Brilliant 👇 The most recent #inflation narrative will most probably also turn out to be short lived. ht @dlacalle_IA pic.twitter.com/HuwCGsitns

— Michael A. Arouet (@MichaelAArouet) January 13, 2022

The S&P 500 has basically become the S&P 5
The market cap weight of the top 5 stocks in the index is at a 40y high

That's not necessarily negative though: index concentration has a whopping 0 correlation with forward 1y returns

Simple narratives are nice but often misleading pic.twitter.com/uveW57rO6t

— Alf (@MacroAlf) January 13, 2022

US PPI explained. If you're worried about inflation you need this.

In 2021, US unprocessed intermediate goods prices rose 38% - the largest increase since data began in 1948.

The supply disruption of the first pandemic in a post-globalisation world surpassed the 1970s shock. pic.twitter.com/w4srTg5ylj

— Lena Komileva (@komileva) January 13, 2022

"Saying that climate change is now going to be part of the Fed's financial risk stress test approach, is a backdoor to telling banks, 'We're uncomfortable if you make loans to energy producers of fossil fuels, to oil and gas'," says @judyshel. pic.twitter.com/rAYp8mcIxt

— Squawk Box (@SquawkCNBC) January 13, 2022

43% of NASDAQ members have had at least a 10% drawdown already this year, with bias toward micro-caps in terms of where weakness has been concentrated pic.twitter.com/zbwBcTG1jG

— Liz Ann Sonders (@LizAnnSonders) January 13, 2022