Five interesting things that Hodges Capital research analysts discovered this week...

#1 UNCLE SAM’S FAT WALLET: Since October 2021, tax collections have been up 42% over the same pre-pandemic period in 2019. According to the Congressional Budget Office, the increase has come mainly from corporations and capital gains tax paid by individuals.

#2 BITCOIN BITES THE DUST: Bitcoin has fallen by more than 20% in the past two weeks and is down over 55% from its November peak. It is estimated that 40% of holders are now underwater on their investments, according to new data from Glassnode.  

#3 UKRAINE/RUSSIA: A recent poll conducted by YouGov/The Economist has shown a significant age gap in how U.S. citizens feel about Russia and Ukraine. Nearly 92% of Americans aged 65 or older sympathized with Ukraine over Russia, but among 18 to 29-year-olds, only 56% responded the same way.  

#4 REBAR: Despite volatility in most material stock prices; domestic rebar prices appear to be holding up and are near an all-time high based on the Platts Assessed U.S. Southeast rebar pricing that started the week above $1,100 per share ton.

#5 THE “BIG D” JUST GOT BIGGER: According to the U.S. Census Bureau, Dallas, Texas, was the top metro gainer from July 2020 to July 2021. Its population grew by 97,000 to approximately 7.8 million. Fort Worth also made the top 10 fastest-growing metro areas, increasing by 28,000 to 2.5 million.

Hodges Private Client is a program offered through Hodges Capital Management, Inc. (“HCM”). HCM is an Investment Advisory Firm registered with the Securities and Exchange Commission (“SEC”), is a wholly owned subsidiary of Hodges Capital Holdings and serves as investment advisor to the Hodges Funds. HCM is affiliated with First Dallas Securities, Inc, a broker-dealer, and investment advisor registered with the SEC.

This discussion is not intended to be a forecast of future events and should not be considered a recommendation to buy or sell any security. Past performance is not indicative of future results. Investing involves risk. Principal loss is possible. Investing in smaller companies involves additional risks such as limited liquidity and greater volatility. No current or prospective client should assume that information referenced in this communication is a recommendation to buy or sell any security or is a substitute for personalized investment advice from your individual advisor. HCM does not provide tax or legal advice. Consult your tax or legal advisor for any related questions.

All information referenced herein is from sources believed to be reliable and is provided as general market commentary and does not constitute investment advice. This material was created for informational purposes only and the opinions expressed are solely those of HCM. HCM shall not in any way be liable for claims and makes no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information. The data and information are provided as of the date referenced and are subject to change without notice.