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Blokland’s daily sketch

Blokland’s daily sketch

22-03-2019

Overdoing it

  • Jeroen Blokland
    Jeroen
    Blokland
    Portfolio Manager

Today’s chart, created by Topdown Charts, shows that the number of US equity investment funds now equals the number of US listed stocks. So, theoretically, there is one investment fund for every company. Or, put differently, there are many investment strategies that are based on the same, fixed selection of US stocks, which explains the high level of correlation between most of these strategies. But the chart also shows that the number of listed stocks has declined in the last 20 years. Obviously this is explained by mergers and acquisitions and defaults, but also by the fact that companies have chosen to ‘go private’ again. It is also a gentle reminder that the stock market is not the economy.

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As a senior portfolio manager I use charts to illustrate financial issues every day. I tweet my favorites as @jsblokland and was named 'one of the 50 most important people for investors to follow in 2018' by MarketWatch.
Previous editions of the daily sketch can be found on my personal financial markets blog. All graphics provided are collected from Bloomberg data and public websites. They do not always reflect my personal opinion and may also not necessarily reflect the opinion of Robeco. Please cite all references or quote the original source if replicating content.

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