Thread by @evantindell

Many interesting slides in the JPM Q2 guide to the markets. Here are a few that caught my eye.
1) Debt to EBITDA by size and style box... large caps have the least debt
2) Valuations by sector... who is paying 17x for energy and 19x for utilities names? Not me...

3) Recessions and bear markets... typically have gone together
4) Household net assets up to 120 Trillion, and debt service rates down a bunch from 2007
5) Population growth: consensus says the US won't have any going forward
6) Yield curve: looks a lot different than 6 years ago

7) BAA rated corporate debt has risen from 30%->50% share over last 20 yrs
8) Rise in EM debt overall
9) Equity sectors by geo: EAFE is light on tech. EM has lots of tech but this may be due to a few Chinese firms like $TCEHY. Unclear where $BIDU, $BABA would land in this chart.

10) Currency has been a big drag on ex-US returns last 5 years
11) Huge alligator jaws open between US and ex-US returns
12) Global trade printed a rare negative number in Jan '19
13) Amazing growth in the middle class forecasted for EM countries by 2030

14a) Corporate pension plans have a huge fixed income allocation, whereas endowments have essentially none.
b) DB plans currently ~93% funded.
c) Return assumptions have become more reasonable. 40% of S&P 500 companies project <6.5% annualized returns.
/fin

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