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It's hard to think of the S&P 500 as being cheap here

00:01 - 16/05/25

US demand remains important to China, per TS Lombard

Financial conditions have eased meaningfully from April, per Goldman

Container ship volumes to the US from China are normalizing, according to Deutsche Bank

Fundamental L/S hedge funds have very low net exposure to equities right now. They sold the entire way down but didn't buy back much when markets moved higher

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