SGG believes that the market structure is an important behavior factor. Technology and computing power are definitively important drivers. The Investment management industry has been highly commoditized and the rise of passive investment is a result. When I say "Commoditized" it means that financial products suppliers profit margins have shrunk...
The massive COVID stimuli and the Ukraine war have brought inflation that most of us have never experienced. The price of money, interest rates, have gone up aggressively since last year. I did underestimate the inflation shoot up as the FED but there are a few things we need...
The aftermath of the COVID crisis and the ongoing Ukraine conflict has been a surge in inflation to level not seen in a long time. From globalization and fear of deflation to friend-shoring and fear of inflation. Looking back at the last 40 years, summer 1982 marked the start of...
Back in July 2021 and May 2021, I wrote : "I believe that COVID 19 has unleashed the full power of the BTFD mind set. It is so powerful that it could become an unprecedent FOMO (Fear of Missing Out) wave. A race which could push indices with relative...
Nov 2021 Mckinsey published "The rise and rise of the global balance sheet or.... How productively are we using our wealth? As its says: Assets on the world's balance sheet in 2020 totaled $ 1540 trillion, or +18 times GDP and up from 13.2 times GDP in 2000 Real assets like...
I recently wrote in an SGG Portfolio report: This is the 5 years US treasury Yield. The upper part of the chart is the PPO or Percentage Price Oscillator. The Percentage Price Oscillator (PPO) is a momentum oscillator that measures the difference between two moving averages as a percentage of...
In the analytical process of my portfolio approach I highlight these five interconnected points. To simplify! In a strong trend, each tends to confirm the behavior of the other. Ex: strong bull trend will show a great majority of stock trending higher (homogeneity & breadth), Credit spreads compressing, general optimism,...
Just a few ones.... I have focused quite a bit on the US equity market in previous posts, since it has been the lone World leader since 2008. It remains the leader, in relative terms. The US equity mkt has been the excess liquidity recipient. However, the derivatives mkt is...
I have focused most of my stock market comments on the US stock market. Why? Since the GFC of 2008 which originated in the USA; money managers and investors had to do one choice. Allocate 100% of their equity exposure to the US stock market, in particular to the Nasdaq...
A few thoughts about BTC and the crypto wave. I got interested at the very beginning (2009-2010) a bit by accident ,coming across a posting. I thought, well this technology is quite interesting. I even downloaded a program and let my computer running day/night for months. I got a BTC...
