Lapo Lulli

Finanza, M&A, Politica

[Steve Burns @SJosephBurns]

"When you buy the S&P 500 at a 23x P/E, your 10-yr annualized return has always fallen between +2% and –2%, in every case!”

— Howard Marks

[Tom McClellan @McClellanOsc]

Here is a graphical depiction of that forward returns vs. P/E point.

[Meb Faber @MebFaber]

Lost decades are more common than you think...

https://t.co/3SSBxvOHb8

[zerohedge @zerohedge]

Cumulative flows into US-listed ETFs by year

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

S&P 500 sector valuations... Tech & Staples now match at 22x

Financials bottom of the pack.. used to be Energy GS

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

Nasdaq 100 P/E back up to 24x.. a bit rich vs history GS

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

Nasdaq down to a 25x P/E
S&P 500 20x
MidCap 400 below the 20yr median once again.. 16x GS

[Sohbet Karbuz @sohbetkarbuz]

Old data, but nice maps and presentations

https://t.co/rXOUEPXHwW
https://t.co/kGaOUZRzUJ

[Sohbet Karbuz @sohbetkarbuz]

not many people pay attention but Gulf countries as a whole are the second largest global fertilizer exporter

[Alessandro Palombo @thealepalombo]

In 2025, the undisputed capital of capital is the UAE. More surprising is where wealth is flowing next: Italy, Portugal, and Greece, not as tax havens, but as lifestyle-plus-exemption regime plays.

Less surprising are Switzerland, Singapore, and Saudi Arabia. They remain magnets for capital, now competing with places once seen as “second tier.”

The real outlier is the UK. We knew it was coming, but the pace matters: it’s bleeding millionaires faster than China, accelerating a trend visible since 2024.

Passport rankings add a paradox. Malta tops the Nomad Capitalist Index, while Central and Southern European passports outperform giants like the US, Canada, and Australia.

What does this mean?

The world is moving at two speeds. Freedom now depends less on countries per se and more on who you are and how you’re set up. One-size narratives are dead. Welcome to ’26.

[Documenting Saylor @saylordocs]

80% of all dollars were created in the last 5 years.

Have a good night.

#Bitcoin

[Sam Gatlin @sam_gatlin]

Investors keep rotating out of technology and into healthcare

[Spencer Hakimian @SpencerHakimian]

The economy is the Mag 7 and nothing else.

[Michael A. Arouet @MichaelAArouet]

Never forget, this time it’s different

[Ozzy @ozzy_livin]

Interesting 🤔 Jackson Hole

[Holger Zschaepitz @Schuldensuehner]

It’s all about liquidity: The S&P 500 has hit a new all-time high, fueled by record levels of US money supply.

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

S&P 500 sector valuations coming into the week.

Not your father's P/E

[Michael A. Arouet @MichaelAArouet]

Are you entertained?

Via @MikeZaccardi

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

S&P 500 sector valuations

[Steve Burns @SJosephBurns]

The Jesse Livermore pivot point theory: