Game Over? Adam Schiff Says Memo Could Lead To Firings Of Mueller, Rosenstein

Stocks are red. Trey Gowdy is abruptly retiring from Congress. Everybody is laughing at what looks like drool dribbling from the edge of Joe Kennedy’s mouth during his rebuttal to last night’s State of the Union.

And along comes Reuters, dropping a bombshell report that, if accurate, could shift the narrative of the multiple investigations involving Russia and obstruction of justice.

Reuters exclusively reported that Adam Schiff, the top Democrat on the House Intel Committee, believes the contents of the four-page memo about allegedly egregious FBI abuses of FISA could lead to the firing of Special Counsel Bob Mueller, or more likely Deputy AG Rod Rosenstein.

Game Over? Adam Schiff Says Memo Could Lead To Firings Of Mueller, Rosenstein

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The Yield Curve Is Crashing

Since the hawkish Fed statement, things have escalated quickly…

The dollar has rolled over from kneejerk gains.

Stocks have tanked (not helped by Green’s “bubble” comments).

And the yield curve has collapsed…

2s30s is down over 5bps now, back below the critical 80bps level and set for its flattest close since Oct 2007.

 

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WSJ Editorial Board Calls On Trump To Release The Memo

In an editorial that appeared in today’s paper, the Wall Street Journal editorial board officially called on the Trump White House to release the infamous “FISA memo” – something that conservatives have been demanding for weeks now, with little luck.

Fortunately, shortly after the editorial was posted online last night, Trump promised that the memo was “100%” going to be released – despite pleas from Rod Rosenstein, the deputy AG who appointed Mueller and is purportedly named in the four page memo – that its release could compromise existing investigations. This morning, Chief of Staff John Kelly revealed in a Fox radio interview that he had seen the memo, and that it will be released “pretty quick.”

It’s unsurprising that Democrats have opposed the memo’s release at every turn – accusing Republicans of distorting the truth for political ends. The hypocrisy here is glaring because, of course, Democrats have an enormous political stake in whether this memo sees the light of day, or not.

But tellingly, in their criticisms, Dems have chosen to ignore the central question: Is the FBI guilty of “egregious abuses”, like the Nunes has claimed?

Nunes

Suddenly, it seems, progressives who went into hysterics following Snowden’s decision to expose the NSA’s shockingly pervasive – and legally dubious – domestic surveillance programs – are no longer concerned with abuses of power by federal law enforcement or intelligence agencies, and apparently no longer believe that FISA decisions should be subject to more oversight. Many also vociferously opposed the ratification of Section 702 of the FISA Act, which Congress voted to renew earlier this month.

As anybody who can remember when the FBI was run by J Edgar Hoover, the agency’s history is littered with examples of these types of abuses. 

But progressive Democrats like Intel Committee ranking member Adam Schiff apparently have selective amnesia when it comes to abuses perpetrated by their one-time leader, former President Barack Obama.

House Democrats: Please – tell us again about your commitment to social justice?

Read the editorial below:

* * *

The House Intelligence Committee voted Monday night to release a Republican memo that by most accounts reveals how the FBI handled, or mishandled, federal wiretap requests during the 2016 presidential campaign. The White House should now approve its public disclosure as the first of several to help the country understand what really happened.

Democrats are objecting to the release, claiming partisanship and violations of national security. None of this is persuasive. Republican Intelligence Chairman Devin Nunes has followed a long and deliberative process that follows House protocol.

When the FBI finally agreed after months of resisting to answer a committee subpoena for documents, Mr. Nunes deputized former prosecutor and South Carolina Rep. Trey Gowdy to investigate. The subsequent memo was vetted for security concerns, provided to the entire House committee, then made available to the entire House, then shown to the director of the FBI, and is now undergoing White House review. This is hardly a Chelsea Manning-to-WikiLeaks-to-New York Times leak.

Another false claim is that Republicans are “censoring” a rival Democratic memo. The same Democrats howling about national security wanted the committee on Monday instantly to approve the public disclosure of their counter-memo that hasn’t gone through the equivalent reviews that the majority memo has. Committee Republicans voted to start that process by making the Democratic memo available to the full House, and by all means let’s see that memo too.

