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Interesting chart showing how investment has stalled in the UK after the 2016 vote for Brexit. Now that we have a clear political majority and mandate could investment start to return? There is a 9% gap to make up which is very substantial.
Wage growth in the US continues apace – a solid late cycle sign. It is also seen in the low income portion of the wage curve.
Looking for that last minute Christmas present? How about a subscription to The Browser . The Browsers sends you a daily email with five recommended articles on every imaginable topic. As an investor it is important to broaden one’s reading as wide as possible. This Browser gives you just that. Good curation is the hardest part of the internet, something Snippet stands for as well.
This table shows what % of the total sales of an industry come from the top four companies. This is the list of the most concentrated industries in the US. A few usual and some unusual suspects.
The market almost always gets the Fed wrong. Dotted lines are predictions in a given year of the Federal Funds rate and the red line is the actual outcome.
Sohn is an annual conference where hedge fund managers pitch ideas Here are the notes from this year’s London one. Some interesting ideas. As usual be careful with following other’s advice and do your own work.
“What is happening with cloud computing at large is to think about what the total spend in technology today is, it’s around 5% of GDP . On a secular basis, I think it’s going to be 10% which is going to double in the next 10 years . And that’s because every industry , whether it’s in retail, whether it’s in healthcare, whether it’s in manufacturing, they’re all being transformed by digital technology and this technology stack we have and the platform approach Microsoft has, means we will be able to participate in that 10% on the doubling of tech spend , but more importantly, really helping the global economy grow because of digital technology. And that’s what I think is the way to think about our opportunity. ” Microsoft CEO Sometimes it is about thinking about the big picture runway. Microsoft (MSFT) have a long one in front of them.
Amazing chart showing how in the US the top 0.1% of the net wealth distribution own as much as the bottom 90%. This trend in income inequality started in 1980s and is likely to have ramifications across society.
In 2008 Bessemer Venture Partners published the famous 10 laws of cloud computing. They have now come up with an updated version after having invested in over 200 such companies. Worth keeping an eye on these if you are invested in cloud stocks.
Interesting to see Consumer Loan delinquencies rising. Consumer loans consist of eight loan types including automobiles. Credit card delinquencies have been better behaved.
Interesting chart showing distribution of S&P 500 P/E since 1935. The distribution is % of days S&P P/E spends in a particular range. Around 90% of the time the S&P has been cheaper.
Interesting chart showing year on year change in Venture Capital investing by sector in Europe 2019 vs. 2018. This is useful to track for equity market investors – it shows you where capital is being added. Fintech, Enterprise Software and Energy are top additions, while Fashion, Home living and Transport seeing less money going in.
Charts shows the distribution of countries by various statistics. Interesting to see who is top and bottom – try guess before you look. The categories are – Mortality rate of children under the age of 5, life expectancy, mean years of schooling, expected years of schooling, average income.
CEO confidence has about a 12 month lead on ISM. The correlation is not perfect but suggests PMIs won’t recover just yet.
There is a lot of press about eCommerce in the US. Yet staggeringly only 14% of US retail sales are online. The number is growing but the runway is clearly long.
US Bonds outstanding continues to grow. However, inventory of bonds at primary dealers has stayed low since the financial crisis. This creates a very risky situation in terms of liquidity. Especially problematic now that Bond ETFs have hit $1 trillion.
Nearly 40% of global energy related CO2 emissions are buildings . 11%pts is construction. No surprise we are seeing innovation in construction techniques. This is a fascinating article on developments there.
Two years ago Apple introduced Intelligent Tracking Prevention for Safari browser in mobile and desktop. This meant that advertisers lost the ability to target ads on Safari. It has been remarkably successful – the cost of reaching Safari users has fallen 60% in the last two years, while other browsers have risen. That is a huge change in the landscape especially in mobile where Safari market share is 53% and tend to be higher value eyeballs.
The median age of US homebuyers used to be 31 in the 1980s. It has now risen to 47. 8 years have been added to the median age since the financial crisis.
China is ordering all state offices to remove all foreign tech in 3 years. This is going to hurt MSFT, HP, Dell. Only a matter of time before it spreads to state owned enterprises and possibly private business.
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