Distribution of Calendar Year Returns: Dow Jones since 1900 The chart shows the calendar year returns on the Dow Jones since 1900, from lowest to highest. It also show that an average return (black bars) does…

Global PMI vs. U.S. 10-Year Treasury Yield The chart suggests that the 10-year Treasury yield should be below 1.5%. Image: Pervalle Global

EPS Growth This Cycle This chart shows the exceptional earnings growth in the technology sector over this business cycle. Image: KKR Global Macro

U.S. Crude Oil Production and S&P 500 Energy Sector The U.S. is now the largest world energy producer, but the industry’s share of the S&P 500 market capitalization collapsed. Image: Bloomberg

Consumer Confidence Spread and U.S. Jobless Claims Interesting chart showing a good correlation between the consumer confidence spread and jobless claims. As a reminder, the consumer confidence vs. sentiment spread always peaks and then declines before…

U.S. 10-Year Treasury Bond Yield vs. U.S. Nominal GDP The U.S. 10-year Treasury bond yield is highly correlated with the U.S. nominal GDP growth (correlation = 77%). Image: KKR Global Macro

The Longest Economic Expansion in American History The U.S. GDP has grown for 121 consecutive months since the Great Recession. This is officially the longest U.S. economic expansion in history.  You may also like “Strength…

World Manufacturing PMI World manufacturing PMI declined again. This is the longest consecutive decline (14 months). Image: Frederik Ducrozet

NFIB Small Business Optimism Index The Small Business Optimism Index is driving economic growth. It is a good indicator of the health of small businesses in the U.S.. Image: Ned Davis Research

Unicorn’s Performance After Their IPOs A unicorn is a privately held startup company with a value of over $1 billion. The chart below shows the value today, if you had invested $1000 at the time…

S&P 500 Share Buybacks by Quarter Share buybacks have contracted for the first time since 2017, as trade tensions and economic slowdown worry U.S. firms. Image: The Wall Street Journal