Leo Kolivakis

Publisher of Pension Pulse.

[Leo Kolivakis @PensionPulse]

$SPY $SMH $XLK $QQQ My latest on why, even though the SpaceX IPO is a week away, it's already sucking liquidity out of the market, hitting the red-hot chip stocks, which got clobbered today:

https://t.co/q4xojXxmkU

[Leo Kolivakis @PensionPulse]

@LizAnnSonders Beautiful, God bless him.

[Leo Kolivakis @PensionPulse]

My latest on why  @cppinvestments expanded its partnership with buy-now-pay-later lender Affirm and invested in Korea's hospitality sector:

https://t.co/cQlZfj6GxP

[Global Markets Investor @GlobalMktObserv]

🔴THIS HAS NEVER HAPPENED BEFORE:

US technology and communication services sectors now reflect a RECORD 50% of the S&P 500's market cap.

Since 2018, this percentage has more than DOUBLED.

By comparison, at the 2000 Dot-Com Bubble peak, the tech share was ~44%.

Meanwhile, 12 companies accounted for 12.2 percentage points of the S&P 500's +16.3% total return in April and May.

The level of market concentration is absolutely huge. For how long can this last?

[Global Markets Investor @GlobalMktObserv]

⚠️US private credit stocks are in FREEFALL:

Shares of Blackstone, Blue Owl, Apollo, and Ares all fell more than -4% on Wednesday, extending year-to-date declines of between -20% and -40%.

This comes as Cliffwater's $31 billion Corporate Lending Fund reported ~17% redemption requests in Q2, forcing it to cap withdrawals at 5% for the 2nd consecutive quarter.

This has triggered a fresh wave of fear across the $2.0 trillion private credit market.

Retail investors are increasingly requesting their money back on concerns that private credit funds are heavily exposed to software and technology businesses at risk of AI disruption.

The gap between private credit stocks and the broader market has rarely been this wide, and it keeps growing.

[Leo Kolivakis @PensionPulse]

My latest on why OMERS has agreed to sell its 25% stake in Spanish energy ‌logistics company Exolum to European real assets investment firm Stoneshield Capital and another investor:

https://t.co/ziBBiU3pek

[Leo Kolivakis @PensionPulse]

My latest going over an FT article that questions the competitive advantages that @cppinvestments and its peers have had for decades in terms of their size and ability to manage private holdings internally:

https://t.co/rRsBZrJsaK

[Leo Kolivakis @PensionPulse]

My latest, a discussion with @UPP_Ontario 's CIO, Aaron Bennett, going over their 2025 results:

https://t.co/x9rHjS0MIN

[Leo Kolivakis @PensionPulse]

$SPY $QQQ My latest covering this week's stock market action, and it's another fabulous week:

https://t.co/rG5pBtwxqk

[Global Markets Investor @GlobalMktObserv]

🔴The gap between the US stock market and the rest of the world is staggering:

The US equity market has reached a RECORD $75 trillion in total market capitalization.

This is more than 5 TIMES larger than the 2nd-largest market, China, at $14.84 trillion.

The US alone accounts for more stock market value than the next 9 largest markets combined, including China, Japan, Hong Kong, India, Canada, Taiwan, South Korea, the UK, and France.

The combined market cap of all 9 of those countries totals ~$58 trillion, over $17 trillion below the US alone.

One country, one market, and it is not even close.

[Global Markets Investor @GlobalMktObserv]

🚨US equity markets are flashing warning signals RARELY seen in the past:

A composite measure of US equity market concentration, valuation, and rally magnitude currently ranks in the top 15% of all readings since 1925.

This means market conditions are more stretched today than in 85% of all years on record.

In fact, this level has only been exceeded twice in the last 100 years, at the peak of the 2000 Dot-Com Bubble and briefly during the meme MANIA in 2021.

Every prior instance when this composite measure approached or exceeded 80% preceded a significant market correction, including 1929, 1973, 1987, 2000, and 2021.

What will be the catalyst this time, and when will it come?

[Global Markets Investor @GlobalMktObserv]

⚠️Hedge fund portfolios have almost NEVER been more concentrated:

The top 10 positions in the median hedge fund long portfolio now account for 72% of total exposure, the highest reading on record.

This is in line with the 2018 peak and surpassed the brief spike seen during the Great Financial Crisis.

This means the average hedge fund is essentially betting its entire portfolio on just 10 stocks, with almost no meaningful diversification beyond its top positions.

When positioning becomes this crowded, the eventual unwind usually happens quickly and violently.

[Leo Kolivakis @PensionPulse]

My latest on why BCI closed down Global Active Thematic Equities and Global Active Fundamental Equities:

https://t.co/HE3X9LmzBC

[Leo Kolivakis @PensionPulse]

My latest looking into claims from a former employee that @cppinvestments executives are manipulating their benchmarks to pay themselves huge compensation:

https://t.co/gDnEjWFvpI

[Leo Kolivakis @PensionPulse]

My latest on OMERS CEO Blake Hutcheson joining Drumbeats' co-hosts Mark Magnacca and Robert Brant to discuss why Canada is the most investable it's been in decades:

https://t.co/dWBY6LicXO

[Nick Sortor @nicksortor]

🚨 BREAKING: Vice President JD Vance has made an UNPLANNED RETURN to Washington, DC, and his motorcade is racing to the White House

President Trump has summoned his whole national security team to a meeting on Iran.

POTUS is also scheduled to hold a conference call at 1pm ET with the leaders of several Arab nations.

[ᴛedx @tedtheodorou]

Slaf is poetry in motion

[Barchart @Barchart]

S&P 500 $SPY is now outperforming the Equal Weight S&P 500 by the largest margin in 24 years 🚨🤯👀

[ΕΡΤ @ertofficial_]

«Χρυσός» ο Μίλτος Τεντόγλου στο Diamond League στη Σιαμέν! Ξεκίνησε με ένα τρομερό πρώτο άλμα στα 8.37μ. και στη συνέχεια «πέταξε» στα 8.46μ., κάνοντας νέο ρεκόρ μίτινγκ και season-best!

👏Συγχαρητήρια! Μας κάνεις όλες και όλους υπερήφανους! | #DiamondLeague #ΕΡΤ2ΣΠΟΡ #ΕΡΤ

[Global Markets Investor @GlobalMktObserv]

🚨HOLY COW:

US margin debt SPIKED $83 BILLION in April, to $1.3 TRILLION, an all-time high.

Leveraged borrowing has soared $453 billion, or +53%, over the last year alone.

TAP IMAGE TO SEE FULL INSIGHT👇
https://t.co/XIsm8zs52p