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Boston Wednesday lunch + dinner, NYC Thursday dinner — three private advisor seats this week
Hosting Rayliant Global Advisors and a major Asia-Pacific institutional partner. Limited seats across three exclusive events — RSVP by Tuesday.
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Calm Spreads, a Re-Steepening Curve, and the Credit-Rotation Setup Most Investors Ignore (JOJO)
KEY HIGHLIGHTS · **High yield credit spreads remain compressed**: the ICE BofA US High Yield OAS was **2.78% on 2026-05-04**.[2] Subscribe · **The Treasury curve is positive again**: the 10-year minus 2-year Treasury spread was **+0.50% on 2026-05-05**.[4] · **Inflation is not “gone,
High Yield Spotlight
The Grid Is the New Gold: Inside UTG, the Utility CEF Built for the AI Power Era
Reaves Utility Income Fund is paying you $0.20/month to own the AI power trade.
Macro Observations
Weekend reading: 3 from the archive worth your time
Weekend reading: 3 from the archive worth your time\n\nIf you missed these, they are worth saving for a quiet hour this weekend:\n\n1) Money in Motion - Today at Noon ET\nWhy it matters: the market regime shift shows up first in cross-asset leadership, not headlines.\nhttps:
Macro Observations
A 30% off annual code, this weekend only
Newsletter
Money in Motion — Today at Noon ET
Today at 12 PM ET. One hour. No replay guaranteed. I’m hosting Greg Babij, Founder & CIO of Sundial, for a live conversation built for a very specific audience — investors with $5M+ portfolios who already know the traditional 60/40 isn’t going to do what it did the
Newsletter
The Great Rotation Is Here — And FMKT Is Built for It
KEY HIGHLIGHTS * The 10-year/2-year Treasury yield spread has normalized to +0.50% as of April 10, 2026 — ending the deepest and longest yield-curve inversion since the 1980s.[1] * ISM Manufacturing PMI reached 52.7 in March 2026, signaling that the industrial economy has crossed back into
Newsletter
URGENT — Doors Close at Noon ET: 1 CFP CE Credit on the 351 Exchange
Doors close in under 2 hours. At noon ET today I’m going live with Phil Toews and Eben Burr on the 351 Exchange — the cleanest, fully legal way to diversify a concentrated, low-basis equity position without writing a check to the IRS. CFP® professionals earn 1 CE Credit
Macro Observations
A note for readers near the 90-day mark
Newsletter
The Tax Trap That's Costing Your Clients Millions — And the One Tool That Breaks It
Tomorrow at noon ET: A free CFP CE-eligible webinar with Toews on the 351 Exchange — how to diversify concentrated, low-basis positions without triggering a single dollar of capital gains
Macro Observations
Free read: A Market Divided
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?