DC Lite #102

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1. Job separation expectations. Consumer concerns about job losses (red) are the highest since September 2020.

2. Flows vs. seasonality. "We are at the cusp of a period when seasonality stops being a tailwind for inflows and goes flat."

3. Buybacks. "Discretionary buybacks (those driven by management discretion) will decline temporarily over the next 2-3 weeks as companies go into blackout periods ahead of Q1 earnings reporting"

See:

4. Risky AUM. "Performance has pushed the weight of riskiest assets (equities and credit) in all mutual fund & ETF portfolios close to peak levels."

5. Mag 7 vs. World. Analysts expect the MSCI World Index to eclipse the Magnificent 7 in earnings growth by Q4.