey history
Source: Bank of America
“Super Bump” for Australian equities
Source: Evans & Partners
Forward P/E multiple of Commonwealth Bank (ASX: CBA)
Source: TIKR
Correlations between gold and other assets classes over past six years
Source: World Gold Council
Rolling 6 month correlation between gold and other asset classes
Source: World Gold Council
Regional subsea cables being built
Source: DXN Limited
Forecast spend on submarine cables
Source: Research & Markets
S&P 500 forward 12-month P/E ratio: 25 years
Source: FactSet
Foreign investment into China drops in 2024
Source: @Kobeissiletter, China’s State Administration of Foreign Exchange
Global private equity assets under management
Source: Bloomberg, Bain & Co
The reported volatility of private funds v “unsmoothed” volatility
Source: Bloomberg, “Amortizing Volatility across Private Capital Investments” (Mark Anson, The Journal of Portfolio Management, Vol 50, Issue 7)
US Core CPI Inflation (year-on-year % change) - consecutive months above 3% (seasonally adjusted)
Source: @CharlieBilello, Creative Planning