Newsletter
Have credit markets truly settled down, or are they simply catching their breath? Through much of 2025, corporate credit appeared remarkably calm. High-yield bond funds rallied, defaults stayed low, and investors grew comfortable with the idea that the worst of the tightening cycle had passed. Beneath that surface, however,
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Macro Observations
Few understand this.
Closing Thoughts for the Week
Will Japan’s quiet shift catch complacent markets off guard?
Newsletter
Key Highlights * The U.S. economy is showing multiple late-cycle signals, including slowing growth, a persistent yield-curve inversion, and weakening leading indicators.¹²³ * Late-cycle environments increase the risk of sudden market reversals, making static portfolio allocations more vulnerable. * Tactical allocation funds like the ATAC Rotation Fund (Ticker: ATACX)
High Yield Spotlight
Warren Buffett’s Berkshire Hathaway has built one of the greatest long-term track records in market history, yet it has never paid a dividend. Buffett has consistently argued that reinvesting capital internally creates more value than distributing cash to shareholders. For investors who prioritize income, that philosophy has always
Global View
Shifting Leadership in a Steady U.S. Backdrop
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Leaders-Laggards
Key Highlights * Investor positioning is shifting toward consumer staples as volatility rises and earnings visibility fades. * Pricing power and brand loyalty are allowing select staples companies to defend margins despite slower growth. * Essential household goods, food, tobacco, and discount retail historically outperform during market corrections. * Predictable cash flows and durable
Macro Observations
Headlines vs. Market Reality
Weekly Signals
Is This Really About Greenland?
Closing Thoughts for the Week
Will Politics Break the Fed’s Resolve?