ACB Confirmed

Amy Coney Barrett is now a SCOTUS judge. I don’t suppose she’ll be quite as bad as the progressives fear, but it’s depressing that the judicial pillar is so heavility politicized in the US. The root case is the extent to which power is concentrated in the hands of the state.

Markets

After a fairly violent risk off day yesterday, the markets are pretty flat or up. I assume this will continue until so new massive stimulus package is announced, which might not be until after the election. Interestingly, 10 year yields continue to increase.

Growth vs. Value

“Growth” stocks have doubled in price, relative to “value” stocks over the last three years. This has basically the worst relative performance in the last two hundred years, according to the FT which is reporting on a study done by Mikhail Samonov.

The tentative conclusion is that over a long term, value investing gives good returns. Of course, this time might be different.

Wrap

I’m writing this before the US markets close, but it doesn’t look as though today will be very exciting. Generally, it’s risk all over the place, with the mega caps doing better than the rest, with the NQ yet again green with the Dow and SPX red. $NFLX was down a bit. It seems to be running out of new customers.

The SAP share price crashed yesterday by 20% on a forecast cut in revenues. This market is fragile. Every newspaper is full of “Green” political initiatives. This will be a huge cost for future generations, incurred without any credible cost benefit case.

St James’s Place has been targetted by an activist investor. The Hut Group share price has zoomed up 45% since the IPO. I remain a sceptic. The Turkish Lira is sagging again.