The House memo is not about “attacking the FBI” or “our law enforcement professionals,” as Democrat Adam Schiff insists. This is about restoring confidence in a law enforcement agency that played an unprecedented role in a U.S. presidential election regarding both the Trump and Clinton campaigns.

Americans deserve to know whether accusations that the Kremlin infiltrated the Trump campaign have any basis, and prosecutors and Congressional committees are investigating. The FBI might well have had cause to believe Russians were targeting the Trump campaign when they sought a Foreign Intelligence Surveillance Court warrant. But Washington also should be able to investigate if and how law enforcement agencies exceeded their remit in seeking wiretaps.

The memo also concerns the integrity of the FISA process. Democrats created FISA in the 1970s to protect against wiretap abuses during the Cold War. We opposed it on grounds that it would dilute political accountability, and what do you know here we are. FISA is supposed to provide a measure of legal assurance against abuse, and FBI and Justice officials appear ex parte before the FISA judges with no competing claimants.

The public should know if as part of its warrant application the FBI used the Christopher Steele dossier that we now know was financed by the Hillary Clinton campaign. The House intelligence memo may answer that question, as well as whether the FBI made other misrepresentations or omissions in its FISA application. In June 2017 former FBI director Jim Comey referred in Senate testimony to the dossier as containing “salacious and unverified” material. Is that what the FBI told the FISA court in 2016?

If the FISA judges weren’t told about the partisan provenance and doubts about the veracity of the memo in the middle of a presidential election campaign, then what is FISA for? To serve as a potted plant so the FBI can get whatever warrants it wants? Are they genuine Article III judges with an independent writ or merely another arm of the executive branch that can be rolled like some deputy assistant secretary of State?

The same progressives who demanded accountability for FISA courts after Edward Snowden exposed federal snooping now want President Trump to shut down the House’s limited attempt at transparency. Don’t buy it, Mr. President. Let it all out—the two House Intelligence memos, Senator Chuck Grassley’s referral letter for a criminal investigation of Mr. Steele, and all other relevant FBI or Justice documents that won’t undermine U.S. security. Our democracy can take the transparency, and after the 2016 fiasco it deserves it.

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Greenspan Warns: “We Have A Stock Market Bubble”

US equity markets stumbled notably as former Fed Chair Alan Greenspan told Bloomberg TV that “we have a stock market bubble.”

Greenspan stuck to his usual discussion topics of low productivity and fiscal doomsday inevitability…

Productivity has been dead in the water for the past 10 years

I’ve never believed in the Phillips Curve…

Adding that “we’ve got to confront the budget deficit,” concluding “we’re dealing with a fiscally unstable long-term outlook.”

Something we have heard before (in 2016) when Greenspan warned

Entitlements are crowding out savings, and hence capital investment. Capital investment is the critical issue in productivity growth, and productivity growth in turn is the crucial issue in economic growth. We’re running to a state of disaster unless we turn this around.

 

This should be the central issue of the presidential debate. Unless and until we can rein in entitlements, which have been rising at a nine percent annual rate in the United States and comparable levels throughout the world, we are going to find that productivity is going to maintain a very low rate of increase”

Greenspan also doesn’t really view recession as the biggest problem right now, he is concerned (rightfully so) about the longer term problem of low economic growth and soaring entitlement growth.

“I don’t think that’s our problem. Our problem is not recession which is a short-term economic problem, I think youhave a very profound long-term problem of economic growth at the time when in the Western world there is a very large migration from being a worker to being a recipient of social benefits

But when Greenspan said the following…

“There are two bubbles. We have a stock market bubble and a bond market bubble. At the end of the day, the bond bubble will be the big issue.

Stocks began to stumble…

As a reminder, back in August 2017, Greenspan said this…

We are experiencing a bubble, not in stock prices but in bond prices. This is not discounted in the marketplace.”

It seems some market participants still listen to him?

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CFPB Is Constitutional, Court Rules, in Victory for Unaccountable Bureaucrats Everywhere

The structure of the Consumer Financial Protection Bureau (CFPB) was ruled constitutional today.

