Charts of 2024 - Honorable Mentions
6 Charts worthy of mention that didn't quite fit in the other sections...
Recently I shared with you some of my Best Charts of 2024 (charts and calls that worked really well) and then my Worst Charts of 2024 (ones that didn’t work!), and of course my Favorite Charts of 2024 (new, interesting, useful charts).
This week it's a look at the Honorable Mentions — charts that may have also been useful, helpful, and interesting, but didn’t quite make it into those other sections… but really an excuse to dive into another set of charts! Charts! :-)
Be sure to follow us for more charty goodness in the year ahead.
1. Capex Boom: This was (and is) a major macro development; partly fiscal-driven of course, but a huge breakout in capex across a number of key categories.
2. BOJ Rates Liftoff: Another interesting breakout was that of the BOJ leaving behind NIRP (and thoroughly rattling markets in the process, with Japanese stocks undergoing a relatively brief 25% *crash*). It also stood in contrast to most other banks cutting rates.
3. VIX Seasonality: That also showed up in the VIX (the big spike in Aug), which coincided with a seasonal uptick in volatility through until the election.
4. Sector Skews: This one speaks for itself – tech and tech-related sectors reaching new highs, while defensive sectors reached new lows in market cap weightings. Passive index investors take note: this is your portfolio now…!
5. Small vs Large: Another crowd-pleaser, this one showed what appears to be the nadir in small vs large cap performance, and the large valuation discount is still very much significant and attractive.
6. Cyclically-Adjusted Earnings: This one tells you all you need to know about US vs global equity relative performance (and likely will hold key clues in terms of the next steps from here – when/if stagnation is shaken in global ex-US earnings).
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Callum Thomas
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