YWR: Killer Charts
This months YWR Chart pack is 43 slides covering:
BofA Fund Manager Survey
Investor Positioning
S&P 500 Earnings
Coatue EMW Keynote Address slides
The full slide deck is at the bottom of the post as well as in the YWR Library (with the other presentations).
My top 10 11 from the slide deck.
#1 Nobody is positive. This sums up exactly how everyone sounds in the conversations I’ve been having. Tariffs, war in the Middle East, too much debt…etc. Markets are back to the highs, but sentiment is still at the lows.
#2. Nobody sees the Boom underway (see Global Boom Charts).
#3 Over $2 trillion is sitting in retail money market deposits. Could a few hundred billion go into the equity market?
#4. Quant Funds & Fundamental L/S were shaken out in May and still chasing, which is positive.
#5 Nobody wants to own Energy… which is why we are Learning to love Saipem Again.
#6 Higher energy prices would be great for the S&P. Could the 9% yoy earnings growth for the index increase to 12%?
#7 I know it seems impossible, but is the Market P/E trending up? Is it going to >25x? (S&P $10,000). The rerating could be from a mix of factors. 1. Pure P/E rerating. 2. Continued shift in market structure (% of the S&P in tech), and also from a style change towards revenue growth over earnings (Stop caring about earnings).
#8 Will these be the 40 best stocks for the next 5 years? The Fantastic 40?