Snapshots that wow!
Dry powder still persists
The 9% growth in online sales on Black Friday surprised some given
the narrative around impending US recession. However given that US
households still have an estimated $433 billion in excess savings
remaining from the 2020-21 stimulus programs, the black friday sale
number ain’t a surprise.
Source : Fed
Unicorns, returning to the myths again!
22021 was a whole other world.
Source: Pitchbook
Pests, the unloved sunrise sector!
Since 1998, revenues for pest control & exterminating services have grown without interruption at 6% CAGR in the US!
And their gross margins have more than doubled in the last two decades!
Source: US Census Bureau
The great working capital correction!
Cash generation focus by the Russell 1000 universe of
companies in the US has been a persistent trend since post the
GFC crisis. This was briefly interrupted by the supply chain
issues caused by the pandemic. With shortages and the fear of
same behind us, the working capital/ sales ratio has resumed
its downward trajectory!
Source: Financial Times, Morgan Stanley Research
Frozen, Part 3
“Pending home sales in the US have moved down to their
lowest level since April 2020, a month where much of US
economy was shut down. The housing market is frozen.”
Source: Charlie Bilello
Narratives hide reality
America produces nearly 50% more crude oil than Saudi Arabia.
Source:The Economist