Mag 7 Valuation Gap Closes | Netscape Redux? | 32 NHL Team ETFs? | VIX Seasonality Setup

Mag 7 Valuation Gap Closes | Netscape Redux? | 32 NHL Team ETFs? | VIX Seasonality Setup

Author: Derek Moore August 18, 2026 Duration: 46:16

Derek Moore is joined by Mike Snyder and Shane Skinner this week to talk about how valuations of the top stocks now have shrunk to those of the overall market, while tech and other Mag7 stocks valuations have come down while earnings expectations are up. Plus, record short positioning in Nasdaq-100 futures, gold fund flows picking back up, VIX seasonality heading into the autumn, and a filing for 32 NHL team ETFs. All that and more this week.

 

 

The forward P/E of the largest 10 S&P 500 companies has converged with the other 490.

J.P. Morgan data shows the top 10 near 19.8x versus 19.3x for the rest of the index.

The S&P 500 sits around 19.6x forward earnings versus a 16.9x long-run average.

Does a narrower valuation gap mean the market is finally broadening out?

Ben Carlson notes the tech sector is up about 65% since the start of 2025.

Tech's forward P/E still fell from 29x to 22x over that same stretch.

Macro Charts flags the biggest Nasdaq short position since 2020

Asset managers and hedge funds are both leaning short Nasdaq-100 futures.

What record short positioning could mean if anything

Bespoke compares the Nasdaq after Netscape launched to the run since ChatGPT launched.

The post-Netscape Nasdaq peaked up 592% on March 10, 2000.

Goldman Sachs data shows four-week flows into gold funds picking up again.

Central bank buying and returning retail ETF demand are supporting gold.

Topdown Charts shows the VIX seasonally rising from late July into the autumn.

Eric Balchunas highlights a filing for 32 NHL team ETFs from Volatility Shares.

 

Mentioned in this Episode

 

 

Derek Moore's book Broken Pie Chart https://amzn.to/3S8ADNT

 

Jay Pestrichelli's book Buy and Hedge https://amzn.to/3jQYgMt

 

Derek's book on public speaking Effortless Public Speaking https://amzn.to/3hL1Mag

 

Contact Derek derek.moore@zegainvestments.com

 

 


Derek Moore hosts Broken Pie Chart, a podcast that digs into the practical realities of managing money in a complex world. The name comes from the idea that traditional, rigid models for investing and planning often don't reflect real life. Each episode takes a specific concept-whether it's portfolio construction, market behavior, or preparing for retirement-and breaks it down into straightforward conversation. You'll hear clear explanations of economic trends and financial principles without the jargon, focusing on how these ideas actually impact personal and professional decisions. This isn't about hot stock tips; it's about building a durable understanding of how markets and the economy function. The goal is to provide listeners with a stronger foundation for their own financial choices, making seemingly opaque topics accessible and relevant. Tune in for a thoughtful, grounded perspective that challenges conventional wisdom and simplifies the complicated.
Author: Language: English Episodes: 50

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