To The Moon

1.Everyone wants American assets.This is a big turnaround from 2009, where deep in crisis the American financial system went right to the brink.Good thing that will never happen again.Right>?? $.SPX(.SPX)$ $.IXIC(.IXIC)$ $.DJI(.DJI)$ Image2.Defensives.Delight or Disaster?2025 OutlookImage3."Deep Value"I've mentioned before: -nobody likes gold miners...More metals & miners Charts $Gold - main 2502(GCmain)$ Image4.US Market Cap to GDP ratio reached an all-time high late last year. Powering it forward has been a number of forces and factors including globalization of US corporate earnings. Question is, does this

1.USA vs the WorldIf you buy an index fund on the MSCI World index (Developed markets), only about 25% of that fund will be invested in the "world"No wonder investors seem to have an attitude of why bother with global (or even non-tech stocks for that matter)Image2."Macro Risk Sandwich" 🥪 Huh?Yup, big thing for 2025:Image3.Tech is Extreme ExpensiveNon-Tech is non-cheapHave a hmm: $Invesco QQQ(QQQ)$ $NASDAQ 100(NDX)$ $SPDR S&P 500 ETF Trust(SPY)$ Image4.Fund manager cash allocations -lightest since 2021Image5.Silver Short Squeeze coming?More charts on precious metals & miners: $Silver - main 2503(SImain)$ Image

1.Sell Low, Buy High.Yup -- in the world of credit spreads things are upside down...And what else is upside down?The logic that credit spreads should be at 17-year lows at a time where forward looking risk is the highest in years.Image2.Unequal Weighted...The top 10 stocks of the cap-weighted S&P500 $.SPX(.SPX)$ carry a weighting almost 20x that of their equivalent standing in the equal-weighted index.Over the long-run the equal-weighted index has outperformed the cap weighted, and this is why -- the cap weighted skews heavily into the hottest, largest, most mature and overvalued stocks... and lightly into the newer, smaller, cheaper stocks.(also, makes you think --are you really as diversified as you think you are?)Image3.Despite some fairly

1.We are now in Year 3 of the Bull MarketHistorically that has meant the onset of more ranging and volatile price action...The upside is if the bull market survives through to Year 4 it could mean more decent returns ahead.I don't think I need to explain the downside. Image2.US vs Global corporate earnings-huge divergence-clearly reflected in valuations-numerous threats/opportunities in 2025One (or both) of these has tremendous potential to surprise vs consensus this yearImage

Wine vs StocksLess Bubbles, more Bubble.I don't know about you but I feel like I see more and more people giving up on drinking -- and just about the opposite sentiments on stocks.While investing in stocks is probably a much better health decision, I would say at this point in the cycle I don't know if it's the optimal wealth decision. 🤔 ImageWhy have US Equities so massive outperformed vs global?Hint: check the earningsRelative price performance follows relative earnings performance...Image2024 Gold market returns in perspective, 2025 gold price Forecasts, comparisons of the scope and size of Gold vs Bitcoin... $Gold - main 2502(GCmain)$ ImageImageImageImage

1.Annual chart of the $Cboe Volatility Index(VIX)$ ?Only Loyal fans of the ChartStorm know this one -- it shows the average level of the CBOE Volatility Index and the closing High/Low for each calendar year.But what it REALLY shows is how *cyclical* stockmarket volatility is.2024 in Charts: Image2.Old coin vs New coin (part 2)When it comes to total market cap, while Bitcoin is steadily becoming more relevant and investable for institutional investors -- it is still a relatively minor asset class compared to gold... $Gold - main 2502(GCmain)$ Image3.Where-to for Emerging Markets?It's not just about China, EM ex-China underwent a Brobdingnagian Breakout last year...Image

1.Gold vs Stocks - Decision PointLast year gold and stocks did the same thing... i.e. produce pretty decent returns.Moving forward though we're reaching the pointy end of the triangle, and that means a few things, but the main point is I would expect this stalemate to break, break soon, and break in a big way. $Gold - main 2502(GCmain)$ $.SPX(.SPX)$ Image2.Old coin vs New coinThe modern Retail investor is far more interested in crypto than they ever were in precious metals.Will this last?Image3.Here's a summary of the types of information and Best setups you can learn from studying Valuations for Multi-Asset investing...Image

1.*Realized* Equity Risk Premium?The rolling 10-year ERP has been really good, and that's kind of bad...This thing clearly moves in cycles, it's late and extended in the cycle, other metrics show a very low forward looking ERP, and this chart just plain looks ripe for mean reversion.The next 10-years will not be the same. $.SPX(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ Image2.Gold Forecast 2025Of the analysts surveyed by Reuters, about 50% say gold goes lower (or unch at best) this year, but there's also a decent chunk of bulls and 10% see it heading above $3000/oz $Gold - main 2502(GCmain)$ Image3.Some call it "King Dollar"But maybe it should be *king-maker* d

I thought it would be worth resurfacing this chart from the series of educational articles I wrote earlier last year on valuations for multi-asset investors — and how to use valuation signals to navigate the market cycle.The basic concept is that valuation signals when they reach an extreme have powerful contrarian information; they tell us about forward-looking risk and opportunity set using current information. Through-the-range however they present momentum information.Applying this to the above chart we can understand the journey from extreme cheap in 2009 —at the time a very contrarian outlook of high upside probability (high opportunity), all the way through to now (I would say an equally contrarian outlook); high downside probability (high risk).And there’s a key point: these are no

1.Defensives Deep DiscountDefensives are unloved, underowned, and undervalued -- as they usually are in the later stages of a raging bull market... $.SPX(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ Image2.Gold Returns in Perspective2024 was the 9th highest annual return for Gold in US$ since 1971Interesting thing aside from how high some of the historical returns were is how you tend to see clustering... $Gold - main 2502(GCmain)$ Image3.Are you a victim or victor of the Cycle?I would say around the turn of the year we were sitting right in Euphoria, but things have clearly shifted lately.Question probably is though have we moved forward into anxiety and denial?