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Showing posts from February, 2020

10k Words - Feb 2020

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Apparently , Confucius didn’t say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy. We're in the midst of one of the larger pull-backs in global equiies for some time (on Monday  the S&P 500 Index plunged the most since February 2018 according to Bloomberg)  so we'll get straight to the matter at hand - alphaarchitect sets out for us how often the equities market falls 10% in a year (~70% of the time for the Australian equities benchmark) and how often a 5% sell-off snowballs to 20% (~13% in Australia). Moody's puts forward a case that higher default rates on high yield corporate debt would be a signal for an equities "purge". With coronavirus or  COVID-19 dominating market fears, Morgans s...
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