Lead-Lag Live
The AI Trade Is Global: Derek Yan on Dollar Weakness, EM Tech, and Hidden Concentration Risk
U.S. equity concentration has reached historic extremes. The next leg of the AI trade may not be where most investors are looking.
Michael A. Gayed, CFA
Newsletter
The Inflection Point in Carbon Markets: What Advisors Need to Know Now
Structural tightening, global expansion, and portfolio implications of carbon allowances.
Closing Thoughts for the Week
Beat and Drop, Yield and Gold
When the best earnings report in semiconductor history cannot lift a market, what exactly is it waiting for?
Global View
Policy Volatility Meets Narrow Leadership: Markets Reprice Risk Without Credit Stress
A cooling but still-expanding growth backdrop is colliding with trade-policy shocks and AI-driven equity dispersion.
Leaders-Laggards
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 remains constrained by financing costs and tariff fric
High Yield Spotlight
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, electricity-driven investment cycle.
Lead-Lag Live
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 remains fixated on infrastructure.
Macro Observations
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.
Weekly Signals
When the AI Boom Becomes a Credit Event
Why Duration Could Win the Next Cycle
Lead-Lag Live
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.
Leaders-Laggards
From AI Scare Trade to Security Comeback
Extreme software rotation drove cyber to five-year valuation lows — even as demand and margins strengthened.
Lead-Lag Live
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.