Backfilled from Substack Archive
Why I'm Sitting Down With Tuttle, Stansberry, and a Practicing Advisor on July 8
Forty years ago, Harry Browne wrote that an investor should not need to predict the next economic regime in order to survive it.
Latest
High Yield Spotlight
The CLO Income Play That Doesn't Blow Up
How the Panagram BBB-B CLO ETF delivers a 7.5% yield with a floating-rate profile that thrives in a higher-for-longer world.
Global View
A Record Quarter, a 40-Year Yen Low, and a Refuted Peace Trade: Q3 Has Begun
The dot plot beat the peace trade at T+7, exactly as titled. A record quarter and a 40-year yen low now set Q3 terms.
Newsletter
The Preferred Stock Trade Most Allocators Are Still Sleepwalking Past
Live today at 2:00 PM ET with Jay Hatfield, CEO of Infrastructure Capital — 40 minutes, live Q&A, 1 CFP CE credit approved
Macro Observations
Every Equity Crisis Was a Currency Crisis First
Fifty years of market history says the tape doesn't break until the money breaks. The signals are already blinking.
Weekly Signals
Defensive Sweep: XLV +4.6σ Best Sector Signal in Years, Tech Crushed -2σ, Framework Flips Risk-Off, Credit Confirms
XLV +7.8% Best Week Since 2022; XLK -5.3%; XLU +3.9%; Russell Holds; WTI -9.6%; JNK/GOVT -1.5σ CONFIRMING
Weekly Signals
A Market at the Edge
Signals are split evenly between offense and defense, pointing to a market at an inflection point.
Macro Observations
A 30% off annual code, this weekend only
Macro Observations
The Warsh Regime
Hawkish Hold as Doctrine, Not Data Point
Macro Observations
The BDC Bubble Hiding in Plain Sight
Yield as Sedation: How a 13% Coupon Silences the Questions Consensus No Longer Wants to Ask
Macro Observations
When the Top 10 Carry the Tape
Breadth, Concentration, and the Risk Hiding in Plain Sight
Macro Observations
The Yen, the BOJ, and the Global Liquidity Lever Everyone Forgets Until It Snaps
A Wide Rate Gap, a Yen Back at the 160 Line, and the One Episode From August 2024 the Consensus Has Already Filed Away