It feels good to be back in the office listening to music and ripping through charts! This is something I love to do. The past few weeks were incredible. I met with a lot of smart people throughout Europe and I’m back with new perspective, new ideas and new friends. You can’t put a price tag on those experiences. When people ask me what they should invest in, I can’t help but answer with: yourself. Invest in what you’re doing and what you’re learning. I believe this to be true now more than ever.
The first thing that stands out to me as I work through my chartbooks is how little things have changed, particularly in the stock market. The S&P500 is up 1% since I left a month ago. The rangebound market we’ve been in continues to progress in the same direction, or lack thereof. In mid-May I pointed to the Global 100 as the chart that tells the stock story the best. At that point, we were looking at a 3rd test of overhead supply starting in January 2018. Fast forward a month and stocks are now attempting a 4th test. [Read more…]