Author: Doug Kass

PIMCO: Hyperscaler spreads over Treasuries have widened, and they’ve widened compared to other investment grade companies as well. While they were about 15% cheaper in early 2025, they’re now 25% more expensive, showing the market is pricing in more risk.

Here’s a look at… pic.twitter.com/upGjshNKGP

— Sonali Basak (@sonalibasak) May 20, 2026

Bonds do not give a flying fuck about political narratives, gamma squeezes, meme stocks, retail or any other ticky tacky loopholes that push stocks higher. It cares about math. And the math is getting ugly very quickly.

📌 my latest, no paywall: https://t.co/ebCdam3gpo pic.twitter.com/eaaJAa65Am

— Quoth the Raven (@QTRResearch) May 19, 2026

The consensus of analysts is that AI capital investments will rise by 20% a year for five years while revenues are expected to grow 15% resulting in negative returns. "The AI boom will become a story of one of the largest destructions of shareholder value in history." pic.twitter.com/ofXDQDiR33

— jeffrey lee funk (@jeffreyleefunk) May 20, 2026

S&P 500 dumps from May to October every midterm election year:

1962: -22.16%
1966: -21.22%
1970: -0.15%
1974: -33.11%
1978: -7.91%
1982: +16.86%
1986: -8.14%
1990: -19.57%
1994: -2.05%
1998: -17.66%
2002: -31.34%
2006: -4.64%
2010: -6.03%
2014: -4.89%
2018: -5.15%
2022: -18.9%… https://t.co/wtp0s8K0xv pic.twitter.com/OiImI1Lm5Q

— Reflection🪩 (@0xReflection) May 19, 2026

⚠️THIS IS ABSOLUTELY INSANE:

~24% of the S&P 500's top 100 stocks now have an inverted 3-month call skew, approaching the 25% peak seen during the 2021 meme stock frenzy.

An inverted call skew occurs when out-of-the-money call options are more expensive than at-the-money… pic.twitter.com/oPCplPSGbL

— Global Markets Investor (@GlobalMktObserv) May 19, 2026

How expensive is the S&P 500 right now? Four ways to count.

– Price/Sales: 3.5x (all-time high, higher than 2000)
– Price/Book: 5.5x (all-time high)
– Forward P/E: 26x (at the 2000 dotcom peak)
– Dividend Yield: 1% (near a record low)

Three of these are at levels last seen at… pic.twitter.com/NMRvIwQD6h

— Thierry from arvy 🇨🇭 (@ThierryBorgeat) May 19, 2026