If someone asked you 3 years ago if Ford, Toyota, and General Motors would outperform Tesla over the next 3 years, would you have believed them?

$TSLA $TM $GM $F

'New single-family home sales rose by 8.8% in March to 693k (fastest pace in 6 months) while the supply of new homes for sale rose to the highest (477k) since 2008'. - Daily Chartbook

The relative performance of the S&P 500 (SPX) vs Russell 2000 (RTY) over the last decade.

Once valued at more than $153 billion, the market now values Rivian Automotive at closer to $9 billion.

Representing a 94% drawdown.

Last week was the first time the S&P 500 closed below the 50 moving average since last November.

The 162-day run was the 10th longest uptrend since the 1950s.

It's remarkable when you look at the notional value of R&D that Amazon $AMZN spends relative to the rest of the tech giants.

Normalised for revenues, however, Meta $META and Nvidia $NVDA are often the biggest spenders in that department.

Largest one-day drop for Gold Prices in over 2 years yesterday.

Positioning in Utilities is in just the 2nd percentile.

via Deutsche Bank, Koyfin

Cocoa prices saw a 10% easing yesterday, albeit prices still sit at astronomical levels compared to history.

A momentous day for the Brits yesterday, as the FTSE 100 Index reached a new all-time high.

This morning's trading has started off positively.

In 1991, Seth Klarman wrote a book, Margin of Safety, that is rumoured to only have printed a few thousand copies.

No longer in print, but packed with superb insights, Klarman once said he
“endeavoured to make the book timeless'.

🧵 Our 9 favourite lessons:

$NVDA Since March, Nvidia has suffered a 20% drawdown from the prior high.

It's still +1,545% over the last 5 years, however.

The top 10 performing stocks in the S&P 500 so far in 2024:

•SMCI +151.1%
•CEG +55.1%
•NVDA +53.9%
•GE +45.7%
•NRG +36.4%
•META +36.1%
•PGR +35.5%
•MPC +33.0%
•FANG +31.6%
•TRGP +30.7%

The bottom 10 performing stocks in the S&P 500 so far in 2024:

•GL -44.9%
•TSLA -40.8%
•BA -34.9%
•CHTR -31.8%
•INTC -31.7%
•LULU -31.1%
•MKTX -30.1%
•WBA -29.4%
•HUM -28.1%
•ON -27.3%

9/ Waiting for the right pitch:

'Most institutional investors feel compelled to be fully invested at all times. They act as if an umpire were calling balls and strikes, mostly strikes, thereby forcing them to swing at almost every pitch'.

8/ Watch what insiders do:

'Obviously investors need to be alert to the motivations of managements at the companies in which they invest”.