There hasn't been a year quite like this one for investment markets - just look at where @darioperkins plots 2022's returns. While we are sticking with that theme, CNBC tallies $US3 trillion in lost market cap from just seven companies in one year. As a valuation check, Amazon is now trading well below its long-term average EV/EBITDA multiple - while Apple remains above its own. With the "M2" measure of money supply in the US plunging the most on record in a six month period, as highlighted by @CharlieBillelo, Morgan Stanley chartered the historical correlation between M2 and inflation; and True Insights looked at the correlation with stock valuations. An exploration of the pre-and-post COVID worlds has us looking at Australian temporary visas through Grattan Institute's chart, student arrivals in Australia via Pac Partners and finally, a significant shift in communter preferences that suits toll road operator Transurban just fine.
$US3 trillion lost in seven companies in one year
Forward EV/EBITDA of Amazon and Apple
Inflation relative to changes in the "M2" money supply for the United States
Source: Morgan Stanley, Bloomberg
S&P 500 Forward PE change relative to changes in "M2" money supply
Source: True Insights
Change in temporary visa-holders in Australia since pre-COVID
Source: Grattan Institute
Student arrivals per month into Australia
Source: ABS, PAC Partners
Preferences for commuting mode before and after COVID
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