The Nasdaq’s return compared to US Treasuries is now at a record high, surpassing levels seen during previous bubbles and indicating a significant gap between equity and bond returns.
So many unsustainable metrics out there right now.
This also underscores the significant outperformance of the S&P 7 to the remainder of the index.
Markets are now driven by a handful of technology stocks.
It'll be interesting to see if/when this gap closes.
Follow us @KobeissiLetter for real time analysis as this develops.
— The Kobeissi Letter (@KobeissiLetter) October 18, 2023
Cycles… A reversion will happen pic.twitter.com/Q8ukSsYlUy
— Guilherme Tavares (@i3_invest) October 18, 2023
Important to note that stocks are also the most expensive relative to fixed income in over 20 yearst.co/xjzlP8Nvsf
— Flip (@trevor_flipper) October 18, 2023
2000, 2007 and 2023, what a pattern pic.twitter.com/EPSh5ojMjh
— Michael A. Arouet (@MichaelAArouet) October 19, 2023