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Become a Better Investor Newsletter – 28 February 2026

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Noteworthy this week

  • 66% of S&P 500 stocks are outperforming
  • EM earnings estimates are rising the fastest
  • 84% of people have never used AI
  • Non-US equity funds saw US$17bn in inflows last week
  • When to buy the dip

66% of S&P 500 stocks are outperforming: Market breadth is at a historic high, with 66% of S&P 500 stocks outperforming the index year-to-date, the highest since data began in 1986.

EM earnings estimates are rising the fastest: One way to visualize global earnings convergence is to plot earnings estimates for different regions on a log scale. All estimates are rising, but EM estimates are rising the fastest.

84% of people have never used AI: And just 0.3% of users pay for premium services. We’re likely in the early stages of AI’s transformation of society. But some (or many) AI stocks could still be in a bubble.

Non-US equity funds saw US$17bn in inflows last week: The 2nd-highest on record. This was particularly driven by South Korean funds, followed by Japan.

When to buy the dip: Stocks down 55-60% recover 74% of the time. Stocks down 65-70% recover 67% of the time. Stocks down 75-80% recover 62% of the time. This is why buying the dip (on high-quality businesses) can actually be so effective.

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Weekly market performance

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Chart of the week

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Podcasts we listened to this week

The Grant Williams Podcast Ep. 115 – Michael Every

“In this episode of The Grant Williams Podcast, I’m joined by Rabobank’s Michael Every for a provocative exploration of why the post-Cold War liberal world order is breaking down — and what may replace it.”

Listen on Apple or Spotify.

Readings this week

THE 2028 GLOBAL INTELLIGENCE CRISIS

“What if our AI bullishness continues to be right…and what if that’s actually bearish?

What follows is a scenario, not a prediction. This isn’t bear porn or AI doomer fan-fiction. The sole intent of this piece is modeling a scenario that’s been relatively underexplored.”

Read the article.

Book recommendation

The Great Deformation: The Corruption of Capitalism in America by David Stockman

“The Great Deformation is a searing look at Washington’s craven response to the recent myriad of financial crises and fiscal cliffs. It counters conventional wisdom with an eighty-year revisionist history of how the American state — especially the Federal Reserve — has fallen prey to the politics of crony capitalism and the ideologies of fiscal stimulus, monetary central planning, and financial bailouts.”

Get the book on Audible or Kindle.

Audible is great; have you tried it? If not, click here to get 2 books for free.

Memes of the week

Published on Become a Better Investor this week

How do you design a team off-site that actually improves your organization? In this episode, Travis Timmons breaks down the mechanics of a Deming-styled off-site team meeting—from starting months early and setting a clear aim to using pre-work, fishbone diagrams, and PDSAs to drive real change.

Listen to Fitness Matters: A Deming Success Story (Part 3)

Saha-Union Public Company Limited (SUC TB): Profitable Growth rank of 4 was same compared to the prior period’s 4th rank. This is above average performance compared to 1,190 medium Industrials companies worldwide.

Read Saha-Union – World Class Benchmarking

Thoresen Thai Agencies Public Company Limited (TTA TB): Profitable Growth rank of 8 was up compared to the prior period’s 9th rank. This is below average performance compared to 1,420 large Industrials companies worldwide.

Read Thoresen Thai Agencies – World Class Benchmarking

Thai Wah Public Company Limited (TWPC TB): Profitable Growth rank of 5 was up compared to the prior period’s 10th rank. This is average performance compared to 440 medium Cons. Staples companies worldwide.

Read Thai Wah – World Class Benchmarking

AMA Marine Public Company Limited (AMA TB): Profitable Growth rank of 4 was down compared to the prior period’s 3rd rank. This is above average performance compared to 860 small Industrials companies worldwide.

Read AMA Marine – World Class Benchmarking

DISCLAIMER: This content is for information purposes only. It is not intended to be investment advice. Readers should not consider statements made by the author(s) as formal recommendations and should consult their financial advisor before making any investment decisions. While the information provided is believed to be accurate, it may include errors or inaccuracies. The author(s) cannot be held liable for any actions taken as a result of reading this article.

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