YWR: Your Weekend Reading

YWR: Your Weekend Reading

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YWR: Your Weekend Reading
YWR: Your Weekend Reading
YWR: Killer Charts
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YWR: Killer Charts

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Erik
Jan 24, 2025
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YWR: Your Weekend Reading
YWR: Your Weekend Reading
YWR: Killer Charts
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Below are Ten insights from this month’s Killer Charts.

This month’s deck is 40 slides covering:

  • Robinhood and the New Retail

  • BofA Fund Manager Survey Highlights

  • S&P 500 Earnings Estimate Highlights

  • Meta Glasses

  • Gaming Outlook 2025

The full slide deck is available at the bottom of the post and in the YWR Library (where we keep all the cool presentations).

Ten Insights

#1 The New Retail Trader

Robinhood has cracked the code on the new retail trader.

You can see it in their growth. But how are they doing it?

And what does it mean for future market structure?

The new retail trader is multi-asset. She trades equities + crypto, gets her information globally from many sources (including YWR) and doesn’t mind advice from an AI advisor.

Advisory Opportunity using AI. This is big.

Traditional advisors like St. James Place dismiss this threat, but over the years we will see Robo-Advisors have as big an effect on market structure as ETF’s. Probably bigger. In fact ETF’s are a key building block which make Robo-Advisors possible.

I’m not wild about buying a retail broker in the midst of the current market euphoria; I need some bearishness to return, but I like what Robinhood ($HOOD) is building for the long-term. It’s like Netflix 10 years ago.

The Killer Charts deck includes more RobinHood Investor Day highlights including the opportunities they see in crypto.

Interactive Brokers (IBKR) and SwissQuote (SQN CH) are also plays on this theme.

#2 Global Boom expectations rising, but so are yield expectations.

In 5 Surprises for 2025 we warned the dark side to the current global bullishness is 10 year bond yields start to rise.

The January BofA Survey shows investors are connecting the dots on this.

#3. Banks are more popular than I realised.

We’ve come along way since March 2023 and the SIVB closure. At the time everyone thought it was 2008 again (Why it’s not 2008 Again) and nobody wanted to own banks.

Naturally, we made banks 50% of Dirty Dividends (YWR Portfolios).

2 years later I’m surprised/not surprised to see banks are the most popular sector globally.

I still like our European banks, but it makes us want to find the fresh meat.

Which leads to insights #4-5-6.

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