S&P 500 Aggregate Statistics

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Some random statistics on the S&P 500: S&P 500 aggregate market cap: $12.01T TTM aggregate revenue: $9.86T Aggregate book value: $5.95T Average gross margin: 45% Average operating margin: 14% For comparison: US GDP: $15.2T

S&P 500 Average Daily Move

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Another day, another triple digit move on the Dow and >1% change on the S&P 500.  The markets have certainly been volatile lately, but how does the last few months’ volatility compare on a historical basis? Below is a chart … Continued

Italy vs. Japan Debt to GDP Ratio

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 If Italy’s debt loads are unsustainably high, then what should one think about Japan?  The country has an economy and population that is shrinking and a national debt that is much larger than Italy’s. Click to Enlarge I’ve cherry picked … Continued

Italy Nears the Brink?

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There has been increasing talk recently about how 7% interest rates are an unsustainable level for European governments.  The idea is crystalized in the Wall Street Journal article: Italy Nears Brink Point as Its Bond Yields Spike which highlights the 7% level … Continued

November 2011 Investment Letter

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Below is a letter that is written monthly for the benefit of Avondale Asset Management’s clients.  It is reproduced here for informational purposes for the readers of this blog. Dear Investors, Finally, a chance to write with unqualified good news … Continued

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