Weekly Market Pulse: The Sober Spending Of Drunken Sailors
Any great power that spends more on debt service (interest payments on the national debt) than on defense will not stay great for very long. True of Habsburg Spain, true of ancien régime France, true of the Ottoman Empire, true of the British Empire, this law is about to be put to the test by the U.S. beginning this very year. Historian [...]
Market Morsel: A Top Heavy Market
The S&P 500 is up 4.8% in the 2nd quarter to date but that is far from the whole story. The bull market over the last year has become ever narrower with the index return pulling away from the average return. This quarter the average return of the stocks in the index is actually negative, down 2.4%. Over the last [...]
Weekly Market Pulse: A Concentrated Bet
The S&P 500 reached a milestone recently. Or at least I think so. The technology sector, as of this week, is now 33.6% of the index. If you count the Communications sector as technology - and you should since 49% of the sector is Meta and Google - the allocation to technology oriented companies is 42.8%. The top 3 companies [...]
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