Is the heyday for thematic ETFs over? They could be a ‘relic,’ according to this analyst.

WOW.

MicroStrategy stock, $MSTR, just fell a MASSIVE -35% from its peak seen on November 21st.

That's ~$30 BILLION of market cap erased in 4 trading days as #Bitcoin fell ~9% from its high.

This is one $MSTR's largest 4-day drops in history.

What just happened?

(a thread)

This is concerning:

Auto loan early delinquency rates jumped to 8.12% in Q3 2024, the highest in 13 years.

Serious delinquency rates surged to 2.90%, also the highest in 14 years.

90+ day delinquencies are now just 58 basis points below the record levels seen in 2009.

In…

Tech stocks are massive:

The Nasdaq 100 to S&P 500 ratio just hit at ~3.5x, near an all-time high.

Over the last 15 years, this ratio has more than doubled as tech stocks have consistently outperformed the S&P 500.

During this time, the Nasdaq 100 and the S&P 500 returned…