𝐟 𝐚𝐧𝐲 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐨𝐫 𝐬𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐢𝐬 𝐧𝐨 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐨𝐟 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.

𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞, 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬 𝐨𝐫 𝐚𝐜𝐜𝐮𝐫𝐚𝐜𝐲. - Dimitry Nakhla | Babylon Capital® tweet

⁠Quiver Quantitative
Triata Capital, run by Sean Ho, has made an estimated 45% return on its stock portfolio so far this year.

Here’s what they’re doing 🧵 https://t.co/xjdGaMvmwH
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⁠The Kobeissi Letter
BREAKING: Leveraged long equity ETFs assets have dropped $15 billion so far this quarter, to $80 billion, the lowest since Q1 2024.

In other words, nearly 75% of AUM gains over the last 3 quarters have been erased.

However, total assets in leveraged long funds are still 2.5 TIMES larger than the Q3 2022 low of $32 billion.

Meanwhile, leveraged short ETF assets have risen by ~$800 million, to $9.3 billion.

Therefore, for $1 in leveraged short ETFs, there are $9 in leveraged long ETFs, down from $11 at the end of 2024.

Despite the selloff risk appetite is still elevated.
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⁠Finding Compounders
“When stocks get cheaper; How can that not be good news”

Wall Street’s Wisest Man : Charles D Ellis

By Jason Zweig https://t.co/zDCH8BtSbr
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⁠Quiver Quantitative
BREAKING: GameStop is adding Bitcoin as a Treasury Reserve asset.

GameStop is sitting on around $4.6B in cash.

$GME is up 6% so far in after-hours trading.
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⁠The Kobeissi Letter
Some exciting news:

We have been nominated for the "Market Newsletter of the Year" award at the @StockTwits Cashtag Awards.

If you enjoy our work, please consider voting for us at the link in the post below! https://t.co/le26MF8htN
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AkhenOsiris
Toronto Star:

Canada could be on the lower end of U.S. President Donald Trump’s threatened global tariffs next week, the Star has learned.

Nothing, however, is guaranteed until Trump decides ahead of his April 2 deadline — which he’s dubbed “liberation day” for America — and no government officials are taking any assurances for granted, sources said.

As the tense cross-border relationship plays out on the federal election campaign trail, Canadian sources with knowledge of discussions between the two countries say White House officials have suggested Trump may impose three escalating levels of tariffs on America’s trading partners, with Canada getting hit on the lower end of the scale.
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⁠The Kobeissi Letter
US executives are rushing to buy stocks:

The ratio of companies where insiders purchased their own stock versus sold rose to 0.5 in March, the highest since June 2024.

This puts the ratio back to near its historical average, according to Washington Service data.

This is a sharp reversal from 0.2 recorded in January, which was the lowest since 1988, when data began.

Recent insider buying may be a sign of confidence in the economy and their businesses.

However, the level of buying is still well below the peaks seen at the end of 2018, near the 2020 pandemic low, and the 2022 bear market.

Are corporate insiders signaling the sell-off is overdone?
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⁠Dimitry Nakhla | Babylon Capital®
10 High-Quality Sticky Stocks That Increased Revenues Annually in the Past 10 Years 📈

1. Fair Isaac $FICO 💰
•(+8.08% CAGR)

2. Equifax $EFX 💸
•(+8.83)% CAGR

3. IDEXX Labs $IDXX 🐶
•(+10.12% CAGR)

4. S&P Global $SPGI 💵
•(+10.89% CAGR)

5. MSCI Inc $MSCI 🌐
•(+11.10% CAGR)

6. Cadence Design $CDNS 💾
•(+11.37% CAGR)

7. Synopsys $SNPS 👾
•(+11.53% CAGR)

8 Intercontinental Exchange $ICE 🏦
• (+11.61% CAGR)

9. Amazon $AMZN 📦
•(+21.77% CAGR)

10. Medpace $MEDP 🏥
•(+21.94% CAGR)
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⁠The Kobeissi Letter
US consumer confidence is at recessionary levels:

The US Consumer Confidence index dropped 7.2 points in March, to 92.9, near the lowest since February 2021.

This marks the 4th consecutive monthly decline, the longest streak since the 2008 Financial Crisis.

Americans' expectations for the next 6 months fell 9.6 points, to 65.2, the lowest in 12 years.

According to the Conference Board, a reading below 80 usually signals a recession ahead.

Additionally, the confidence about future employment prospects plunged to a 12-year low.

This is a truly concerning trend.
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⁠Quiver Quantitative
JUST IN: Representatives Ro Khanna and Summer Lee will be announcing legislation to ban Super PACs in federal elections this afternoon https://t.co/737TRXP4J5
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