It’s not being talked about enough. This market move off the November lows and the Fed pivot — signaling an end to the central bank’s rate-hiking cycle — is one of the most astonishing and satisfying I have seen in 43 years of investing. In nine weeks, we blew through price targets on so many groups, we crashed barriers that I thought would be impossible to do for many years. And we did it at a pace that I can only think of one word to describe: unsustainable. Yes, that’s a damning word. I have danced around it in our meetings and have certainly questioned the trajectory of many a stock since the November liftoff. But the move is like a full-on jailbreak for so many different companies — and you can’t expect them to break out of jail again. They are already out. For as long as I have been in the business, I’ve heard that most of the big moves occur all at once in a very short period of time. That’s been only partially true. If you look at the great gains of the Magnificent Seven, only Nvidia put on hundreds of billions in market value pretty much over night. But that is what happens when you report $4 billion more in revenues in a single quarter than anyone expected. Nvidia CEO Jensen Huang likes to joke that it’s the biggest analyst “miss” in history, a reminder the Street has overshot forecasts, too. But Nvidia is, to draw on a couple of words from law school, “sui generis,” and I doubt we will this kind of move again anytime soon. But the overall market action recently does underscore that point — and is breathtaking. I have used the word parabolic to describe some of the charts I have been watching, a word that is meant to be a curse because a parabolic move is inherently unsustainable. It’s meant to be a signal or a message that says: “Take some profits because you can’t expect the move to continue.” And yet, with the exception of companies that have had truly bad news — Nike or Fedex or some of the oils, say — you would have left a lot on the…
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