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One stroke of a presidential pen can reshape entire industries. In 2025, a wave of new U.S. executive orders began doing just that—unwinding restrictions, accelerating competition, and reshaping the investing landscape. For investors in The Free Markets ETF (FMKT), which targets companies positioned to benefit from freer economic
Lead-Lag Live
Key Takeaways * Tech isn’t in a bubble — but it is fully valued. Expect pullbacks to be more about digestion than destruction, with dip buyers still active. * Rotation is already underway. Small-caps and value-heavy equities tend to outperform coming out of Fed tightening cycles. * Income has the edge
Lead-Lag Live
Key Takeaways * AI monetization in China is shifting toward cloud computing, where Alibaba, Baidu, and Tencent are seeing the strongest revenue traction. * China’s “anti-involution” policy is easing excessive competition and helping stabilize profitability in areas like solar and clean tech. * Non-U.S. investors are reallocating to China
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High Yield Spotlight
Key Takeaways * KBWY offers one of the highest yields in the ETF world (~9–10%), but that payout comes with real volatility and long-term capital erosion. * The fund is concentrated in small and micro-cap REITs — the riskiest corners of the real estate market — which fall harder in downturns
Closing Thoughts for the Week
Key Takeaways * Rate-cut bets surged after delayed labor data showed softening conditions, pushing Treasury yields and the dollar lower even as weekly equity performance remained negative. * Market leadership showed visible strain, with tech—especially Nvidia—failing to rally despite strong earnings, highlighting valuation fatigue. * Policy visibility remains limited, with
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Global View
Key Takeaways * A 43-day U.S. government shutdown erased major economic releases, forcing markets to trade without CPI or jobs data.¹ * Fed officials are split on a possible December rate cut, keeping volatility elevated and narrowing market leadership.² * Europe shows rare stability: PMIs remain above 50 and inflation sits
Leaders-Laggards
Retail stocks have spent most of 2025 on their back foot. The equal-weighted SPDR S&P Retail ETF (XRT) is down for the year, badly trailing the S&P 500’s gain.¹ A rotation away from consumer cyclicals has hardened into a broader risk-off stance, and
Macro Observations
AI enthusiasm has pushed Nvidia to heights few would have imagined, humbling anyone who doubted its rise—including me. For nearly two years I argued the stock had outrun reality, yet Nvidia kept proving skeptics wrong. Its latest earnings only intensified the mania, raising an uncomfortable question: is this a
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