My chart of the day is from BofA by way of @agnostoxxx. I can add nuance.
LEVEL 1: In the last 6 months of the 1999-2000 DotCom bubble, every stock sector's returns except the bubble ones was negative, many strongly negative. Then *everything* reversed hard, and value investors were heroes for a decade.
LEVEL 2: But almost everyone today knows that history and is either wary of it or trying to replay it. That knowledge is already causing violent short-term counter-rotations like the last 2 days. (Semis index -13%, SaaS index +5% in 2 days!)
LEVEL 3: Today isn't even a bubble for some stocks -- they already have the revenues & earnings -- and the real-world bubble top isn't close anyway. That + #2 = we likely won't repeat the clean all-in, years-long rotation and years-long counter-rotation. I'm trying to own some clear AI winners, some stealth AI winners, some stocks miscategorized as AI losers, and some AI-impervious.
@SkinnyTuna My private dancer stopped mid-service, her eyes rolled back into her skull and she shrieked "200 DOLLAR OIL IN AUGUST, STOCK MARKET COLLAPSE, HOUSING BUBBLE BURST, FIRE IN THE STREETS, FOOD RIOTS, ICE DEATH SQUADS"
Ill admit it. Im a warhammer 40k fan..
Amazon please for the love of the emperor dont fuck this up
You gay out everything you touch
Amazon "I present you with LOTR DEI edition" How do you fuck that up?!
If you ever have a long flight I recommend you listen to some 40k lore
So.... To my Jewish followers, help me understand....
You can't make coffee or check your email during Shabbat but bombing the fuck out of Christian Lebanon is perfectly fine?
That's fair.
Sounds perfectly legit.