The Lead-Lag Report

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Solar’s Two-Speed Rally: Utility-Scale Strength Masks Residential Fragility
Early-2026 leadership in solar equities reflects record utility-scale build plans and policy-driven timing incentives, even as residential demand…
 • Michael A. Gayed, CFA
UTF: Leveraged Infrastructure at the Crossroads of Grid Expansion and Capital Costs
How the Cohen & Steers Infrastructure Fund’s closed-end structure, leverage profile, and discount dynamics shape outcomes in a rate-sensitive…
 • Michael A. Gayed, CFA
Kai Wu: The AI Trade Is Entering Its Most Misunderstood Phase
The buildout boom may be peaking. The real opportunity could lie in the companies quietly turning AI into measurable productivity gains while the market…
 • Michael A. Gayed, CFA
21:45
The Case for Regulatory Tailwinds Over Traditional Fiscal Stimulus — FMKT as a Structural Play
Key Highlights
The Resilience of the U.S. Consumer Is Showing Cracks in the Credit Data
Retail sales remain stable, but rising delinquencies and elevated borrowing costs suggest repayment capacity is weakening at the margin.
 • Michael A. Gayed, CFA
When the AI Boom Becomes a Credit Event
Why Duration Could Win the Next Cycle
 • Michael A. Gayed, CFA
Three Rate Cuts, Small Caps, and the 9% Income Trade
If inflation is already at 2% beneath the surface, the Fed is behind the curve — and markets are mispriced for what comes next.
 • Michael A. Gayed, CFA
32:46
From AI Scare Trade to Security Comeback
Extreme software rotation drove cyber to five-year valuation lows — even as demand and margins strengthened.
 • Michael A. Gayed, CFA
Commodities, Rates, and the Repricing of Scarcity
A deep dive with Will Rhind on platinum’s resurgence, gold’s strength, and what it means for portfolio construction.
 • Michael A. Gayed, CFA
Hype vs. Deployment: Derek Yan on Humanoid Robotics, KOID ETF, and the Global AI Arms Race
Lead-Lag Live Recap
 • Michael A. Gayed, CFA
19:26
Relief Rally, Fiscal Shadow
Can risk assets celebrate lower tariff pressure if the bond market insists on repricing fiscal risk?
 • Michael A. Gayed, CFA
YYY: The Income Illusion or the Ultimate Credit Barometer?
Why a high-yield CEF basket can amplify both income and instability.
 • Michael A. Gayed, CFA
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