Daily Charts - Where do stockmarket returns come from?
1.Where do stockmarket returns come from? $.SPX(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$
Dividends: consistent (but falling)
Earnings: but with variation through the economic cycle
Valuation changes: with major variation through the market/financial cycle
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2.Non-rec Bulls 🤔
This chart shows the history of Bull markets coming out of Recession (most often large, triple digit gains) vs those *not* preceded by recession circled in blue (still significant but shorter, smaller by comparison).
One implication is that the current one looks about fully-cooked.
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3.Stockmarket investors Income Growth over time
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4.Credit & Equity are in agreement 🤝
These competing claims on corporate assets can agree on one thing --its expensive.
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5.Something *broke* in the gold market back in 2022...
(and it's probably just the start of a longer-term larger shift in global finance) $Gold - main 2502(GCmain)$
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