Closing Thoughts for the Week
Records on the Indexes, Capex on the Cloud, and a Fed That Will Not Cut
When Big Tech Spends $650 Billion in a Quarter and the Strait of Hormuz Stays Closed, Which Story Is the Market Pricing?
Latest
High Yield Spotlight
The Fed Just Held Rates Again. This REIT CEF Just Raised Its Distribution 12.5%.
Cohen & Steers' flagship real estate fund is yielding 8.2% at near-zero discount — and REITs may finally be the right place to be.
Macro Observations
The Reverse Carry Trade: The Yen Apocalypse (A Comic)
The Yen Apocalypse, told as a 24-page comic. The reverse carry trade unwinds, the Bank of Japan blinks, and the global liquidity pipe finally gets pulled. What follows is the visual version of every macro warning I have been writing for the last two years. Scroll all the way
Macro Observations
A 30% off annual code, this weekend only
Macro Observations
Why I'm pushing the annual plan tonight
Quick note - and the only one I'll send like this. The Lead-Lag Report has two paid options: Monthly: $39/month - which is $468/year if you stay on it. Annual: $320/year - a flat $148 less than the monthly plan annualized. If you've been reading
Global View
The 8-4 Vote and the ¥5.4 Trillion Lie.
A Fed Divided Like It’s 1992, A Yen Defense That Cost 7% of FX Reserves, and Records Built on Borrowed Time
Macro Observations
Last call -- and the math on going annual
This is the last email in this sequence, so I’ll be straightforward. You’ve been reading the free version of this newsletter, which means you understand the intermarket framework, you follow the macro narrative, and you’ve seen enough to know the analysis is serious. If it weren’t,
Leaders-Laggards
Intel's Comeback, the Semis ATH, and Tech Stands Alone
Trump Cancels Pakistan Talks, Big Tech Earnings Loom, S&P Notches Ninth Record of 2026 — But Five of Eleven Sectors Are Already Lower
Macro Observations
Mid-week signals check: Gold backs off the Risk-Off flip
The Lumber/Gold signal that flipped on Monday is already getting tested. Here is what changed.
Newsletter
TODAY: Free CE Credit: Beyond Bonds, the 4% Rule, and Covered Call ETFs (Apr 30)
1.0 CFP CE credit. Free. Live panel with Tuttle Capital on April 30
Newsletter
TOMORROW: Free CE Credit: Beyond Bonds, the 4% Rule, and Covered Call ETFs (Apr 30)
1.0 CFP CE credit. Free. Live panel with Tuttle Capital on April 30
Newsletter
Free CE Credit: Beyond Bonds, the 4% Rule, and Covered Call ETFs (Apr 30)
1.0 CFP CE credit. Free. Live panel with Tuttle Capital on April 30