$AAPL Tim Cook, who is set to step down as CEO of Apple later this year, has had an incredible run stretching almost 15 years.

In that time, Apple has crushed the S&P 500 and Nasdaq 100.

• The S&P 500: Near all-time highs.

• US Consumer Sentiment: At all-time lows.

Samsung trades at 5.3x forward earnings right now.

$A005930

Quarter-to-date sectoral returns shows that Technology stocks are +16% while Energy is down 10%.

$34,000 invested in Sandisk 12 months ago would now be worth over $1 million.

$SNDK

$NKE Some insider buying at Nike, with Elliott Hill (CEO) and Tim Cook (Board) buying ~$1m in stock over the last few days.

Small stakes relative to each's net worth, but a notable increase in their Nike ownership.

$SNAP The lifetime returns of Snapchat parent, Snap Inc, are -77%.

$BYND Once a $14.1 billion company, Beyond Meat has slumped to a market cap of just $333 million.

Tough year for Adobe and Figma, both of which are firmly in bear territory this year.

$ADBE $FIG

$NKE After falling from a peak market capitalization of $281 billion in 2021, Nike is now trading at valuation levels last seen in 2014.

April has witnessed a strong recovery for most of the Magnificent Seven.

Now, Amazon, Alphabet, Nvidia, and Meta (marginally) are positive for the year.

Meanwhile, Apple, Microsoft, and Tesla are still in negative return territory.

$AMZN $AAPL $GOOGL $META $TSLA $MSFT $NVDA

The $IGV software basket YTD returns vs. drawdown from all-time high.

$WISE Wise is on of few payments stocks earnings positive returns in 2026.

Stanley Druckenmiller after losing $3 billion on tech stocks during the 2000 bubble:

"I didn't learn anything. I already knew I wasn't supposed to do that".

The great Phillip Fisher (1960) tells a story on the nature of 'Superficial Analysis' in his book, 'Paths to Wealth Through Common Stocks'.

Margin expansion at Visa & Mastercard over the decades.

$MA $V

$MU What a chart.

This chart, which shows the daily rolling 5-year total return CAGR, emphasises the decoupling of the Software basket vs. the broader Nasdaq 100 index.

For decades, the two have been tightly correlated. In 2026, that gap has grown to more than 1,200 bps.

The history of the 10Y2Y US yield curve.

The Federal Reserve Interest Rate vs. the 2Y Govt Bond Rate.

Dancing partners.

$CRM Salesforce is trading at forward P/E and EV/EBIT below the 2007/08 GFC.

Rates on US credit card debt are falling, slowly.

$TEAM Atlassian is down more than 60% in 2026.

Software stocks forward sales multiple vs. the 10-year average.

$IGV

UK government bond yields be yielding.

A $10,000 investment in Sandisk's IPO in early 2025 would now be worth $197,444.

$SNDK

The forward P/E of the Mag 6:

• $AAPL Apple: 29.5x
• $AMZN Amazon: 27.6x
• $GOOGL Alphabet: 26.3x
• $NVDA Nvidia: 21.5x
• $MSFT Microsoft: 21.2x
• $META Meta: 19.0x

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Netflix forward P/E and EV/EBIT have come a long way in the last decade.

$NFLX