Macro Observations
Why Today’s Market Selloff Is Really About Japan And Not Greenland
Headlines vs. Market Reality
Michael A. Gayed, CFA
Lead-Lag Live
The Bailout Economy: Luke Lloyd on AI Liquidity, Asset Ownership, and Why Retirement Thinking Is Broken
In the latest episode of Lead‑Lag Live, host Melanie Schaffer sat down with Luke Lloyd, President and CEO of Lloyd Financial Group, to unpack a theme that increasingly defines modern markets: liquidity first, fundamentals second, and government backstops everywhere. Lloyd framed today’s environment as a “bailout economy,” where
Lead-Lag Live
Aram Babikian: How Geopolitics and National Security Are Reshaping Tech Investing
Markets no longer operate in a geopolitical vacuum. Trade tensions, technology rivalry, supply-chain security, and national defense priorities have become central forces shaping capital allocation. In the latest episode of Lead-Lag Live, host Melanie Schaffer sat down with Aram Babikian, Head of Xtrackers Wealth at DWS, to explore
Weekly Signals
Defensive Positioning Preceded the News
Is This Really About Greenland?
Closing Thoughts for the Week
Independence Under Fire
Will Politics Break the Fed’s Resolve?
Macro Observations
Rate Cut Expectations Are Overblown
Investors Are Underestimating Inflation Risk
Global View
The Rally Grows Up
Key Highlights * U.S. inflation continues to cool without a sharp deterioration in labor markets, reinforcing expectations that the Federal Reserve will remain on hold near term.¹ * Equity leadership is widening meaningfully, with small- and mid-caps outperforming mega-cap technology and signaling healthier market breadth.² * Globally, disinflation is allowing
Leaders-Laggards
Contrarian Cannabis Sector: 5 Underappreciated Stocks Poised for Federal Reform
Key Highlights * The Trump administration’s December 18, 2025 executive order materially advanced federal cannabis rescheduling. * A move to Schedule III would remove 280E tax constraints, reshaping cannabis company cash flows. * Cannabis reform is no longer a purely partisan issue, altering political risk assumptions. * Several U.S. operators are positioned
Weekly Signals
Risk-On Without Tech: What a Small-Cap Led Market Means for Sector Rotation
As 2026 begins, equity market leadership looks notably different from what investors have grown accustomed to over the past several years. Instead of mega-cap technology stocks dictating the market’s direction, small-cap equities have emerged as the primary drivers of performance. For investors conditioned to measure risk appetite
Macro Observations
Powell Under Fire: How the DOJ’s Criminal Inquiry Could Shake the Fed’s Independence—and Ignite a Gold Super Spike
Key Highlights * The DOJ’s criminal inquiry into Fed Chair Jerome Powell marks an unprecedented challenge to Federal Reserve independence.¹ * Powell argues the investigation is a political pretext tied to pressure for interest-rate cuts rather than genuine misconduct.² * Market confidence in U.S. monetary institutions is central to dollar
Closing Thoughts for the Week
A Rally at Stall Speed – Can Bad News Keep Being Good News?
Are markets rising for the right reasons?
Newsletter
Are Publicly Listed Private-Equity Firms Positioned to Benefit from the Rebound in Exit Activity?
For most of 2022 and 2023, private-equity firms found themselves in an uncomfortable position: plenty of companies to sell, but almost no market willing to buy. Rising interest rates, shaky economic conditions, and a frozen IPO window left sponsors holding aging assets far longer than intended. By late 2025,