DC Lite #306

1. US home values. "The combined value of U.S. homes gained $2.5 trillion in 2024 to reach $49.7 trillion" in 2024.

2. Household leverage. "Every income group is less levered relative to where they were at the end of 2019."

3. Homebuilder fund flows. "With six more sessions to go in February, [ITB] is poised to mark its largest-ever monthly outflow."

4. Discretionary vs. Staples. Equal-weight Discretionary ($RSPD) just suffered its worst daily and weekly performance relative to equal-weight Staples ($RSPS) since June 2022 and December 2021, respectively.

5. Country ETFs vs. Inauguration Day. "The US $SPY has been the worst performing of the G7 country ETFs since Trump re-took office, and it's one of the few country ETFs down over this period. The best since Trump 2.0 officially began a month ago? China $MCHI +19.7%."

ICYMI

• Thu 2/20 #305: "Companies are talking about buybacks again"

• Wed 2/19 #304: "Profit margins are still the story"

• Tue 2/18 #303: "QT is about to turn from relying on sharp reductions in money fund RRPs to banks reducing their deposits"