✍️ SpaceX & Berkshire, Fair Isaac, Blackrock, Margin Loans + S&P 500 ATHs & Valuation = Maverick Equities Charts of the Week #60
5 + 2 Maverick Charts that say 10,000 words
Dear all,
5 + 2 cherry picked Maverick Charts of the week say 10,000 words or more = the ‘How’!
Table of contents = the ‘What’! Executed in a succinct manner with the aim of a high density of ideas, because great research respects the reader’s time:
📊 Maverick Charts: SpaceX & Berkshire, Fair Isaac, Blackrock, Margin Loans
📊 Bonus: S&P 500 All-Time Highs & Valuation
Objective: both data-driven insights + valuable food for thought = the ‘Why’!
📊 Maverick Charts: SpaceX & Berkshire, Fair Isaac, Blackrock, Margin Loans 📊
SpaceX (SPCX) and Berkshire Hathaway (BRK), naturally not an apples to apples comparison, but a very ‘valuation’ kind of comparison and food for thought. To begin with, when SpaceX IPO-ed, many of you will recall this chart that I posted:
👉 SpaceX (SPCX) at $2.1 trillion market capitalisation
👉 Berkshire Hathaway (BRKB) at $1.05 market cap
SpaceX was then worth exactly 2x Berkshires which recall: compounded at 19.9% for 6 decades via legendary Buffett and Munger! 'Welcome to America!' or 'Only in America!'😉. Or as Elon would do, let that one sink in & bring the sink 😉.
Updating the chart to today which is less than 2 months, to be exact, 55 days:
👉 SpaceX (SPCX) at $1.42 trillion market capitalisation from $2.1, hence down 32%
👉 Berkshire Hathaway (BRKB) at $1.11 market cap
Takeaway:
SpaceX valuation cooled off materially, yet it is still worth 1.28x than Berkshire!
This is not a SpaceX vs Berkshire, undervalued/overvalued, just pointing out the value assessment from the frothy & sometimes funny mighty financial markets!
In investing, one of the hardest things to master is separating admiration from valuation. In other words, a great company is not always a great stock.
I am on both team Buffet & Elon, but above all, my number one team = ‘Valuation’!
P.S. Berkshire’s 2nd quarter 2026 earnings are expected soon on the 8th of August.
Once I am done with the financials, charts and key insights, I will send you the 2nd edition of “The Berkshire Hathaway Report” which is planned to be delivered each quarter, and ad-hoc when very important and timely!
✍️ Buffet’s Berkshire: The Legacy Continues! Stash Away Baby! Fundamentals, Buybacks, Optionality, Valuation, and … Patience! ✍️
In case you missed the latest on Buffet’s Berkshire and a preview to this future report:
Fair Isaac Corporation (FICO), the industry standard for measuring consumer credit risk with their FICO® Score (essentially a monopoly for U.S. consumer credit scores) is going bonkers with buying back their own stock:
👉 ~$2.3 billion spent on share repurchases in Q2
👉 which reduced their total share count by 7% in a single quarter
Takeaway:
With the stock down 55% from their 2024 peak, FICO’s management team definitely sees these days the stock as very undervalued!
P.S. a very interesting business and situation which I might cover in full in the future!
Blackrock (BLK) AUM = continues going to the moon!
just crossed $15tn in AUM for the first time
powered by $192bn in Q2 inflows and a record $321bn in H1
ETFs alone pulled in $178bn, revenue jumped 31%, EPS beat also
Takeaway:
Scale is becoming the ultimate MOAT, isn’t it?
Retail Investors risk appetite via Margin Loan Balances from the 3 largest U.S. publicly traded brokerages, namely Schwab, Interactive Brokers, and Robinhood:
👉 $283 billion for a combined total!
👉 +21% in a single quarter while the S&P 500 is only 2% off its all-time highs
👉 all 3 brokerages are growing their accounts and assets, but still these huge numbers clearly point out how much risk appetite is out there: a lot, buddy, a lot!
P.S. check my dedicated report on the topic from 2025 — a 2026 update to be sent also:
📊 Bonus: S&P 500 All-Time Highs & Valuation 📊
S&P 500 Number of Times it Reached All-Time Highs Each Year:
👉 25 times already this year, after 39 last year and 57 in 2024!
👉 great times that’s for sure, yet check the next Valuation chart also
S&P 500 valuation via a rare Maverick Chart for 10,000 words= 3 key CAPE (Cyclically Adjusted P/E) measures and related drawdowns since 1995:
👉 S&P 500 CAPE (Shiller) = 41.4 = being above 40 marks that it is now higher than 99% of historical valuations
👉 USA CAPE (Barclays) = 39.7 (similar message)
👉 USA Equity Index CAPE = 36.5 (similar message)
Pricey market if you ask me = starting CAPE matters for future returns!
All that and way more, will be covered by the future Maverick Special reports:
✍️ S&P 500 Report: Valuation, Fundamentals, Special Metrics & Leading Indicators
✍️ S&P 500 Report: Performance, Sentiment, Seasonality, Technical Analysis
✍️ Is the U.S. Stock Market in a Bubble?
✍️ Market Pockets of Overvaluation, Animal Spirits Behaviour and Bubbly Territory
Maverick Charts 60th edition done, 5 key charts with many insights + 2 Bonus!
You can check all the previous 59 editions in the Maverick Charts section!
Mission accomplished for me if the following resonates with you:
‘Hmm I never thought it that way’, ‘now that chart said a whole lot’, ‘now that chart was really interesting’, ‘now that is something new’, ‘now I got it!’, ‘you managed to turn something complex into something actually simple’
hence, if you got to see something differently, my approach gave you a different angle, it did help you connect your key dots, then we all do well here!
Research is NOT behind a paywall and NO pesky ads here unlike most other places!
Did you enjoy this by finding it interesting, saving you time and getting valuable insights? What would be appreciated?
Just sharing this around with like-minded people, and hitting the 🔄 & ❤️ buttons!
That’ll definitely support bringing in more & more independent investment research: from a single individual … not a corporate, bank, fund, click-baity media or so … !
Like this, the big positive externalities become the name of the game! Thank you!
Sharing = 3x win: you + your close ones + me!
Have a great day! And never forget, keep compounding: family, friends, community, capital, knowledge, research and mindset!
With respect,
Mav 👋 🤝
“Compound interest is both the ultimate and biggest natural hedge!”
Maverick Equity Research
