Daily Charts - 2 Types of Failure

Stanley Druckenmiller during the dot com bubble.

Bezo’s on the 2 types of failure.

Edward Tufte's "The Cognitive Style of PowerPoint" was the inspired Amazon to ditch ppt presentations.

This is an interesting weekend read on the rise and fall of ESPN’s leverage.

How JP Morgan is thinking about the global outlook. Another way of saying, they don’t have much of a clue.

It may be early to see the impact of rate hikes flowing through the real economy. It was one of the most aggressive hiking cycles in history.

The Fed is normally reactive to bad news and by the time they cut it is too late. A very different outcome vs the “buy the dip” mentality of today.

An equal weighted S&P 500 has been crushed by the S&P 500 (market cap weighted).

And as previously shown, that’s because of the Magnificent 7. Valuations of these names are rich but they aren’t at dot com bust levels. The cloud providers could benefit from the AI boom.

Tech remains a focus for investors. Tech has received all the flows this year.

The largest companies in the S&P 500 come and go.

Bernstein was comparing Apple to the old IBM this week:

.. similarities exist between IBM 10+ years ago and Apple today: (1) both were Berkshire Hathaway's largest holdings; (2) both were large index weights; and (3) each was/ is viewed as a high quality stock that ‘couldn't get you fired (more).

And Apple is off 5% in the past 48 hours on news the Chinese government employees won’t be allowed to use IPhones.