Pinetree Macro Charts 10 Feb 2024

Nuclear Energy Is Making A Come Back

Nuclear Energy is in vogue. Government targets on net zero along with a desire for greater energy security is leading to investment in new nuclear capacity. Uranium miners are direct beneficiary of this trend which is still in its infancy.

US Equity Risk Premium At A 23 Year Low

US has a 25% weight in global GDP, but US stocks have a 50% weight in global equity benchmarks. If we add the risk premium of US equities which is at a 23 year low, then it does make a case to be cautious on US equities as an asset class.

Rate Cuts Are Not Necessarily Bullish Equities

Only in recent times have we seen a positive response to rate cutting cycle but over a period it is not generally bullish at least in short term.

The Rally Is Concentrated In Few Stocks

“While the weight of the top 50 stocks within S&P 500 remains roughly unchanged, the largest 10 stocks have continued to increase (now at 33.1% weight) at the expense of the next 40 (down to 35.8%) and the broader index.”

Positive Impact Outweigh Transition Costs

Climate Change Indicators Dashboard shows that avoiding physical damage from climate change can have sizable benefits.


I can be reached at:

Ritesh Jain

Twitter: @riteshmjn



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