A Reckoning for the Magnificent Seven Tests the Market
https://www.wsj.com/finance/stocks/magnificent-seven-stocks-2025-losses-352b356e
Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla are collectively off to their worst start since the 2022 slide, worrying investors.
Another excellent piece from FT’s Tej Parikh
The S&P 500 is still significantly overpriced
https://www.ft.com/content/4aa1d7d7-4162-4e25-a6d6-a174a9626681
https://www.wsj.com/finance/stocks/magnificent-seven-stocks-2025-losses-352b356e
Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla are collectively off to their worst start since the 2022 slide, worrying investors.
The S&P 500 is still significantly overpriced
https://www.ft.com/content/4aa1d7d7-4162-4e25-a6d6-a174a9626681
Bracing for a Slow-Moving, Self-Inflicted Economic Storm
https://www.nytimes.com/2025/04/25/business/tariffs-trump-economy-markets.html
The markets face a baffling prospect: continual disruptions from the White House with potentially severe consequences.
https://www.nytimes.com/2025/04/25/business/tariffs-trump-economy-markets.html
The markets face a baffling prospect: continual disruptions from the White House with potentially severe consequences.
As Markets Swooned, Pros Sold—and Individuals Pounced
https://www.wsj.com/finance/investing/market-chaos-professional-investors-sold-stocks-individuals-bought-d1c325c6
Hedge funds have sold a net $1 trillion of shares this year, while 97% of Vanguard 401(k) investors avoided trading in early April.
US stocks underperform rest of world by widest margin since 1993
https://www.ft.com/content/f3a7d677-bdf1-4a85-8ae3-aaea668d8c07
https://www.wsj.com/finance/investing/market-chaos-professional-investors-sold-stocks-individuals-bought-d1c325c6
Hedge funds have sold a net $1 trillion of shares this year, while 97% of Vanguard 401(k) investors avoided trading in early April.
US stocks underperform rest of world by widest margin since 1993
https://www.ft.com/content/f3a7d677-bdf1-4a85-8ae3-aaea668d8c07
Long-Term Issues:
The Mistake You’re Making in Today’s Stock Market—Without Even Knowing It
https://www.wsj.com/finance/investing/the-mistake-youre-making-in-todays-stock-marketwithout-even-knowing-it-8549894e
Your memories of what the market has done before can deceive you in dangerous ways.
Stocks for the Long Run? Sometimes Yes, Sometimes No
https://doi.org/10.1080/0015198X.2023.2268556
Abstract
When Jeremy Siegel published his “Stocks for the Long Run” thesis, little was known about 19th-century stock and bond returns. Digital archives have made it possible to compute real total return on US stock and bond indexes from 1792. The new historical record shows that over multi-decade periods, sometimes stocks outperformed bonds, sometimes bonds outperformed stocks and sometimes they performed about the same. New international data confirm this pattern. Asset returns in the US in the 20th century do not generalize. Regimes of asset outperformance come and go; sometimes there is an equity premium, sometimes not.
https://www.wsj.com/finance/investing/the-mistake-youre-making-in-todays-stock-marketwithout-even-knowing-it-8549894e
Your memories of what the market has done before can deceive you in dangerous ways.
Stocks for the Long Run? Sometimes Yes, Sometimes No
https://doi.org/10.1080/0015198X.2023.2268556
Abstract
When Jeremy Siegel published his “Stocks for the Long Run” thesis, little was known about 19th-century stock and bond returns. Digital archives have made it possible to compute real total return on US stock and bond indexes from 1792. The new historical record shows that over multi-decade periods, sometimes stocks outperformed bonds, sometimes bonds outperformed stocks and sometimes they performed about the same. New international data confirm this pattern. Asset returns in the US in the 20th century do not generalize. Regimes of asset outperformance come and go; sometimes there is an equity premium, sometimes not.
Volatility:
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