Digital assets, Equinix, China, crime and cash rich corporates : ideas, macro snippets and links

Just to remind all subscribers, we’re on a weekly note every Friday for the remainder of July and August. The usual three notes in one longer note will be combined with one focused investment idea

Macro Snippets

1.       Investors may be bullish but valuations look stretched. This is from Morgan Stanley:

“… the forward earnings yield for the Russell 1000 (4.8%) is now below the yield on IG corporate bonds (5.4%), with the basis more extreme only 2% of the time in the last 20 years. The earnings yield for US mid-cap equities (6.4%) is below the yiel…