Lead-Lag Live
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.
Newsletter
Key Highlights * Policymakers are increasingly relying on deregulation rather than fiscal stimulus to support growth * Supreme Court and executive actions have meaningfully altered the regulatory environment * Deregulation acts as a supply-side catalyst without the inflationary risks of spending * Financials, energy, healthcare, and infrastructure may benefit disproportionately * The Free Markets
Macro Observations
Retail sales remain stable, but rising delinquencies and elevated borrowing costs suggest repayment capacity is weakening at the margin.
Weekly Signals
Why Duration Could Win the Next Cycle
Lead-Lag Live
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
Extreme software rotation drove cyber to five-year valuation lows — even as demand and margins strengthened.
Lead-Lag Live
A deep dive with Will Rhind on platinum’s resurgence, gold’s strength, and what it means for portfolio construction.
Lead-Lag Live
Lead-Lag Live Recap
Closing Thoughts for the Week
Can risk assets celebrate lower tariff pressure if the bond market insists on repricing fiscal risk?
High Yield Spotlight
Why a high-yield CEF basket can amplify both income and instability.
Global View
Labor steadiness complicates the easing narrative even as inflation cools.
Macro Observations
If Central Banks Sell Gold, What Would It Signal About Fiat Confidence?