Unlike other independent agencies not under the direct supervision of Congress or the president, the CFPB was given a single director instead of a panel of three or five commissioners. In theory, that was meant to insulate the bureau from political influence. In practice, it made the director one of the most powerful people in the federal government. Last year, a three-judge panel on the D.C. Circuit Court ruled the CFPB’s structure was unconstitutional, but the bureau was allowed to continue operating while the case was appealed to the full court.

The en banc panel of the court upheld the CFPB’s structure in a split decision issued today. In reversing the earlier ruling, the court accepted the argument that Congress could create a uniquely structured agency as a way to shield the bureau from political influence.

“Congress’s decision to provide the CFPB director a degree of insulation reflects its permissible judgment that civil regulation of consumer financial protection should be kept one step removed from political winds and presidential will,” Judge Cornelia Pillard wrote for the majority.

Although the court upheld the CFPB’s structure, it tossed out penalties that the CFPB had issued to PHH Corp., a mortgage services firm and the plaintiff in the case.

This ruling might not be the last word on the CFPB. Ilya Shapiro, a senior fellow in constitutional studies at the Cato Institute, thinks the Supreme Court should take the case. The D.C. Circuit ruling was disappointing but not surprising, Shapiro says, because the court has a history of being deferential to the government’s case.

“The director of the CFPB reports to no one but himself, and, under the terms of Dodd-Frank, can be removed by the president only for cause,” says Shapiro. “This structure violates core principles of separation of powers and allows the agency to exist unfettered by any accountability to the people.”

The degree of control the president can exert over the CFPB remains an open question. Earlier this year, after Richard Courdray stepped down as director to run for governor of Ohio, there was a week-long legal spat over whether Donald Trump had the authority to appoint a new director to the agency or whether Courdray’s second-in-command would take over. Trump’s pick, Mick Mulvaney, prevailed in the end.

As long as Mulvaney—a longtime critic of the CFPB dating back to his time in Congress—is in charge, the CFPB is likely to take a more limited view of its role as chief enforcer of the rules Congress passed after the 2008 financial collapse. Still, the constitutional question at the heart of the case will remain important for the long term. In just a few short years, the CFPB enforced regulations against mortgage brokers and powerful Wall Street banks but also used its unaccountable power to target small businesses, including payday lenders and community banks.

In the earlier ruling that went against the CFPB, Judge Brett Kavanaugh wrote that “other than the President, the Director of the CFPB is the single most powerful official in the entire United States Government, at least when measured in terms of unilateral power.”

Today’s ruling gives future heads of the CFPB license to wield that power with little restraint, says Iain Murray, vice president at the Competitive Enterprise Institute. Murray’s group has filed its own constitutional challenge against the CFPB.

“This outrage to the spirit of the Constitution needs to be corrected by the Supreme Court and by Congress, which made the original mistake in giving the CFPB so much power with so little accountability,” says Murray.

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Stocks, Bonds, Gold Sink As Hawkish Fed Sparks Dollar Bid

10Y Treasury yields just topped 2.75% for the first time since April 2014, gold is sinking, and stocks are lower as the hawkish Fed statement sparked some modest dollar bids…

Moves are modest for now (aside from in Gold)…

 

10Y Treasury yields back above 2.75%

And the dollar is bouncing…but is still red on the day.

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Yellen’s Final FOMC: Hawkish Fed Sees “Solid” Inflation, Spending, Investment Signals

Yellen’s last FOMC meeting has come and gone and Morgan Stanley suggested “where’s the snooze button?” in their preview post.

Perhaps the most notable development since the December meeting has been the sharp re-pricing of yields, notably inflation breakevens. The year breakeven is 20 bps higher, and the 5y/5y breakeven is nearly 30 bps higher. As such, an acknowledgement that “market-based measures of inflation compensation have risen” seems likely.

