This is brutal.
Michael Hartnett at Bank of America Merrill Lynch is one of the more creative strategists on Wall Street when it comes to finding ways to illustrate some of the more pervasive investing themes going on in markets.
And so in a note to clients on Thursday, Hartnett presented the following chart comparing shares of Netflix to shares of AngloGold, a large gold mining company that has seen shares get crushed along with the price of gold.
Year-to-date, Netflix is up about 120%. AngloGold, meanwhile, is down about 60% as the price of has collapsed.
And when you compare Netflix against AngloGold, you see, well, something dramatic.
This chart might say nothing. But then again, it might say everything.
BAML