Retail vs. Institutional Money: Is It Time for a New Paradigm? [Week #15]

Joke du jour: “This bill does not add to the deficit.”

Macro dashboard update

Growth

• S&P 500 Forward Operating Earnings: Q1 earnings season is now behind us. There is still more weakness being priced in for the rest of the year, despite the melt-up in US stock prices and the China trade deal. This reminds us there is no substance in the “deals.” My feeling is the market has been too quick to remove all tariff…