Software Stocks vs. Nasdaq 100 trend.

Luxury giant LVMH trailing multiples vs. the 10-Year averages...

Gold (-17.5%), Platinum (-34%) and Silver (-39%) are all facing some sizeable drawdowns right now.

Tesla and Meta have almost identical market caps right now. $TSLA $META

$FICO Fair Isaac has fallen below $1,000 per share for the first time since 2023.

$XLE Energy stocks are flying in 2026, up more than 33% so far. The 2nd strongest US sector is Industrials, up 5.1%.

$PLTR The re-acceleration of Palantir's revenue base has been quite outstanding.

The free cash flow yield of the Nasdaq 100 and S&P 500 are converging. At present, the S&P 500's FCF yield is 2.80% vs. the Nasdaq 100's 2.73%. $SPY $QQQ

$RMS World leader in luxury, Hermès, is currently down more than 40% from the prior high, a feat with has only occurred a handful of time over the last few decades.

How the UK Yield Curve has shifted over the last month.

The UK 2Y Bond Yield 👀

Bill Ackman's core investment principles, which he has engraved and keeps on a tablet on his desk.

58 Years of Pepsi vs Coca-Cola Both $PEP (12.6%) and $KO (11.5%) have remarkable CAGRs over that period. Pepsi demonstrates how impactful a few percentage points can be when compounded over the long term.

There are just 18 companies in the public universe that have increased free cash flow YoY on an annual basis for the last 10 years consecutively. All have pretty solid 10Y return CAGRs.

$BMBL Bumble has lost ~96% of it's value since IPO only 5 years ago.

In the last 5 years, only 23 stocks* became 10-baggers. *Traded in North America & Europe, with a market cap larger than $5 billion.

These US companies have been the most aggressive in repurchasing share count over the last decade.

The return of Booking Holdings vs. Airbnb since Airbnb's IPO. $ABNB $BKNG

$SPY The S&P 500 free cash flow yield currently sits at 2.71%.

$NFLX Netflix's annual operating income over the years.

$NVDA Nvidia currently trades at a forward P/E of 18.7x.

Software Stocks vs. Nasdaq 100 trend. Software has bounced back a little since the major divergence.

Major Payments stocks YTD returns.

$AMD Advanced Micro Devices' gross profit margin expansion over the years.

$ORCL Oracle is starting to report negative free cash flows (trailing) for the first time in multiple decades. The driver? AI Infrastructure.

$AMZN Amazon is trading at its lowest forward PE and EV/EBIT in a decade.

$CVX Chevron is sitting at an all-time high.

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$GOOGL Alphabet ties CEO Sundar Pichai's pay to Waymo for the first time.

$XOP SPDR's Oil & Gas Services ETF has recorded 8 consecutive weeks of green candles.

The $VIX is on the rise.

Price-FCF for Mastercard & Visa $MA $V

$SE Despite returning +118% since the beginning of 2024, Sea Limited is still 76% below its former high.

Stocks with the largest drawdowns in 2026.

Interesting find from Daily Chartbook. "RSP vs. MAGS. Equal-weight stocks ($RSP) saw a record $5.9bn inflow in February. Meanwhile, the Magnificent 7 ($MAGS) saw record outflow".

The world's largest publicly traded employers across North America, Asia, and Europe.

Software Stocks YTD Performance vs. Drawdown from All-Time High

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The forward price-earnings of Software stocks has fallen below that of the Nasdaq 100.

The SPX was at 1,705 when GTA V launched in September 2013. 13 years later (and still no GTA VI) the SPX is approaching 6,900.

The forward P/E of the Mag 6: • $AAPL Apple: 30.7x • $AMZN Amazon: 27.2x • $GOOGL Alphabet: 26.9x • $MSFT Microsoft: 22.4x • $NVDA Nvidia: 21.5x • $META Meta: 21.4x

$XYZ Between December 2019 to December 2024, Block (Formerly Square) expanded headcount by a factor of 3.9x in 5 years. With last week's announcement that 40% to 50% of headcount will be cut going forward, that would taken headcount back to between 2020/21 levels.

$FVRR Once valued at more than $11.4 billion, at the peak of the pandemic bubble, Fiverr International has slumped below a $400 million market cap. That represents a 97% decline from all-time highs.

This year demonstrates the largest margin of underperformance for Software Stocks relative to the Nasdaq 100 since the turn of the century.

Energy (+25%) is the strongest sector as we enter the 3rd month of 2026. Consumer Discretionary (-2.1%), Technology (-3.6%) and Financials (-6.1%) are the dogs.

US manufacturing contracted for most of the last 3 years. No recession followed. Services dipped below 50 just once, in June 2023, and quickly bounced back. That resilience is what defined this cycle. Services PMI sits at 53.8 today.

$JNJ Highest forward price-earnings ratio for Johnson & Johnson since 2003, coming in at 21.1x.

$DUOL Duolingo, from 22x sales to 4x sales in less than 12 months.

$XYZ Block is trading +20% in pre-market after announcing they would be reducing their workforce by 40% to 50%.

$NFLX Netflix is +8% in pre-market hours after withdrawing from the Warner Bros bid.