Mag 7, Memory and Semiconductors: The Quiet Market Rotation
The Magnificent Seven stocks are lagging the market they helped build. Here’s where the real 2026 semiconductor rotation went — and what it means for portfolios.
Mag 7 Concentration in S&P 500 Reaches New High
As of mid-2025 over 33% of the S&P 500 is now concentrated in the Mag 7 (based on market cap). Investing in the S&P 500 can feel diversified, but that’s not always the case.
Robust nominal GDP growth suggests a recession isn’t here
The release of 2Q22 GDP data last week suggested the economy was in a “technical” recession as Real GDP declined for the second consecutive quarter. However, a look at Nominal GDP would suggest otherwise. QUICK TAKE The gap between nominal and real (inflation adjusted) GDP growth is at its highest level in over 20 years. […]
COVID – 2 Years Later (in Charts)
Equity indices have sharply declined from their post-COVID highs and economic growth optimism is waning. We recap the market’s path since COVID and highlight five economic data points below that encompass this volatility, and how they have changed since the beginning of 2020. Net-net, while equity markets have sold off sharply and inflation remains high, […]
The housing market is hot, but a bubble isn’t likely
The housing market is on fire as home prices continue to rise, even as lumber costs come down. A quick look at the data behind this housing market suggests a strong consumer behind the demand, which leads us to believe a meaningful price correction in housing is unlikely. QUICK TAKE During the last housing bubble […]
A New Generation of Investors are Changing Markets
Over the past decade young investors entering the market for the first time (e.g. millennials and gen-z) have experienced staggering market returns nearing 20% annualized in public equities, and returns well above that in crypto investments and monetization of stock options through IPOs. And these record rallies in cryptoassets, technology stocks, and IPOs have led […]