Our good friends at Redburn alerted us to the fact that the S&P 500 Equal weighted index made a new all time closing high this week, which we thought made a good occasion to revisit the relationship between the Equal Weighted and the Market Cap weighted S&P500. as shown in this long term Chart.

Way back in 2010 – like before the Ipad – a computer programmer used Bitcoin to buy a Pizza. The cost? 10,000 Bitcoin. Yes, 10,000. That is $630m at today’s exchange rate. That’s some pizza.

In reviewing the behaviour of markets in the first quarter we can use the prism of our Model Portfolios as well as the general benchmarks to try and capture the important elements of what happened, partly for review, but also hopefully for some forward looking insights and perspective.

As March ended and closed out the first quarter, it also marked the anniversary of the equity and Credit market lows triggered by the Great Covid Panic of 2020.

We have noted on many occasions the seemingly unstoppable trend towards a ‘green’ takeover of the western economy consistent with a centralisation of the allocation of capital according to the UN sustainability agenda.