DC Lite #256

5 of Thursday's best charts and insights

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1. Bitcoin vs. gold. "More notable than Bitcoin topping $100K last night is that the ratio vs gold took out its prior record of 37 from November 2021."

2. Institutions vs. Bitcoin. "Pension funds make up only 1% of the reported holdings in the nine new ETFs. We expect that number to increase in 2025, following expected regulatory changes from the Trump administration that will make it easier for traditional finance (TradFi) to participate in digital assets."

3. ATHs vs. A/D. "The S&P 500 hit record highs for the past 3 days. It also had more stocks decline than advance each day. That's only happened 3 other times in almost 100 years. Even 2 days in a row is highly unusual."

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4. Cyclicality ratios. "While the post-election rally has been sharp, describing it as a purely cyclical move would be misleading. Cyclicality ratios are mixed (chart below). Performance has been strongest in areas that would benefit from deregulation, not all cyclical."

5. US vs. RoW. “Valuations matter, but they are unlikely to be a catalyst in the absence of a change in fundamentals ... The P/E premium between the MSCI US index and ACWI ex-US index jumped markedly in November (now at 68%), with the relative return vastly outpacing relative earnings."

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