The Great Market Rotation

+ Raj Chetty, Naval, Guide to the Markets, Verdad, Owen Lamont & More

Together With

We enter stocks like an old man lowering himself into a warm bath. It isn’t quick and it isn’t pretty.”

— Jason Hirschman

Research

NY Life published an economic and market outlook with commentary on investment themes (AI, supply chains & the US dollar) and various asset classes.

J.P. Morgan updated their Guide to the Markets through September 30, 2024.

Verdad - The Great Rotation: Part I | Part II

Part I explains why an unwinding of hyper-concentration in the US may favor balanced global portfolios. Then Part II shares why the United States’ outsize weighting in commercial indices appears unjustified by its share of global GDP.

Facts & Figures

The Shanghai Stock Exchange composite rose 105% in one day in 1992. Link

Anguilla’s government made $32 million last year, more than 10% of its G.D.P., from companies registering web addresses that end in .ai. Link

Americans lost $5.6 billion last year in cryptocurrency fraud scams. Link

Historically, the installed base of pools has grown every year, even during recessions. Link

The secondaries market has grown at an average annual rate of 17% from 2013 to 2023. Link

Source: Apollo

The number of gamblers placing parlay bets is increasing, which benefits sportsbooks since parlays tend to have higher profit margins than straight bets. Link

The evolution of the US Treasuries ownership structure since 1999.

Source: Invesco

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Podcasts

9/6/24 - 99 minutes

Dr. Marty Makary talks about the blind spots in the medical industry that keeps Americans sick. Then Naval joins to discuss free speech and other current issues.

8/29/24 - 51 minutes

Chetty shares what his latest research says about how and under what circumstances Americans move up the economic ladder.

What Else Is Happening

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