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It Is A Great Idea For Norway’s $1 Trillion King Kong SWF To Have A 70% Stock Allocation, So Stop Pretending Like It Isn’t
So the story remains the same for equity demand: buybacks and the active-to-passive shift or, put differently, the indiscriminate, price-insensitive funneling of cash into overvalued shares.
That's from a post we did on Saturday, bemoaning the fact that the lion's share of U.S. equity demand emanates from the sources that are almost by definition not concerned with valuation. Here's the chart from Goldman for those that might have missed it:
There's no price discovery here. It's just corpora
Sorta, coulda, yeah why not?
Everybody. has to be somebody’s homebody!
Mini Vanguard?
Retail?
Lost in the fog of euphoria too!
Norway needs to go 100% in on BitCoin (jut kidding).