The Wednesday Briefs 167 - 10 May 2023

THIS WEEK: Disney and Streaming; Title 42 Migrants; War Metaphors; Summer of 2023; S&P Sectors Update.

DISNEY AND STREAMING

The Walt Disney Company is one of America's iconic corporations. Disney listed its shares on the stock market in November 1957. According to this analysis, $1,000 invested in Disney stock at the time would be worth over $2.6 million today. Meanwhile $1,000 invested in the S&P 500 on the same date would be worth about $95,000 today. It is worth noting however that Disney's outperformance of the index took place before 1990. See this chart of Disney stock (black) v. the S&P 500 (blue) since 1990.

One of the reasons for Disney's success is its ability to periodically find new vectors of growth. Other reasons have been globalization and the appeal of Disney's offering on all continents. Disney stock hit an all-time high of $203 in March 2021 but it subsequently fell by half and has been languishing near $100 for the last year. This may be surprising because Americans have been traveli…