What Paid Subscribers Get (And Why It Matters)
Every week, I publish The Lead-Lag Report. Thousands of you read the free version. And that's great — I'm glad the macro frameworks and market context are useful.
But here's what you're not seeing.
The free portion of each report gives you my macro narrative — where I think markets are heading and why. The paid portion gives you the exact signals, levels, and positioning I'm watching to act on that narrative. There's a meaningful difference between understanding the weather forecast and having the GPS coordinates for shelter.
Here's specifically what paid subscribers receive each week:
1. The Four Proprietary Intermarket Signals
I track four intermarket ratios that have historically preceded major market turns: Lumber/Gold, High-Yield/Treasury, Utilities/S&P 500, and Copper/Gold. Each week, I publish whether these signals read Risk-On or Risk-Off, what the trend looks like over 13 weeks, and what the composite signal says about forward equity returns. You don't get these readings in the fre
2. Specific Allocation Guidance
Not just "be defensive" or "stay long." I share exact sector tilts, duration positioning, and the intermarket evidence behind each call. When I say rotate into Utilities, I show you the ratio chart, the momentum data, and the historical analog.
3. The High Yield Spotlight
Every week I identify a high-yield opportunity — a specific sector, asset class, or rotation trade where the risk/reward is asymmetric. These are the ideas that don't show up in the free com
4. The Track Record
I've published over 1,694 reports. The signal framework called the Q4 2025 rotation into defensives. It flagged the March 2026 volatility event six weeks early through the Lumber/Gold ratio. It identified the energy breakout before consensus caught on. These aren't backtests — they're published, time-stamped calls.
5. Direct Access
Paid subscribers get access to the comments section where I respond to questions, and to the full archive of 1,694 reports. If you want to see how the signals read before any prior correction or rally, it's al
Why I charge for this:
The free macro commentary keeps you informed. The paid signals and allocation guidance give you something to act on. I've spent 20+ years building these frameworks, and they take significant time to produce each week. The subscription price reflects the work and the value.
If you want to see what you've been missing, start a free 7-day trial. No commitment. Read two full signal reports. If it doesn't change how you think about positioning, cancel before the trial ends and pay nothing.l there.mentary.e version.