🌍 Global Equity Valuation Indicators

Small & value are undervalued against large & growth, just like Dotcom, but this time, global equities are undervalued against US equities as well…

📉 CHART WATCH 📉

🇺🇸 The prices of crude oil & natural gas went their own ways…

The price of West Texas Intermediate crude oil declined to $65.71 per barrel (-19.5% y/y) in the week ended June 27 as tensions in the Middle East eased. The decline more than reversed the prior week’s runup to $74.17 per barrel, but remained up from a low $59.04 low in the second week of May 2025

Natural gas prices rose last week to an average $3.30 per mmbtu (31.0% y/y) in the week ended June 27, after increasing to an average $3.08/mmbtu in the prior week. Prices remained well above a low of $1.40/mmbtu in the week of March 15, 2024 but below their peak of $9.56 in the week of August 26, 2022.

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🇺🇸 Cyclical sectors are leading. This is the drawdown from the record high.

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🇺🇸 Change in the U.S. Dollar Index ($DXY) in the first half of every year since 1986.

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🇺🇸 Volatility: the MOVE Index creeps up while the VIX hangs behind.

Note—defer to the MOVE.

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🇹🇷 Gold in Turkey is mostly in the hands of regular people (who need it to combat relentless inflation).

🪙 CHART WATCH 🪙

🇺🇸 vs. 🇬🇧 since 2008.

Long story short: America grows, the UK shrinks—what’s new?

📈 CHART WATCH 📈

🇺🇸 🇩🇪 The German-American spread in ten year debt is creeping north again. As it should.

The idea that the country that just spent ten years being the epicenter of Western deindustrialization and has announced a newfound intention to spend the next ten years remilitarizing (presumably while somehow also becoming net zero) is ridiculous. Bet it drops.

📈 CHART WATCH 📈

🇺🇸 Highest monthly growth (2.1%) for the Real M2 Money Supply since early 2022.

📈 CHART WATCH 📈

🇪🇺 Risk compression in European credit spreads…

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🇺🇸 Retail price indices by country of origin…

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🇯🇵 Most popular political parties in Japan, according to a poll by Kyodo News.

🎌 CHART WATCH 🎌

🇺🇸 Big 10 Tech Stocks Hit $20.5 trillion in market cap…

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🌍 The G7’s Global Footprint

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🇺🇸 Stock-based compensation & net income at $SNAP.

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🇺🇸🇪🇺🇯🇵🇨🇳 American trade balance with other major world economies…

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Bitcoin dominance ($BTC.D) charted with the ETHBTC pair.

💸 CHART WATCH 🪙

🇺🇸 Checking in on the Buffett Indicator (Wilshire 5000/GDP).

We’re currently reading 209.5%.

📈 CHART WATCH 📈