Subject: Re: A few random notes on Q2
I note that float, unusually, hasn't gone up. Same as three quarters earlier in nominal terms.
Float growth has definitely slowed but the data point from three quarters earlier was also sort of abnormal.
float growth trailing 4 quarters growth
2021 Q1 140 2 10
Q2 142 2 11
Q3 145 3 10
Q4 147 2 9
2022 Q1 148 1 8
Q2 147 -1 5
Q3 150 3 5
Q4 164 14 17
2023 Q1 165 1 17
Q2 166 1 19
Q3 167 1 17
Q4 169 2 5
2024 Q1 168 -1 3
Q2 169 1 3
Q3 174 5 7
Q4 171 -3 2
2025 Q1 173 2 5
Q2 174 1 5