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Large Tech is Not a One Way Trade
July 2018
Who's In Charge Here?
June 2018
Large Tech is Not a One Way Trade
Facebook’s twelve month return is nearly flat, which leaves it trailing the S&P 500 Index by about 10%. Growth stocks have outperformed value stocks this year, but now five of the growth mega companies are the largest five companies by market capitalization in the S&P 500 Index. Apple, Microsoft, Amazon, Facebook and Google make up over 15% of the S&P 500 Index.
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No, we don’t mean Congress or the President, we don’t mean the U.S. or China in the trade war, and we don’t mean the market bulls or the market bears. We are referring to the yield curve and expectations for rates going forward. The bond market has kept long rates consistently in a range around 3% even as the Fed has continued to raise the Fed funds rate in a measured fashion, and the two-year Treasury has doubled from 1.30% in September to almost 2.60% in May.
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