Weekly Mash

The report highlights a transition to a capital-intensive regime supported by significant corporate demand for buybacks and M&A. While equity supply is increasing, it remains manageable relative to market capitalization and GDP.

Key Takeaways

• 1.Equity market leadership is shifting from capital-light to a new capex-intensive regime.
• 2.Corporate demand for equities through buybacks and M&A continues to outstrip equity issuance.
• 3.Equity sentiment remains flat at an aggregate level, suggesting a lack of market exuberance.

Table of Contents

• Equity supply/demand
• Equity sentiment
• Diversification and momentum
• Momentum factor and volatility