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On today’s show, we discuss:
- Carl Icahn admits mistake with bearish bet that cost $9B
- Steve Cohen is ‘pretty bullish’ on markets thanks to AI
- Markets close higher on strong jobs report, rebound in regional banking stocks
- America’s biggest bank is everywhere – and it isn’t done growing
- The curious incident of the elevated profit margins
- Existing home sales fell 23% in April
- The great pandemic mortgage refinance boom
- Disney’s hugely ambitious Star Wars Starcruiser Hotel that costs $2,400 a night forced to close after 18 months
- Desperate for streaming profits, media giants look to a soft ad market for help
- ESPN plans to stream flagship channel, eyeing cable TVs demise
- Fair ends subscription, leasing program in pivot to marketplace model
RWM is coming to Austin, TX June 12th-14th‼️
— Ritholtz Wealth (@RitholtzWealth) May 19, 2023
Tropical Bros Shirts:
Where all the money has gone this year –Goldman pic.twitter.com/0UWa97EUPt
— Gunjan Banerji (@GunjanJS) May 19, 2023
Japan's Nikkei 225 broke out to a new multi-decade high this week, hitting its highest level since 1990. It's still 20% below its highs from 1989: pic.twitter.com/5seJY5PMpT
— Bespoke (@bespokeinvest) May 19, 2023
— Investing.com (@Investingcom) May 19, 2023
EURO STOXX VOLATILITY INDEX SLIDES TO LOWEST LEVEL SINCE FEBRUARY 2020, LAST DOWN 0.6 POINTS AT 15.1017
— *Walter Bloomberg (@DeItaone) May 19, 2023
I know the "only a few stocks driving returns" narrative sounds scary but according to Empirical Research, there really isn't much to read into forward returns when trailing performance has been concentrated in the top of the market. pic.twitter.com/vqbmcYYitB
— Tony Welch, CFA, CFP®, CMT (@tonywelch17) May 19, 2023
Investing motto I'm using for the 2020's decade:
(1) International over Domestic
(2) Value over Growth
(3) Small over Large
Charts below are P/E & CAPE (absolute, normalized to avg, relative) for INTL DM (EAFE) Small-Mid Cap Value and US Large Cap w/ Value removed. Very cheap! pic.twitter.com/OM3OPxr9w8
— Jesse Livermore (@Jesse_Livermore) May 19, 2023
The S&P 500 has been 10% or more below its record high for just over a year — the 8th longest streak in the history of the S&P.
Yes, this bear has sucked.
But if you're a long-term investor, this has been a once-in-a-decade chance to buy at consistently low prices
— Callie Cox (@callieabost) May 18, 2023
Core PCE did not reach 2% until 1996.
Volcker claimed victory over inflation when it was significantly above 2%.
The 2% target was first adopted by the central banks of Australia and Canada in the late 1980’s. pic.twitter.com/LfMpon0OD0
— James E. Thorne (@DrJStrategy) May 21, 2023
Talk about a tale of 2 housing markets.
Most of Connecticut sits at an all-time high (i.e. the blue ZIP codes below), while California remains well below the 2022 peak. pic.twitter.com/PBm124YdST
— Lance Lambert (@NewsLambert) May 22, 2023
Mentions of “recession” in earnings calls be fallin’. No longer in vogue. pic.twitter.com/Pybh404LZb
— Conor Mac (@InvestmentTalkk) May 19, 2023
Probably not a coincidence that the number of companies mentioning "inflation" on earnings calls has fallen to the lowest since Q2 2021. https://t.co/3Yv0MPDwup
— Carl Quintanilla (@carlquintanilla) May 19, 2023
$NFLX co-CEO Greg Peter: "Since early this year, our ads member base has more than doubled. On average, more than a quarter of our signups now choose the ads plan in countries where it's available. 70% of our ad-supported members are between the ages of 18 & 49" https://t.co/qmpf0xDP1V
— The Transcript (@TheTranscript_) May 20, 2023
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