The Fed was hawkish:

  • *FED LEAVES RATES UNCHANGED IN UNANIMOUS VOTE
  • *FED: ECONOMY TO `WARRANT FURTHER GRADUAL INCREASES’ IN RATES
  • *FED: INFLATION TO RISE THIS YR, STABILIZE AROUND 2% MEDIUM-TERM
  • *FED: MKT-BASED INFLATION COMPENSATION GAUGES ROSE RECENT MONTHS
  • *FED: GAINS IN EMPLOYMENT, SPENDING, INVESTMENT HAVE BEEN SOLID

The Fed changed the language of its inflation outlook quite notably…

“Inflation on a 12 ‑month basis is expected to move up this year” – no longer “remain somewhat below 2 percent in the near term

Additionally, The Fed noted the market’s inflation outllok has come their way…

Market-based measures of inflation compensation “have increased in recent months.”

Notably, Wells Fargo’s Chris Harvey and Anna Han pointed out that:

“While many market participants don’t expect a major change in Fed policy with the handoff, we think the improving growth environment and anyone not named Janet Yellen [a policy dove] means more hawkishness, at the margin,” said 

The committee could be slightly more hawkish, or inclined to raise rates, with this year’s changes in the voting rotation. The heads of the Cleveland, Richmond, Atlanta and San Francisco Feds rotate on, replacing Chicago, Dallas, Minneapolis and Philadelphia Fed leaders. The Chicago and Minneapolis leaders, Charles Evans and Neel Kashkari, dissented from higher rates in December.

Changes in Fed governors could do the same. Randal Quarles, vice chairman for regulation, joined the committee in October. Nominee Marvin Goodfriend is awaiting confirmation.

*  *  *

Ahead of today’s FOMC statement, the market was pricing in 2.75 rate hikes (of 25bps each)… and a 93% probability of a March rate-hike.

The March rate-hike odds are now at 99.1% after The FOMC.

Since The Fed hiked rates in December, Gold is up 7.6% outperforming The Dow (+6.8%) and The Dollar and Treasury Bond prices have tumbled…

“Mission Accomplished Janet” – Since Yellen took the reins of The Fed – Feb 3rd 2014 – the S&P is up 61%, gold and the dollar are up around 7%, and bonds down 4%…

However, Janet is leaving The Fed with a big problem… Financial Conditions are collapsing easier and easier despite The Fed’s tightening…

 

And so, what to expect for the rest of the day? Tough to say – with no press conference…

*  *  *

Here is Goldman’s Preview of the Redline…

Expected Changes to January FOMC Statement

Information received since the Federal Open Market Committee met in November December indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. Averaging through hurricane-related fluctuations, job Job gains have been solid, and the unemployment rate declined further remained low. Household spending has been expanding at a moderate rate strengthened, and growth in business fixed investment has picked up in recent quarters. On a 12-month basis, both overall inflation and inflation for items other than food and energy have declined this year and are running below 2 percent. Market-based measures of inflation compensation have risen recently but remain somewhat low; survey-based measures of longer-term inflation expectations are little changed, on balance.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Hurricane-related disruptions and rebuilding have affected economic activity, employment, and inflation in recent months but have not materially altered the outlook for the national economy. Consequently, the Committee continues to expect that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market conditions will remain strong. Inflation on a 12‑month basis is expected to remain somewhat below 2 percent in the near term but to stabilize around the Committee’s 2 percent objective over the medium term. Near-term risks to the economic outlook appear roughly balanced, but the Committee is monitoring inflation developments closely.

In view of realized and expected labor market conditions and inflation, the Committee decided to raise maintain the target range for the federal funds rate to at 1-1/4 to 1‑1/2 percent. The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2 percent inflation.

In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Committee will carefully monitor actual and expected inflation developments relative to its symmetric inflation goal. The Committee expects that economic conditions will evolve in a manner that will warrant gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data.

Voting for the FOMC monetary policy action were Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Thomas I. Barkin; Raphael W. Bostic; Lael Brainard; Patrick Harker; Robert S. Kaplan; Loretta J. Mester; Jerome H. Powell; and Randal K. Quarles; and John C. Williams. Voting against the action were Charles L. Evans and Neel Kashkari, who preferred at this meeting to maintain the existing target range for the federal funds rate.

Let’s see how close it comes…

Full FOMC Statement Redline below…

 

Considerably more hawkish than Goldman’s take.

*  *  *

And finally, in a humorous nod to her dress-code, The NY Fed’s trading room (otherwise known as The Plunge Protection Team), had their own way of bidding Yellen farewell…

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Addicts Use Imodium to Help With Detox. That’s a Terrible Reason for the FDA to Make It Harder to Get.

