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The largest US tech giants —
from to , , , , and —
now represent more market value than the entire stock markets of Union and Kingdom combined.

Microsoft, $MSFT, has erased all of its outperformance vs. the S&P 500 since launched in November 2022. The stock is now -27% below its highs, the largest drawdown in over a decade outside of 2022. It also ERASED over 2 years of gains. The MSFT/SPX ratio is down to its lowest since November 2022 and well below the 5-year average. One of the biggest investors is now one of the WORST-performing mega-cap stocks. is not fancy anymore.
Source: , Global Markets Investor

📈 The 10-year/6-month yield curve is flattening

A recent signal from the leading indicator that has predicted recessions since 1970 points to trouble.
⏺️Yield curve: Normal (10-year yields above 6-month yields) indicates a healthy economy and long-term investment.
⏺️An inverted curve after 1-3 months is an early warning sign and requires close monitoring.
⏺️If the curve remains inverted for more than 6 months, it could herald a recession within 12-18 months. Currently, the yield curve between 6-month and 10-year bonds is inverted.
There's still time, but the chances are high that a recession will begin in the US in 2026 and then spread globally. Risky assets could decline sharply. But on the other hand, this will open a window of opportunity for profitable purchases in both spring 2020 and autumn 2022.

💰 The Most Expensive in History

The chart shows the average valuation level of the stock market based on 7 key metrics: P/E, P/B, EV/EBITDA, Q Ratio, Market Cap to , and others. The data covers the period since 1900, with all historical peaks highlighted.

When has this happened before?
1929 — before the Great
1965 — on the eve of the “go-go market” and stagflation
1999 — the dot-com
2021 — the peak liquidity era of

A new all-time high is now forming. For the first time, the market is so highly valued while still attempting to climb higher, though with difficulty amid weak big tech earnings reports. All indicators are in the extreme zone, which historically has not suggested anything positive.