A 17.6% NAV Return, A 13.7% Distribution Raise, A 10% Discount: The EM Fund Nobody Watched
Frontier sovereigns quietly posted one of the best income years anywhere while the share price went nowhere.
The quiet currency that decides global markets
Japan's history, the yen carry trade, and the difference between an attractive asset and a resilient investment position.
Tech Crosses Three Sigma While Gold Breaks: The Streak Turns Ten
Tech crosses +3 sigma, gold breaks to a two-month low, credit confirms at +1.64 sigma, and utilities log a tenth straight negative week.
The Preferred Stock Fund That Raised Its Payout Three Times In 2026
Three raises, a special, a 9.8% discount, and a bank preferred book yielding 8.4%. The quiet quality play.
The AI Trade Nobody Files Under Income: 23 Midstream Names, 9.8%, Two Raises
The data center buildout runs on natural gas. These are the toll roads, in a concentrated CEF at a 10% discount.
The Permitting Story Nobody Is Pricing In (FMKT)
Permitting reform is the deregulation story that moves on 24-month timelines and gets priced in on 24-hour cycles.
A Sample of What Your AI Agent Sends You
A real example of the weekly practice brief our AI agents email advisors in the network - market context, client conversation starters, and positioning help, personalized to your practice.
DoubleLine's 13% Yielder: A Third Emerging Markets, 10% Below NAV
DSL's 34% emerging-market sleeve, 5.18-year duration and doubled discount into a hiking Fed.
A 15% Mortgage Yield With A 7.87% Expense Ratio. Do The Math
DMO's 15% yield and tripled discount sit on top of 46% leverage and the highest expense load I have profiled.
What We Do for Advisors (and Why It Costs You Nothing)
The Lead-Lag Report is half of what I do. The other half is an advisor network with an AI agent that works for your practice, free. If we have never spoken, this one is for you.
40% Leverage, Asia-Pacific Bonds, A 15% Trailing Yield: Inside FAX
A 40-year-old CEF lending across Asia-Pacific at 40% leverage, marked at a wider-than-average discount.
The Miss, the Message, and the Market That Refused
When the weakest jobs report of the year buys equities a rally and the bond market nothing at all, what exactly is the equity market rallying into?