Ben McCubbin, CFA

Support levels set in 1980, 1991 and 2020 have each been taken out for Large Cap Growth vs. Small Cap Value. A tough few weeks for top-heavy portfolios.

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The futures market remains optimistic about rate cuts, with SOFR falling to 3.0%. ChatGPT summary of this morning’s inflation report: Major Sectors with Low or Negative Inflation (Year-Over-Year) 1. Gasoline (all types) (-10.3%): Gas prices continued to fall, significantly lowering energy costs. 2. Used cars and trucks (-10.4%): Prices of used vehicles dropped further after the pandemic-era price spikes. 3. New vehicles (-1.2%): New car prices also fell, helping consumers. 4. Apparel (0.3%): This category includes clothing and footwear, but excludes accessories like jewelry. 5. Fruits and vegetables (-0.2%): A decrease in produce prices helped moderate food inflation. 6. Cereals and bakery products (-0.3%): Slight deflation in this food category contributed to overall stability in food prices. 7. Nonalcoholic beverages (1.3%): Includes drinks like coffee, tea, and soft drinks. 8. Fuel oil (-12.1%): A steep decline in fuel oil costs contributed to lower overall energy prices. Major Sectors Where Inflation Remains High 1. Owner’s equivalent rent of residences (5.4%): This is an estimate of what homeowners would pay in rent, a key driver of inflation. The methodology behind this measure is considered by many to be problematic. 2. Rent of primary residence (5.0%): Actual rent payments continue to grow, though at a slower pace. 3. Electricity (3.9%): Electricity costs are still climbing, adding to household expenses. 4. Food away from home: Limited service meals and snacks (4.3%): Fast food and takeout prices continue to rise, contributing to higher dining costs. 5. Hospital services (6.1%): Hospital services, including both inpatient and outpatient care, saw a steep increase. 6. Motor vehicle insurance (16.5%): Insurance prices remain a standout for high inflation, driven by rising repair and replacement costs. 7. Transportation services (7.9%): Public transit and airfares have risen substantially, although gasoline is excluded from this category. 8. Meats, poultry, fish, and eggs (3.2%): Food inflation, particularly in proteins, remains problematic.

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Investors prioritize outcomes, aiming for quality results while minimizing disappointments. How can we maximize our desired outcomes effectively? In the fixed income sector, the potential upside is known, and current yields offer more potential gains than in recent history. Learn about quality investing from Ben Hayward at TwentyFour Asset Management. Read more: https://bit.ly/3WRn1JB #Vontobel #FixedIncome

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I love debating investment opportunities & Palantir’s meteoric upside potential in AI predictive analytics and data integration is one argument I have vigorously defended. Many colleagues on the Street have said that an “outspoken” & “incendiary” CEO such as Alexander Karp, JD PhD, will bring down the value of a public company. I disagree. This CEO is amazing! Innovation, brilliance, hard work, organizational talent, creating client value and commitment in a growing area will ultimately win! Deep-diving into Palantir’s financials & operations, it has expanded its powerful AI capabilities into areas far beyond data analysis for counterintelligence and is now in nearly every niche of healthcare, energy, transportation, retail. Palantir’s clients (for example, General Mills IBM Ferrari Lennar CBS Morgan Stanley Goldman Sachs United Airlines) have spoken-up publicly and the truth is in the results, reviews & progress. Palantir Technologies Fox Business Network Fox News Media Alexander Karp

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