Jonathan Baird CFA – Medium

Jonathan Baird CFA

How the U.S. Market Became the World’s Most Expensive, and What Comes Next

A 46% valuation gap highlights how extreme investor confidence in U.S. markets has become, and what history says usually follows.

Oct 15

How the U.S. Market Became the World’s Most Expensive, and What Comes Next

Oct 15

When Market Kings Get Too Big: Why Record S&P 500 Concentration Produces Fragility

Oct 14

When Market Kings Get Too Big: Why Record S&P 500 Concentration Produces Fragility

Oct 14

The Most Crowded Trade in History

U.S. households now hold more of their financial assets in equities than at any time in modern history, a level that has often marked major…

Oct 13

The Most Crowded Trade in History

Oct 13

The Investment Theme of Every Decade: What History Says About What Comes Next

From European stocks to American megacaps, every market cycle crowns a new leader, until the next one takes its place.

Oct 12

The Investment Theme of Every Decade: What History Says About What Comes Next

Oct 12

The Fed’s Biggest Mistake May Be Happening Again

As inflation stalls near 3%, history warns that policy complacency can turn stagnation into stagflation.

Oct 10

Oct 10

When the Smart Money Sells, the Crowd Buys

Diverging flows between retail and institutional investors highlight a late-cycle market mood

Oct 9

When the Smart Money Sells, the Crowd Buys

Oct 9

How Crypto Became One of America’s Biggest Creditors

Digital dollar issuers now rank among the world’s largest buyers of U.S. Treasuries, reshaping liquidity and financial stability

Oct 8

How Crypto Became One of America’s Biggest Creditors

Oct 8

Valuations at Altitude: U.S. Market Cap Surges to Levels Last Seen in the Dot-Com Era

The U.S. stock market’s value relative to money supply has reached its highest level in a quarter century, raising questions about…

Oct 7

Valuations at Altitude: U.S. Market Cap Surges to Levels Last Seen in the Dot-Com Era

Oct 7

Volatility Awakens: The Surge in VIX Dealer Longs Signals a Shift Beneath Market Calm

A sharp rise in dealer net longs in VIX futures hints at growing unease beneath the surface of investor complacency.

Oct 6

Volatility Awakens: The Surge in VIX Dealer Longs Signals a Shift Beneath Market Calm

Oct 6

Echoes of 1999: Why Market Concentration Has Become a Warning Sign

The dominance of technology, and the neglect of defensives, signal a level of investor complacency that history rarely rewards

Oct 5

Echoes of 1999: Why Market Concentration Has Become a Warning Sign

Oct 5

Jonathan Baird CFA

Jonathan Baird CFA

PUBLISHER OF THE GLOBAL INVESTMENT LETTER. AWARD-WINNING MONEY MANAGER. SPEAKER ON GEOPOLITICS AND MARKETS. www.globalinvestmentletter.com

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