Hendrik Bessembinder's study of 28.6k stocks between 1926-2024 found that "Just 2% of the companies produced 90% of the aggregate wealth creation of $79.4 trillion, and the top 6 alone added $17.1 trillion". Source: Mauboussin & Callahan's paper on Drawdowns and Recoveries, 2025.

$META Remember when Meta traded at 9.1x forward EV/EBIT?

The US Dollar is worth 9.2% less than it was at the beginning of the year.

$QQQ The Nasdaq 100 free cash flow yield currently sits at 2.49%.

$AN On an LTM basis, AutoNation has recorded 5 consecutive periods of negative free cash flow. In the most recent quarter, the company reported +$123 million in free cash flow putting an end to two successive quarters of negative free cash flow.

Dec 10th, the Fed stated they "will initiate purchases of shorter-term Treasury securities as needed to maintain an ample supply of reserves". Remarking that "reserve balances have declined to ample levels", the balance sheet has expanded in the last 2 successive readings.

$CVNA Carvana & Co, a 93x-bagger over the last 3-years, makes several 10x + baggers over the same period look insignificant on a chart.

The last 10-years of the S&P 500, Federal Reserve Rate, and Headline US Inflation Rate.

$LULU On the back of the resignation of long-term serving CEO, Calvin McDonald, on December 11th as well announcements of activist activity, Lululemon is +31% over the last 30 days.

$NKE Nike, which fell 11% after-hours on Thursday following the company's Q2 FY26 earnings call, is said to be "in the middle innings of [a] comeback" according to CEO Elliott Hill.

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American Express, Mastercard, and Visa have all repurchased at least 20% of the outstanding share count over the last decade. $AXP $MA $V

The US unemployment rate (4.6%) has ticked higher for a fourth straight reading. The last time the rate rose for four (or more) consecutive readings was back in 2008.

The UK unemployment rate (5.1%) has ticked higher for a third straight reading.

The Chinese House Price Index, which measures the new home prices across 70 cities in China dropped 2.4% year-on-year in November, extending from a 2.2% decline in the previous 2 months.

$CAVA Popular quick-serve restaurant chain, Cava, is down 54% in 2025, and now just up 19% since it's summer 2023 IPO. As recently as December 2024, the stock had been +245% since IPO.

$WM Waste Management recently announced a +14.5% hike to the dividend in 2026, raising the annual dividend payment to $3.78 per share. It marks the 23rd consecutive year dividend increases.

$KO What a difference a dividend makes... Coca-Cola returns over the last 20-years with and without dividends.

Quite the divergence between Alphabet and Meta since late-October. $GOOGL $META

$PYPL PayPal has submitted an application to establish an industrial bank. "Establishing PayPal Bank will strengthen our business and improve our efficiency, enabling us to better support small business growth and economic opportunities across the U.S." states CEO, Alex Chriss.

$NOVOB Between 2020 and 2025, Novo Nordisk's forward EV/EBIT multiple has expanded from 14.7x to a high of 32.1x, only to crash back to 11.5x as of today.

$ADBE Adobe's free cash flow per share has never been higher. At the same time, during the last decade, the price / free cash flow has seldom been lower.

$COST As per Costco's Q1 2025 earnings call, the retail giant now boasts 81.4 million paid members (+5.2% YoY). Global renewal rates stand at 89.7%, with considerably higher rates in the US & Canada (92.2%).

$ARKK The lifetime returns of Cathie Wood's Ark Innovation fund vs. the Nasdaq 100.

$AVGO Guidance from Broadcom's Q4 2025 earnings call suggests that the Semiconductor revenue segment will grow by 50% year-over-year in Q1 2026. This is in large part due to the expectation that AI Semiconductor revenue will increase 100% YoY in the quarter.

A list of the best-performing US ETFs in 2025 so far... Can anyone sense a theme?

$LULU During Lululemon's Q3 earnings call on Friday, executives noted that despite a pleasing Thanksgiving period, the U.S consumer pulled back following the holiday in terms of traffic.

$ADBE Fun fact: During Adobe's Q4 earnings call on Wednesday, the word "AI" was mentioned 54 times.

