Market Concentration: Concern or Opportunity?
Stock market concentration has gathered an increasing number of headlines in recent years. Starting with Apple reaching a $1 trillion market capitalization in 2018, “The Four” eventually became the “Magnificent Seven” and all eyes were on these technology and communication giants. Transforming daily life and growing earnings at a rapid pace, these largest stocks have …
What’s Happening With Bond Yields, and What’s the Message?
Perhaps more than stocks, the bond market usually tells a tale of what investors expect in terms of economic growth, Federal Reserve (Fed) policy, and inflation expectations. It doesn’t mean the bond market will be correct, but it’s useful to understand what the message of the bond market is. We’ve seen the yield curve steepen …
September Blues
In the latest episode of Facts vs Feelings, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist dive into a seasonally tricky September. They break down Fed Chair Jerome Powell’s dovish stance at the Jackson Hole Symposium, the Fed’s balancing act between jobs and inflation, the steepening yield curve, and why gold …
Here Comes the Worst Month of the Year
“Wake me up when September ends.” Green Day The S&P 500 moved back to new highs last week and gained in the month of August during a president’s second term for the first time since 1950, so that’s the good news. The bad news: summer is over and we aren’t out of the woods yet, …
The Fed Has an Inflation Problem but They’re Going to Cut—That’s Bullish
As I wrote earlier this week, Fed Chair Jerome Powell opened the door to a September interest rate cut at the Jackson Hole Symposium. Powell argued that risks to inflation are tilted to the upside and risks to the labor market are tilted to the downside. But since policy rates are already in restrictive territory, …
Nvidia’s Earnings Cap A Stellar Summer
Nvidia and I have at least one thing in common: a stellar summer of 2025. I was fortunate enough to take a sabbatical and travel for several weeks. Meanwhile, Nvidia added roughly $1.2 trillion in market cap since May 23rd (the last close before Memorial Day) through yesterday’s close (FactSet data). Those are fairly comparable …
10 Takeaways From Our Conversation With Cliff Asness
Ryan Detrick and I just celebrated recording our 150th episode of Facts vs Feelings. It’s been three years since we got started and we want to thank you all wholeheartedly for the amazing support. Our listens and views have been growing, and we’ve had a lot of fun along the way, including having some amazing …
The Fed Has an Inflation Problem
In the latest episode of Facts vs Feelings, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist, welcome back legendary investor Cliff Asness, Co-Founding Partner, Managing Principal, and Chief Investment Officer of AQR Capital Management. From market bubbles and speculative manias to AI-driven strategies and even Superman movies, this milestone 150th episode …
Why Friday Could Be A Historically Bullish Trigger
“I know one thing, that I know nothing.” Socrates The S&P 500 was down five days in a row heading into Friday of last week, although the losses were fairly minor with only one day down more than 0.5% (and that one barely). Then Jerome Powell opened the door for a rate cut in …
Powell Opens the Door to Rate Cuts
Federal Reserve (Fed) Chair Jerome Powell’s speech at Jackson Hole was the event of the week and with good reason, as investors expected it to signal the direction of monetary policy over the coming months, especially whether the Fed would hold or cut rates at their next meeting in September. And it does at least …
What Happens When The Fed Waits A Long Time Between Cuts?
“The waiting is the hardest part.” — Tom Petty Today is the annual Jackson Hole Economic Policy Symposium and with it will likely come a good deal of media fare and potential volatility. This time a week ago we were looking at more than an 85% chance of a Federal Reserve Bank (Fed) cut next month, …