1235 days ago
Moderna vaccine news hit the wire almost exactly at the same time than Pfizer a week ago...
Source: The Market Ear, Refinitiv
1235 days ago
Citigroup follows the steps of JP Morgan and says the value rally is for real
Citi bond strategists expect US 10 year yields to hit 1.25% as we head into 2021. This should drive further rotation from Growth to Value. What to do? Some major non-consensus calls here from CITI: 1) Overweight the UK and Underweight the US; 2) In EM you buy Russia and Brazil; 3) Buy Cyclicals over Defensives and Growth. However, caveat that this seems to be medium term call - CITI does not believe one should chase these trades to the moon and not that this is a start of a multi-year trend (source: The Market Ear).
1235 days ago
The Soaring Value of Intangible Assets in the S&P 500
Visual Capitalist created an excellent graphic looking at the value of intangible assets within the S&P500 and how this has materially changed the valuations as the stocks move up the value chain of their respective industries. Intangible assets currently account for 90% of the index’s total assets. Not only is this a historical high—it’s a nod to just how prevalent technology has become in our lives. Intangible assets are holdings that don’t carry any physical or financial embodiment. This includes R&D, intellectual property, and computerized information such as data and software. While they’re often difficult to value due to certain accounting practices, today, intangibles are worth over $21 trillion. The value of intangible assets in dollar terms has risen from $122 billion in 1975.
1235 days ago
Barron's is bullish on Small Caps
Barron’s cover page this week is on small caps. They point out that small companies typically outperform over the long-term, even more so at the beginning of an economic rebound. Note that Barron's does not have a great track-record with their calls, especially when they make the cover page...
