DC Lite #246

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1. New construction. Housing starts "continue to be outpaced by completions. A main underappreciated labor market risk: Fewer projects => fewer workers needed, and construction leads the broader market."

2. USD A/D. The USD Advance-Decline Line is hovering near 21-year highs, representing a potential headwind for risk assets.

3. Diamond hands. "Below we see the distribution of [Bitcoin] wallets by the value they hold. It’s remarkable how committed the OGs have been, despite three harsh winters and massive profits ... Wallets holding $10 million or more account for over half of all wallets."

4. Equity positioning. "Consolidated equity positioning has reached the 94th percentile, approaching extreme levels and indicating robust market sentiment."

5. Factor valuations. "Small caps and companies that pay a high dividend yield are currently 1.5 standard deviations cheaper than their average for the last 35 years. Meanwhile, high-margin companies [are] some 2.5 standard deviations above the 35-year norm."

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