DC Lite #38

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1. Credit growth. "Credit growth, as measured by loans & leases on a YoY basis, continues to decelerate substantially. The latest data, as of December 27th, shows +2.4% growth. This includes consumer loans, business loans, and real estate. This deceleration will produce more disinflation ahead."

See: Cubic Analytics

2. Retail positioning. "The monthly AAII asset allocation data for December shows that investors remain fully invested in stocks and cash on the sidelines is at below average levels (and falling)."

See: Hi Mount Research

3. Equity market ownership (II). "92.5% of equities are held by the top 10% wealthiest Americans. A record high concentration."

4. Global stock market composition. "The US is now 63% of the global stock market."

5. Value vs. Growth (I). Value had its second-worst year ever against Growth in 2023.