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.

While we continue to puzzle over official pronouncements on the pandemic, markets are nevertheless thinking about growth, inflation and asset allocation. One of the issues challenging asset allocators in particular at the moment is whether or not there has been a strategic rather than just a tactical shift in Value versus Momentum.

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.

There is a corner of the FT that continues to do sterling work as financial journalists, having alerted us to, inter-alia, Wirecard, Greensill, Softbank, (especially with We Work but also some of the other egregious actions of the former Deutsche Bank traders) and now also Ark Investment Management, the active ETF fund house that has grown dramatically in the last few months (not coincidentally we suspect since founder Cathy Wood resolved her dispute with her minority owner/chief US distributor).

The following is the text of an article submitted to Australian Financial Review – albeit with a title added by us. We do this on a regular basis, but since it is behind a paywall many of our readers can not see it and so we reproduce it here. The AFR article will have been edited, so this is a ‘rougher’ version (as well as slightly longer)