Going to try something new this week since I didn’t have time for a full post (don’t worry, one is largely done for next week).
So if I didn’t post anything this week, what did you miss? Plenty!
I share a number of shorter thoughts on Twitter that aren’t enough for a full post. Below are a few, but first, a word from our sponsor…
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Before sharing the tweets, is this a brazen attempt to get more Twitter followers? Debatable. Not really the main priority, but they are welcome. It’s more about emphasizing that content will now be available in both places, so if you’re only here, you may be missing out!
Fed Impact on the Market
I’ll do these in chronological order, so first one was about the Fed. It’s a multi-parter, so you need to click to get the rest!
Bear Market Rally
Next, I suggested that the market rally to start the year was likely not sustainable. Not to prematurely judge, but that was Tuesday and the S&P is already down 100 points since.
Allstate Earnings
Finally, I addressed the Allstate quarter and my surprise at the stock’s performance last year.
There you have it. Next week, I have a bigger post planned on the hard property market, so stay tuned for that.
Hi Ian. Any thoughts on why some P&C insurers are trading at near historical peaks, while the indices are still dented from last year’s market slide? Travelers is scratching the $200/share ceiling, and The Hartford is at a 5-year high. Are investors so skittish about tech that they are pouring into the boring P&C world?
Thanks.
It’s partly safety, yes. Also earnings have been good while market earnings are going down and then add on the property pricing story. Plus the charts look good now, so you have momentum buyers.
Basically, there are a lot of generalist buyers and not a lot of market cap.
So when they start buying, things can get extended pretty quickly. Many of these PMs don’t even know if Travelers sells life or P&C and they don’t care!