Having suggested a short, sharp "January Effect" is likely in equity markets to start 2024, with 2023's 'most-unloved' themes leading, Goldman Sachs' flow-of-funds guru Scott Rubner offers 11 charts showing the dynamics that he says "keep me up at night."
1. 2023 December year-end supply abates – Tax-Loss Supply fades / Pension YE de-glide is done (we had -$11B for sale) / etc.
This is my most important bullet for the earliest days of January. $1.53 Trillion worth of active mutual funds reported their year-end yesterday. There is definitely a desire to come out strong now that the scoreboard has reset.