Over-the-counter medicine frees Americans to treat minor health issues without first consulting an expert. For no ailment is this freedom more of a godsend than a pesky case of the runs. You can grab a box of Imodium A-D (or the store brand of the active ingredient, loperamide), walk to the checkout counter, and pay, all without breathing a word about your messy butt to anyone.

But now the opioid crisis drove regulators into absurd fits of caution. The Food and Drug Administration (FDA) wants to make loperamide less accessible because opioid addicts might abuse it. Some in the health industry argue that you should have to ask a pharmacist and present a government-issued ID to buy the drug, as is currently the case with pseudoephedrine.

In a statement published Tuesday, the FDA announced that it “continues to receive reports of serious heart problems and deaths with much higher than the recommended doses of loperamide, primarily among people who are intentionally misusing or abusing the product.” In response to these reports, the agency wants loperamide manufacturers to limit the number of doses per package to a few days’ worth and to make the bills available only in blister packs rather than bottles.

Loperamide is a very, very mild opioid, and like all opioids, it slows down the muscles that send poop through your pipes. But unlike most other opioids, it’s doesn’t affect other parts of the body unless you take a shit-ton. The maximum therapeutic dose is 16 milligrams in the course of a day; people using it either to get high or to chase away withdrawal symptoms will take more than 100 mg. Doses that high can (but don’t often) cause “adverse cardiac events.”

That’s just a mild inconvenience, you might object, if the changes will protect people’s hearts. But this week’s FDA notice does not say how many people have died or been seriously injured from loperamide overdoses, how many adverse events might be avoided by changing to blister packs, or how much retooling loperamide production facilities will cost manufacturers (and ultimately consumers). These are not small asks. The answer to the first question tells us whether the second two are even worth considering; the second question helps us understand whether the imposition implied by the third is reasonable.

Since the FDA isn’t being forthcoming, how might we determine how many people are abusing loperamide? A good start would be to look at toxicology and mortality data. Here’s the research I found on loperamide abuse published in the last two years:

  • According to a 2016 study of loperamide-related deaths in North Carolina, published in the Journal of Analytical Toxicology, the North Carolina Office of the Chief Medical Examiner found above-therapeutic levels of loperamide in 21 deceased persons between 2012 and 2016; the drug is said to have played some role in 19 of those cases. In only one case—that of a 21-year-old male who had a history of overdoses—was loperamide the only drug present.
  • A review of New York Poison Control data published by the Centers for Disease Control and Health and Human Services uncovers 22 cases of intentional loperamide abuse between 2008 and 2016; 15 of the patients had a history of opioid abuse. The average daily dose was 358 mg, and the full range was 34 mg (twice the daily recommended maximum) to 1,200 mg (75 times the maximum). The report does not disclose any fatal overdoses. The same study looked at the National Poison Database System and found 179 cases of intentional loperamide abuse from 2008 to 2016. The average loperamide dose across those cases was 196 mg, ranging from 2 mg to 1,200 mg. The paper includes clinical outcomes for 132 of those cases: 66 patients suffered “life-threatening symptoms or residual disability”; four of them died.
  • A 2017 review published in the Journal of Emergency Medicine found a much larger number of loperamide misuse/abuse cases between 2009 and 2015. The researchers found 1,925 poison control reports of loperamide being mixed with another drug and 947 reports of loperamide taken in isolation. Of all those, 381 were classified as intentional drug abuse and 15 were classified as attempts to manage opioid withdrawal symptoms. Across five years, only four cases of loperamide used in isolation and 19 cases of loperamide used with another drug resulted in death.

Let’s assume that the last report is the most comprehensive. So from 2009 and 2015, 2,872 Americans over the age of 12 intentionally misused or abused loperamide—for reasons ranging from attempted suicide to opioid withdrawal—by taking a dosage of at least twice the daily recommended amount, and 17 people died as a result.

