Up together, down together, up together, down together.

Not anymore.

This is a break apart between stocks in Hong Kong and Japan. Anti-correlation. Hong Kong goes one way, the Nikkei goes another. It breaks historic precedent. An asset allocator's dream.

Up together, down together, up together, down together.

Not anymore.

This is a break apart between stocks in Hong Kong and Japan. Anti-correlation. Hong Kong goes one way, the Nikkei goes another. It breaks historic precedent. An asset allocator's dream.

The whole of Wall Street waits with bated breath each month for a CPI report whose rent calculation is total garbage.

'Garbage in, garbage out.'

We just did a webinar with a bunch of advisors. Poll question was whether you're underweight or overweight Chinese stocks -- 94% said underweight.

Last chance to sign up for our webinar today “How to Approach the Shifting Rate Environment” with @VettaFi featuring Kevin Flanagan and Jeff Weniger. Register now! bit.ly/4a7oSwT +1CE credit. #VettaFi

Japan may be undergoing a change in mindset from a deflationary 'let-me-hold-bonds' mentality to one where inflation is a primary concern. For Japanese of a certain age, this has never been the case at any stage in their life. This is bearish for JGBs, bullish for stocks.

Which of these two economies looks more troublesome? The US, where Manufacturing and Services are both in contraction? Or Japan, where they are both in expansion?

The global stock market basket has $12 in US stocks for every $1 in Japanese stocks. What could go wrong?

China's stock market has an earnings yield that is 7 percentage points higher than its bond yields. In contrast, the US offers 7 basis points more than bonds. Value investors, take note.