Concerning Stuff; November 2024

Warren Buffett In 2024:

1. Sold over $100 billion of Apple, $AAPL, stock

2. Halted Berkshire Hathaway, $BRK, stock buybacks

3. Built largest cash balance in company history, at $325 billion

4. Holds a record $288 billion of US Treasury bills

5. Now owns $93 billion more…

— The Kobeissi Letter (@KobeissiLetter) November 2, 2024

"During the 2023–24 respiratory virus season, influenza vaccination coverage was 80.7% among acute care hospital personnel and 45.4% among nursing home personnel. Coverage with 2023–2024 COVID-19 vaccination was 15.3% among acute care hospital personnel and 10.5% among nursing…

— George Hartzman (@antzmrah) November 3, 2024

Buffett's cash hits a record $325 billion, up $48 billion this quarter, and up $168 billion (+94%) in the 9 months of 2024 https://t.co/hBJLWFjZIP pic.twitter.com/duq2X4g4cK

— zerohedge (@zerohedge) November 2, 2024

Market Concentration Risk Hits All-Time High 🚨

The Top 10 S&P 500 stocks now account for a RECORD HIGH 37% of the $SPX pic.twitter.com/37Rdyu68ob

— Barchart (@Barchart) November 2, 2024

America is all-in on the stock market

Yesterday’s report from the Conference Board showed a jump in consumer confidence to 9-month highs. A key driver of this improving consumer sentiment was rampant enthusiasm about further gains in the U.S. stock market

51.4% of consumers… pic.twitter.com/9NGXti7235

— Porter Stansberry (@porterstansb) October 30, 2024

The percentage of US consumers who expect higher stock prices in a year hit a record high. Getting a bit frothy out there? pic.twitter.com/vl4rhyjUf8

— (((The Daily Shot))) (@SoberLook) October 30, 2024

Institutional investors sold US stocks at the fastest pace in 9+ years last week, according to BofA.

It was the 2nd largest weekly net selling by institutional investors since 2008 (trailing only Sep 2015). $SPY $QQQ $IWM $MSFT $AMD $GOOG pic.twitter.com/AZ4uNYrkZt

— David Marlin (@Marlin_Capital) October 30, 2024

Things not to say; https://t.co/jhDblHK1gu

— George Hartzman (@antzmrah) October 23, 2024

🇨🇦 Bank of Canada cuts rates by 0.5%. The last 3 times this happened we were in a global financial crisis. pic.twitter.com/bazsgm9PLI

— Financelot (@FinanceLancelot) October 23, 2024

It took 221 years for the US to create the first $12 trillion of national debt.

We added another $12 trillion of debt in the last 5 years.

Insane. pic.twitter.com/Y4CmOGI1bH

— Anthony Pompliano 🌪 (@APompliano) October 22, 2024

The move in bond yields after the 50bp cut is very out of the ordinary pic.twitter.com/wWHa32rR3x

— Andreas Steno Larsen (@AndreasSteno) October 22, 2024

JUST IN 🚨: Warren Buffett Indicator hits 200% for the first time in history, surpassing the Dot Com Bubble and the Global Financial Crisis pic.twitter.com/w0NV4RaMw7

— Barchart (@Barchart) October 22, 2024

Stock Market hits most overvalued level since the peak of the Dot Com Bubble 🚨 pic.twitter.com/68LJHXQtkT

— Barchart (@Barchart) October 23, 2024

China's housing market is in free fall:

Prices of newly built homes in China fell 6.1% year-over-year in September, the largest drop since 2015.

Existing home prices dropped 9.0%, the biggest decline in at least 13 years.

On top of this, existing home prices decreased in all… pic.twitter.com/ttRehGLIo1

— The Kobeissi Letter (@KobeissiLetter) October 22, 2024

When people talk about stock market valuations, usually they refer to earnings. Here is a different way to see the current overvaluation. As with any valuation measure, this is lousy as a timing tool. But it does inform us about how large the eventual readjustment might be. pic.twitter.com/KQaX9liJsg

— Tom McClellan (@McClellanOsc) October 21, 2024

BREAKING: According To FDIC, Bank Loan Delinquencies Are Going Parabolic pic.twitter.com/oOZQJD5TTi

— Kevin Malone (@Malone_Wealth) October 20, 2024

From the co-founder of Netscape. LLMs are like web browsers: indispensable, but largely indistinguishable from one another. https://t.co/MD6ZrBug5F

— Peter Berezin (@PeterBerezinBCA) October 20, 2024

Used Vehicles Getting Ready to Turn into Inflation Headwind, after Historic Plunge Had Powered Core CPI “Deceleration.”
The used-vehicle pipeline is messed up for years to comehttps://t.co/mWzm1cTMZX pic.twitter.com/zPaAgsSMx9

— Wolf Richter (@wolfofwolfst) October 18, 2024

BofA Small Business Checkpoint:

Average monthly credit card balances per small business client are up more than 20% compared to 2019 average levels pic.twitter.com/0LwhiXOoX7

— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) October 17, 2024

This is like a fuse waiting to be lit, in my view.

Junk bond yields currently have the narrowest spread compared to the Fed funds rate in 34 years.

This is the lowest level since June 2007, just before the peak of the housing bubble. pic.twitter.com/mVjtLF7qss

— Otavio (Tavi) Costa (@TaviCosta) October 15, 2024

Despite large money market inflows, household cash allocations are near record lows.

Households hold 48% of their financial assets in equities, well above historical medians. pic.twitter.com/hKsoaniOiC

— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) October 11, 2024

🇺🇸 US credit card interest rates hit 23.37% in August, a record high, according to Fed data.

➡ Over the last 2 years, rates have soared by ~7ppts ⚠ pic.twitter.com/QQSvpLmNYq

— Christophe Barraud🛢🐳 (@C_Barraud) October 11, 2024

🤨 pic.twitter.com/cDCpNMEKvY

— Wall Street Silver (@WallStreetSilv) October 25, 2024

I apologize to some of you for most of you.

— God (@TheTweetOfGod) October 19, 2024