This is WILD. If equity fund flow continue at the current pace, this year will see greater net inflows than the preceding 20 years COMBINED.
Best first half for global stock market in nearly four decades, and the seventh best of the past century.
This is the Everything Rally though. Even US Treasuries are enjoying inflows (though swamped by inflows into TIPS and financial stocks)
Best first-half of a year for commodity prices in nearly five decades, and the fifth best for the past century.
Stunning BofA chart showing US jobs data v retail sales. Still some labour market recovery to go, but retail sales have gone ballistic.
Final factoid to cap this all off. Central banks globally have bought an average of $10bn bonds a day over the past six months.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Robin Wigglesworth

Robin Wigglesworth Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @RobinWigg

18 May
The spark behind the birth of Vanguard passed away earlier this month, aged 88. Nick Thorndike might not be as famous as Jack Bogle, Vanguard’s actual founder, but he (inadvertently) played a pivotal role in its genesis. Short thread of recondite financial history: 1/n
Back in the 1950s, Nick Thorndike was a precocious fund manager at Fidelity, mentored by Ned Johnson himself. In 1960 he and three Bostonian friends set up their own shop, Thorndike, Doran, Paine and Lewis, which kicked arse in the “go-go” boom of the 1960s.
The go-go years were much tougher for more conservative investment groups, such as Walter Morgan’s Wellington. It ran a big, successful bond-and-stocks fund, but in the 60s boom people wanted GROWTH, not a boring “balanced” fund.
Read 17 tweets
17 Mar
Just $93m is enough to lift bitcoin price by 1%, estimates Bank of America. Gold needs about 20x that net inflow.
The smattering of institutional investor/corporate announcements over the past year have helped pump the price of bitcoin, but Grayscale remains the dominant holder.
For decentralised money its pretty dang centralised. About 95% of all bitcoin are controlled by just 2.4% of accounts.
Read 8 tweets
16 Mar
“Indexing doesn’t constitute any real threat to professional managers because its goal is mediocre performance.” Cleaning up some of my book research notes, and there are some 👀 quotes there.
(From the Boston Globe, august 24, 1976)
David Babson REALLY didn’t like the smell of this new fad.
Read 6 tweets
9 Mar
Retail investors now accounts for almost as much US trading as all mutual funds and hedge funds *combined*. Our deep dive into the frenzy, how it differs from past retail trading booms, and whether this will prove a lasting phenomenon. ft.com/content/7a91e3…
Go home US stock trading volumes, you're drunk.
Just sayin'
Read 4 tweets
16 Dec 20
Good piece on a really cool idea that unfortunately fizzled. Short thread on what I thought might have been the Achilles heel (which I didn’t appreciate enough when I wrote about the phenomenon a few years ago on.ft.com/3696uEP )
Basically, I think I (and Quantopian obviously) underestimated the compounding power of collaboration and institutional knowledge. Essentially, you probably had thousands of people independently coding very similar algos on large cap US equities.
But that is just ferociously difficult. If you were a novice quant joining say DE Shaw or Two Sigma and tried to find a way to trade S&P stocks, you’d get laughed at. All the simple stuff a novice might naturally try was thoroughly mined decades ago.
Read 8 tweets
15 Dec 20
HELP! Can't decide what US cover to go with for my upcoming book on the history of index funds (out sept 2021) so I thought I'd throw it out to the hive mind. Poll below, and feel free to comments to explain (or to ask for smaller font, make fun of my weird name, etc etc).
What cover?
I’ll die if this ends up being 52-48.
Read 4 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

:(