📈   Chart of the Week 4/12/202 6 By Michael Allison, CFA Source: StockCharts.com  | ZeroHedge The Dow’s Hall of Fame Problem I found this week’s Chart to be not just interesting, but also borderline comical. Since August 2020, Exxon Mobil, unceremoniously dumped from the Dow Jones Industrial Average after 92 consecutive years as a member, has returned roughly +271%. Salesforce, the company brought in to replace it, is down approximately -32%. That’s a gap of more than 300%, and it’s not a...

📈   Chart of the Week 3/1/202 6 By Michael Allison, CFA On Second Thought… For decades, venture capital operated on a simple exit playbook: build, scale, and eventually distribute gains through an IPO or strategic sale. This week’s Chart shows that exits have become “a third, a third, a surprising third”. The playbook seems to have been quietly rewritten. Secondary transactions, just 3% of exits a decade ago, now rival IPOs and M&A as a core liquidity channel. At its core, a secondary...

📈   Chart of the Week 2/22/202 6 By Michael Allison, CFA Timing is Everything: The Lag Between Productivity Growth and Job Growth One mistake investors often make is assuming that economic progress and labor-market health move in lockstep. History suggests otherwise. Productivity can surge while job growth stalls.This week’s Chart shows just such an example: strong real GDP growth alongside weakening payroll gains deep into an expansion. This divergence isn’t a bug. It’s a feature of...