10k Words | August 2022

Apparently, Confucius did not 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.

It is almost compulsory to discuss interest rates and inflation so the first charts this time around give us inflation for advanced economies and Australia, via the RBA,  then US yield curve inversion and inflation-adjusted interest rates, courtesy of Bloomberg and Axios. The same sources have served up some charts on the strength of the US job market. Then we get into the tech sector with CB Insights mapping out billion-dollar acquisitions while Equitable Investors compares the dollar amount of stock compensation against operating cash flow for Amazon and Atlassian. The global IPO market is down 74% year-to-date in CY2022 and the Australasian component of that market is down 88%, using dealogic data. Finally, we return to Bloomberg and its table highlighting the world-beating frequency with which Australasian airlines have been cancelling flights.


Inflation in advanced economies
Source: RBA


Measures of underlying inflation in Australia

Source: RBA


US yield curve v equities


Source: Bloomberg


5 year inflation-adjusted interest rate (US)


Source: Axios


No. of US unemployed for 15 weeks or more

Source: Axios


Change in employed from US payroll data
Source: Bloomberg


Billion dollar acquisitions
Source: CB Insights


Amazon's stock compensation relative to its operating cash flow

Source: Equitable Investors, TIKR


Atlassian's stock compensation relative to its operating cash flow
Source: Equitable Investors, TIKR


Total Global IPOs by quarter in US dollars

Source: WSJ, Dealogic


Total Australasian IPOs by quarter in US dollars

Source: WSJ, Dealogic


Australasian airlines cancelling flights most frequently
Source: Bloomberg

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