Paid Subscribers: Reserve Your Seat for Tomorrow's Anti-AI Session
Tomorrow at 2 PM ET. Seth Cogswell of Running Oak Capital on the Anti-AI trade, the Grand Illusion, and factor dispersion at a decade-plus high. 1 CFP CE Credit.
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Starting in 30 Minutes: Anti-AI with Seth Cogswell
Anti-AI with Seth Cogswell. Live 2 PM ET. 1 CFP CE Credit.
Starting in 1 Hour: Anti-AI with Seth Cogswell (Running Oak Capital)
Live at 2 PM ET. Efficient Growth is trading like the involuntary Anti-AI portfolio. Factor dispersion at a decade-plus high. 1 CFP CE Credit.
Anti-AI: Why Efficient Growth Is Trading Nothing Like The S&P 500 (Tomorrow, 2 PM ET)
Live tomorrow with Seth Cogswell, Running Oak Capital. Factor dispersion is at a decade-plus wide. Twenty of the last 38 trading days saw 110bps+ differentials. High Vol is beating Low Vol 131% to 12%. This is not a thesis. It is what the market is already doing.
The Repo Whisper the Fed Doesn't Want Heard
Standing Repo Facility takeup hit $31.5 billion on December 31, 2025. SOFR traded above IORB on 31 days in Q4 alone. The relief did not come from the backstop. The Fed stopped runoff December 1 and began buying $40 billion of bills a month December 12. Read the sequence, not the label.