Category: Daily Instagraph

After a very tough period for Novo Nordisk’s share price, we finally have some better news on the product side. Novo Nordisk achieves a major milestone in obesity care: the U.S. FDA has approved Wegovy as oral GLP-1 pill for chronic weight management in adults with obesity, or overweight with at least one weight-related condition. … Continued

Active equity investing continues to retreat. Over the last 12 months, cumulative outflows from actively managed global equity funds have reached a record $605bn. At the same time, passive strategies keep gaining market share and increasingly dominate equity markets. This trend may ultimately create an opportunity for investors who pick individual companies: fundamentals and valuation … Continued

According to a Deutsche Bank dbDataInsights survey, investors see the biggest risk to market stability in 2026 as a sharp repricing of technology—driven by plunging tech valuations and waning AI enthusiasm (57% of respondents). Donald Rumsfeld, former US Secretary of Defense under the Bush administration, captured the logic of risk well when he said: “There … Continued

As expected, the Federal Open Market Committee cut the fed funds rate yesterday from 4.0% to 3.75%, taking it back to the lowest level since October 2022. The market can take some comfort from the fact that only two members argued against any cut at all – there is, for now, still a broad consensus … Continued

According to the graph below, based on an analysis by David Fant using EU fine data and company filings, EU regulators collected about €3.8 bn in fines from large US tech companies in 2024, while Europe’s listed internet and software companies paid roughly €3.2 bn in income taxes over the same period. The contrast is … Continued

Today’s chart from Apollo’s Chief Economist shows that close to 40% of the companies in the Russell 2000 index currently report negative earnings over the last 12 months. Investing via a broad small-cap index therefore means having a meaningful exposure to businesses that are not yet profitable. In an environment of slower growth or higher … Continued

As we approach year-end, implied volatility across equities, bonds and FX has fallen back towards 12-month lows. This likely reflects a certain complacency among investors who, after a generally good year for equity and balanced portfolios, hope to be “saved by the closing bell”. We should, however, be careful not to mistake this calm for … Continued

Today’s graph from MarketDesk shows the median next-12-month P/E ratios across the S&P 500, sorted by market-cap buckets. The headline index trades around 22x earnings, but the Top 10 names are much richer at 27.4x 12-month forward earnings. As you move down the index, valuations become less stretched, with the smallest 200 stocks in the … Continued

The stock market has turned the global obesity and diabetes epidemic into a two-horse race between Novo Nordisk and Eli Lilly. Today, almost all investor focus is on the market shares of their GLP-1 franchises and on the potential success of oral versions of these anti-obesity drugs. Today’s graph shows Novo Nordisk’s P/E ratio versus … Continued

The S&P 500 is up 16.1% year-to-date as of yesterday’s close. Barring a correction in December, 2025 will be one of the green years in this 150-year history of S&P 500 returns. Once again, it was a year full of drama: geopolitical tensions, tariffs and trade negotiations, and ongoing debates about the Fed. We are … Continued