High Yield Spotlight
PSEC Pays 21% At A 65% Discount. The Market Thinks The NAV Is Fiction
A covered payout, a freshly cut distribution, and the widest discount in the BDC space. Which side is mispriced?
Michael A. Gayed, CFA
CFA charterholder. Founder of Lead-Lag Media. Publisher of The Lead-Lag Report. 5x Dow & NAAIM Founders Award winner for research on intermarket signals.
High Yield Spotlight
An 18.6 Year Duration Book Yielding 10.8%: The Purest Rates Trade In The Drawer
36% leverage on long duration credit. The distribution is 31% return of capital. Know what you are underwriting.
High Yield Spotlight
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.
Leaders-Laggards
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.
High Yield Spotlight
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.
High Yield Spotlight
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.
FMKT
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.
High Yield Spotlight
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.
High Yield Spotlight
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.
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