The YTD returns of the world's largest markets. South Korea, Greece, Spain, Poland, Austria, South Africa, and Italy are all >50% in 2025. 1. South Korea +90% 2. Greece +75% 3. Spain +73% 4. Poland +70% 5. Austria +67%

$DIS Disney is set to invest $1 billion into OpenAI. In return, Disney will grant Sora and ChatGPT more than 200 characters from Disney's library including Pixar, Marvel, and Star Wars.

$LFYT At the 53rd Annual Nasdaq Investor Conference Lyft's CFO, Erin Brewer, speaks to the company's formal partnership with $GOOGL 's Waymo that is expected to launch in 2026. Brewer comments that "AVs certainly expand the market" for ride hailing.

$SE Sea Limited, once a pandemic darling, is +105% over the last years but still 66% below it's prior high set in 2021.

Data released this week shows the volume of mortgage applications in the United States increased 4.8% in the first week of December compared with the previous week while the 30Y mortgage rate holds steady at 6.33%, up from 6.32%.

As expected, the Federal Reserve has cut interest rates by 25bps to 3.75%. Rates are now down 175bps from their previous high of 5.50%.

The largest funds in the United States by AUM: 1. $VOO $822 billion 2. $SPY $720 billion 3. $IVV $719 billion 4. $VTI $568 billion 5. $QQQ $411 billion 6. $VUG $204 billion 7. $VEA $188 billion 8. $IEFA $161 billion

ETF 1-Year Negative Fund Flow Rankings: 1. $IWM ($10.7 billion) 2. $SQXL ($9.6 billion) 3. $EFG ($7.8 billion) 4. $COWZ ($7.8 billion) 5. $VOLT ($7.3 billion)

ETF 1-Year Positive Fund Flow Rankings: 1. $VOO +$138 billion 2. $XLK +$96 billion 3. $IVV +$61 billion 4. $SGOV +$38 billion 5. $VTI +$35 billion

$FISV Fiserv, currently down 68% YTD, has fallen 72% from its prior high.

$MA Mastercard's board has approved a new $14 billion class A share repurchase program, which will begin once the company completes its previous $12 billion program. As of Dec. 5, about $4.2 billion remained under the current authorization.

The Federal Reserve's balance sheet of $6.53 trillion has declined 27% since the pandemic high of $8.97 trillion.

Industry Performance in 2025: 1. Gold Miners +142% 2. Metals & Mining +76% 3. Clean Energy +63% 4. Semiconductors +52% 5. Solar +43% 6. Biotech +27% 7. Internet +12.4%

US Sectors in 2025: 1. Technology +28% 2. Communications +21% 3. Industrials +18% 4. Utilities +15% 5. Financials +11% 6. Healthcare +10% 7. Energy +9% 8. Consumer Discretionary +6% 9. Materials +5% 10. Real Estate +2% 11. Consumer Staples +1%

🇦🇺 Australia Becomes First Country to Formally Ban Social Media for Children Under 16.

$XLK Tuesday marked the 12th consecutive day of gains for the technology sector.

Headline YoY inflation of 0.70% coming out of China matches consensus estimates, up from 0.20% last month. The headline MoM figure, -0.10% came in below the consensus of 0.20%, and was down from last month's 0.20% reading.

Druckenmiller on why you should never invest in the present. "It doesn't matter what a company's earning, what they have earned - you have to visualise the situation 18 months from now - that's where the price will be".

The US dollar is down year-to-date against almost every major currency, with the biggest gains coming from SEK (+17.8%), CHF (+12.5%) and EUR (+12.4%) vs USD. Elsewhere, NOK (+12.4%), GBP (+6.5%), CAD (+3.8%) and even JPY (+0.9%) have strengthened relative to the USD Dollar.

Alphabet $GOOGL Waymo weekly rides now at 450k: • Jul 2024 ➝ 50k • Oct 2024 ➝ 100k • Dec 2024 ➝ 150k • Feb 2025 ➝ 200k • May '25 ➝ 250k • Dec 2025 ➝ 450k The latest figure appears to have been leaked from an investor-letter cited (Tiger Global) by media.

$CMG Chipotle's board has authorised a further $1.8 billion for its share repurchase program. The company, which has repurchased ~3% of its outstanding shares over the last 12 months, appears to be taking advantage of its depressed share price.