Wall Street And Main Street Have Never Been This Far Apart

For the first time ever, U.S. job openings are collapsing while the stock market hits record highs. The disconnect between Wall Street and Main Street has never looked this extreme.

Total U.S. job openings have dropped sharply since 2022, while the S&P 500 has soared. The release of ChatGPT in late 2022 may have accelerated a major shift—AI-driven productivity is rising, but human demand is falling.

Historically, job market weakness and stock strength don’t coexist for long. Either the economy catches up, or valuations come down. The data suggests Wall Street may be pricing in a future where profits rise even as employment stagnates—a future that benefits capital, not labor.

Constellation Software ($CSU) — a 400-bagger over two decades — is now facing its biggest drawdown in history. But the fundamentals paint a different picture.

Constellation Software has long been the gold standard of compounders—acquiring vertical market software businesses and compounding quietly for years.

Yet even great companies face painful corrections. Despite a 5-year revenue CAGR of 23.7% and free cash flow growth near 20%, the stock has plunged over 40% from its peak. The drawdown suggests that valuation or sentiment—not fundamentals—may be driving the move.

These 15 U.S. companies have reduced their share counts by 50% over the last decade—and some delivered staggering returns doing it.

The group’s average 5-year CAGR of 25.7% shows how capital discipline can compound over time. Leading the pack is Dillard’s ($DDS), a regional department store chain that’s been using steady profits to buy back stock and streamline operations.

Other firms like AutoNation, H&R Block, and Synchrony Financial show a similar pattern of consistent repurchases. Still, buybacks aren’t magic—they work best when paired with genuine profitability and sustainable cash generation, not as a substitute for growth.

Intel’s stock has surged nearly 80% since the U.S. government took a 10% stake—marking one of the largest state-backed investments in a major chipmaker in decades.

Intel’s rebound is a national strategy move. The U.S. government recently acquired roughly 10% of Intel, aiming to strengthen domestic semiconductor production and reduce reliance on foreign chip supply chains.

While government involvement doesn’t guarantee lasting gains, it underscores how critical chip manufacturing has become to national security and economic independence. For now, Wall Street and Washington seem aligned in backing America’s tech resilience.

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