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Vincent Deluard
@VincentDeluard
Director of global macro for @stoneX_official Prof of finance at Saint Mary's College and (former) CFA Society Not investment advice, it is just a X account
San Francisco
Joined November 2009
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    Offering free trials of my @StoneX_Official reports! Sign up at marketintel.intlfcstone.com/MIPublic/Landi… One of the few original inflationistas Find my recent interviews & podcasts on @blockworks , @TheMarketHuddle and @jessefelder thefelderreport.com/2025/05/21/vin… DMs open for any questions
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    Just bought a 52-week T-bill at 4% A year ago exactly, I refinanced my mortgage at 1.8% After inflating the value of my home beyond my wildest dreams, the Fed & US Treasury are now paying off my mortgage. Feeling super grateful, but how does any of this make sense??
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    Since 1980, the ratio of household net worth to the US median wage has increased by 370%. This is the single most important chart for finance, economics, and politics.
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    Fun fact of the day: There are now more ETFs than stocks listed on the NYSE and Nasdaq 😱😱 PS: I will update this tweet when there are more SPACs than stocks 😉
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    Friendly reminder that the FAANMG stocks are now worth $7 trillion, more than the financial, energy, industrial, and material sectors COMBINED.
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    We are going to need more doors
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    Nasdaq composite is off its ATH by just 3.2%, mostly because AAPL, MSFT, GOOG, NVDA and ADBE have held up. BUT 66% OF NASDAQ STOCKS ARE IN A BEAR MARKET 35% HAVE LOST MORE THAN 50% SINCE THEIR ATH Breadth is usually a leading indicator of trend. Watch out!
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    THE INFLATION MIRACLE WILL NOT LAST - a 🧵for smart people Inflation fell to 4.8% YoY in June and 0.2% MoM in June, 10 bp below expectations. Core CPI was also better than expected. Is this the end of the great inflation scare?
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    Inflation in Wage-Intensive Services Haircuts: 6.8% Restaurants: 8.5% Car repair: 11.8% Childcare: 5.3% Lawyers: 6.2% Laundry: 7.9% Maybe stabilizing but no deflation there. That is what Powell will focus on tomorrow
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    UGLY CHART OF THE DAY The top 1,000 US stocks are up 6.2% in 2023. All of these gains came from the 7 platform stocks: Apple, MSFT, Nvidia, Meta, AMAZN, Alphabet, and Tesla. The remainin 993 stocks had a small negative contribution. And the next 2,000 stocks are also down!
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    CRAZY STAT OF THE DAY (and maybe the month) Nasdaq 100 companies paid $20 bn in stock-based comp last quarter from earnings of $78 bn. 26% of earnings are siphoned by insiders versus 10% in 2010. --> Bubbles are always a transfer of wealth from the public to insiders.
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    Fyi - the Taylor rule estimate of neutral policy rate calls for a 25 bp HIKE 🤨 Happy Fed day everyone!
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    A Good CPI Joke to End of this Brutal Week 👇👇 The Health Insurance component of the CPI is now below its 2016 level, after a 39% (!!) fall this past year. Did your insurance premium drop by a third this year? Do you pay less than you did in 2016? 🤡🤡
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    HYPER-GROWTH STOCKS, ARK, AND THE MAGA STOCKS - A thread (1/n) The Ark argument is that investors underestimate disruptors' exponential growth. And it is true that the market failed to appreciate the growth and margins of the MAGA stocks