When a $6 dollar plastic crown can fetch almost $600,000 at auction, it’s safe to say the value has been inflated.When a $6 dollar plastic crown can fetch almost $600,000 at auction, it’s safe to say the value has been inflated.
Specifically, the earnings yield of the companies in the S&P 500 index SPX converged in the past week with the 6-month Treasury TMUBMUSD06M rate, with both meeting around 5%, for the first time in about 20 years . Schwab’s house view on equities has been cautious for awhile, including that higher-growth stocks could be vulnerable to further pullbacks as the Fed continues to tightening financial conditions.
“Why not take 4.8% or 5% on a yield basis that’s risk-free,” said Stephen Guilfoyle, founder and president of Sarge986, a private family trading operation, and a former NYSE floor trader. “I’m moving some of my cash to 3-month paper and I’m really an equities guy.” In January, investors who trade in fed-funds futures market were expecting the Fed to stop raising rates at 5%.
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Soros, Cohen, Simons buy Tesla stock in Q4, Chanos targets meme stocksGeorge Soros, Steve Cohen, and Jim Simons' funds piled into Tesla and other trendy names last quarter, while Jim Chanos took aim at meme stocks. Here's a roundup of 5 key trades.
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