1.2025 saw a *spectacular* surge in ETF launches...
This chart is basically a gauge of speculation and risk appetite.
As with many sentiment type indicators, you have a better time in the stock market when it’s troughed and turning up vs surging and climaxing after an extended run.
2.Beware of "obvious"!! 🚨 ⚠️
The ironic thing in markets is that once you have all the evidence, once everyone agrees, once the theme becomes obvious...
It's almost always *obviously wrong*
case in point 👇 (global equities, esp. Europe & Emerging Markets, handily outperformed US equities this year)
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