As of the first quarter this year, ratio of S&P 500’s market cap to nominal GDP spiked to highest since end of 2021 pic.twitter.com/ieovbg0NgG

Ended up being a flat day for overall market, but Cons Staples saw largest gain while Industrials fell most; Energy continues to lead MTD … small caps struggled relative to large caps, with Russell 2000 Growth falling most today; Russell 2000 Value still in last place YTD pic.twitter.com/ztYYcDwnQc

This goes some way in reconciling what had been a notable divergence between much of the macro data (strong) and quite a few of the bottom-up indicators (weaker). #economy #growth #markets pic.twitter.com/OovJ1FVYBy

S&P 500 earnings in '24 are expected to be up 10.3% and another 13.9% next year. Yes, forward estimates can change, but they can also change to the upside. We continue to think this is too low, as the recovery will continue to broaden out. pic.twitter.com/6Qo9SAI70u