DC Lite #239

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1. Gold vs. Bitcoin ETF flows. "Update to spot Bitcoin ETF vs. Gold ETF historical flows... it took Gold ETFs some 1,000 trading days to get here. 209 for Bitcoin."

2. Household asset allocation. "US households held 48% of their financial assets in equities, as of October 15 — a record that equals the previous peak, set around the turn of the century."

3. US equity fund flows. "Equities saw a big inflow this past week (to +$29.36bn, the biggest inflow in 7 weeks, from -$0.89bn) following the election results."

4. SPX valuation. The index's forward P/E ratio is at its highest (22.2) since April 2021. Ten of eleven sectors are trading at multiples that exceed their 25-year averages.

5. SPX sales outlook. “Analysts expect S&P sales to grow by ~12.5% through 2026...this would = a 63rd percentile of historic growth rates."