DC Lite #88

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1. Housing supply vs. prices. "Housing supply is finally rebounding as sellers get used to elevated mortgage rates, but it’s not rebounding enough to curb home price growth."

2. YTD ETF flows. "US growth stocks and bitcoin are stories of year so far.. corp bonds up there as well.. Notable Japan and EM both making rare appearance. Gold ETFs in the gutter (despite seeing ATHs) is also interesting."

3. US equity fund flows (I). US equity funds saw a record $56.1bn inflow over the past week.

4. Big Tech vs. SPX profits (I). Big Tech's "profit margin of 23.4% is more than double that of the rest of the S&P 500." (Note: Big Tech defined as AMZN, AAPL, GOOG, META, MSFT, NVDA; no TSLA).

5. TMT valuation. And finally, the forward P/E of the 10 largest TMT stocks peaked at 52x in 2000 and 43x in 2021. Today, they trade at “just” 28x forward earnings.