Did you know that Warren Buffett, one of the most successful investors of all time, once described Bitcoin as "rat poison squared"?

It's important to critically assess the intrinsic value and utility of new investment vehicles, rather than getting caught up in hype or speculative trends.

In this edition of our newsletter, we bring you these articles:

• How Will The Stock Market Perform For The Rest Of The Year? First, we’ll look at what’s driving the stock market's impressive rally in the first half of the year 📅

• Why Do Rate Cuts Help Smaller Stocks? Next, we’ll learn why smaller stocks benefit significantly from rate cuts 

• Is Bitcoin A Valid Investment And How Much Should Investors Own As A Percentage Of Their Assets? Finally, we’ll give you our analysis of Bitcoin's role in the investment landscape 🤔

Stay informed as we look into the stock market and the global economy. Here we go!

How Will The Stock Market Perform For The Rest Of The Year? 📅

The rally in the first half of the year surprised even my optimistic expectations, with the tech rally pulling most of the weight.

We’ve had a bifurcated market—not as bifurcated as 1998 and 1999, but tech stocks are selling at 30 or more times earnings and everything else is selling at 17 or 18 times.

Smaller stocks have P/E multiples of 14 or 15.

They haven’t seen many gains this year.

Momentum in tech is still there, and that could drive stocks upward 📈

I don’t think the recent rotation away from tech has legs.

Rate cuts will be healthy and allow for broader participation, but tech is the future and will continue to lead the way.

Why Do Rate Cuts Help Smaller Stocks? 🏪

Rate cuts affect smaller stocks much more than large ones because smaller companies are more dependent on borrowing.

This means that when interest rates come down, their financing costs are lowered, which improves their margins and profitability 📊

I don’t see value investing coming back from the doldrums until we get significant rate cuts.

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Is Bitcoin A Valid Investment And How Much Should Investors Own As A Percentage Of Their Assets? 🤔

I have yet to understand the real function of Bitcoin.

It is not a currency because it never gained acceptance as a broad mechanism for payment.

Its greatest potential was its blockchain technology, but even that has not been utilized.

It has not proven to be a good hedge against inflation, as evidenced by its collapse to around $16 when inflation was spiking last year.

So my conclusion is that it is a popular speculative asset without much real functionality 🤷

Inner Circle Global Macro Update 🔍

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