Or, we can use the North Carolina number of 21 deaths in which loperamide may have played a role, multiply that number by 50, and divide by the number of years (four) the study covered. That would give us an annual loperamide death toll of 262.5. I think that number is laughably wrong, but if we’re going to say that it demands a policy response of either changing the packaging of antidiarrheal drugs or making them available only at the discretion of a pharmacist, then we should probably also do something about Tylenol and other products containing acetaminophen: America’s most common pain reliever kills somewhere between 150 and 500 people each year, and annually sends 55,000 to 80,000 people to emergency rooms across the country.

What’s that? You don’t want to pay $10 for a 10-count of blister-packaged Tylenol? Well, you must not care about the acetominophen crisis.

This is not to say that intentional loperamide misuse/abuse is not a trend. Due to the unavailability of drugs that treat opioid withdrawal, coupled with the reduced availability of prescription opioids, it’s almost certainly true that opioid addicts have turned to over-the-counter diarrhea medicine either to get high or to avoid the physical and psychological pain of withdrawal. But the data we have says there is no loperamide crisis, and the sheer amount of loperamide necessary to mimic the effects of even a small amount of heroin suggests that even if we do nothing, there likely never will be.

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The Government is Going to Shut Down Again (And That’s Bad): New At Reason

In the latest “Mostly Weekly,” Andrew Heaton explains why libertarians should be against the next government shutdown.

Watch above or click here for full text and downloadable versions.

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Half Of Apple’s 2017 Gains Are From ETF Flows

When it comes to Apple, it has become almost apocryphal to suggest that the world’s most valuable company whose (offshore but not for long) cash hoard is bigger than the GDPs of most countries, owes its nearly $1 trillion market cap to anything less than the stellar success of its products, by which we of course mean the iPhone. And yet, as one bank after another has cautioned in recent weeks – Deutsche Bank most recently Apple’s magic goose may no longer be laying “supercycle” eggs, now that the iPhone X is officially a dud, with Cupertino quietly ordering production to be slashed as much as 50% following a historic gamble: the price of its latest gadget was just too high, leading to a plunge in interest.

Now, as Deutsche observed, Apple’s shares were up 46% in 2017, significantly outperforming the markets. This outperformance came from the iPhone X/8 anticipation trade, with much of this upside coming early in the year as investors got excited about the new iPhone X. The problem is that in light of the mediocre demand for the iPhone X – whether due to price or some other reason – investors clearly got ahead of themselves, and while virtually everyone id HODLing AAPL for now, once Tim Cook is forced to guide down, things may get ugly.

There is another problem, and this goes beyond the company’s business and operational decisions.

As the German bank shows, the other key driver of Apple’s strong performance in 2017 was the overall market’s strong performance. The S&P 500 was up 19% in 2017, while the NASDAQ was up 28%. Apple accounts for 4% of the S&P 500, which means that passive investors need to own a decent-sized portion of Apple shares in order to perform in line with the market.

But the real punchline is ETFs, and specifically how greatly the inflow into passive strategies has boosted Apple’s stock price, for no other reason than simply because retail investors wanted equity exposure via market ETFs!

As seen below, passive funds continue to account for a larger share of mutual funds and ETFs, which means that more funds are buying Apple when the markets go up. In addition to this growth in passive funds, the performance of many active funds is judged based on an index like the S&P 500 or the NASDAQ, which means these funds will try to match these indexes to some extend.

And the punchline: according to German bank’s calculations, it was nothing more than the market’s blistering performance last year, coupled with the stocks’ reliance on ETF flows, that helped drive roughly half of the upside in Apple’s shares in 2017! Or, as Deutsche says: “we believe the fact that markets saw strong performance in 2017 helped drive roughly half of the upside in Apple’s shares in 2017.

Finally, in addition to the benefit of strong market performance, DB believes that Apple’s shares are also benefiting from the shift to ETFs. Many managed funds have limits on how much they can own of any one stock, which means that some passive funds, even ones that track the markets, can’t hold Apple at its full market weighting.

However, ETFs don’t make this distinction, and ETFs that track certain indexes are fully weighted to the stocks in that index. As seen in the figure below, ETFs now account for 23% of passive investments, up 2ppts Y/Y and up 13ppts over the past 10 years. Given ETFs hold stocks at their market weight, this shift to ETF trading strategies has been a positive for Apple’s shares.

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