Latest

The previous Fundamental Check gave an overview of the underlying earnings of the S&P 500 / Nasdaq 100 leaders. Now it is time to look at valuation. Fundamentals and valuation are correlated, but solid fundamentals do not automatically produce a defensible valuation. Fundamentals indicate profitability and growth; valuation tests

1. Recap of Last Week July 22–26, 2024: US equities corrected as Tesla and Google — the first of the Magnificent 7 to report — fell short of expectations. Tesla missed; Google beat Street estimates but fell on declining YouTube ad revenue. Detailed earnings analysis in last week's note.

1. Recap and the View for This Week Week of Jul 15–19, 2024: US equities and the Nasdaq were broadly weak. After the Trump assassination attempt, his election odds surged and a "Trump trade" emerged — rotation out of the tech that dominates S&P 500 / Nasdaq