Leaders-Laggards
After more than a decade in the shadows, nuclear energy is reasserting itself as a strategic pillar of the global energy system. What has changed is not just sentiment, but necessity. Explosive growth in electricity demand from AI data centers, renewed energy-security priorities, and an increasingly supportive policy environment
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Global View
Key Highlights * Markets are embracing a soft-landing narrative as central banks pivot toward easing, even as labor markets loosen and growth signals become more uneven beneath the surface. * The Federal Reserve’s rate cuts have supported risk assets, with cooling inflation and rising unemployment giving policymakers room to ease
Lead-Lag Live
Lead-Lag Live Recap
Weekly Signals
Key Highlights * Large-cap value appears to have bottomed against large-cap growth, ending a multi-year stretch of relative underperformance and signaling a potential shift in market leadership. * Valuation extremes favor value stocks, with discounts versus growth near historically rare levels, increasing the odds of sustained mean reversion if
Lead-Lag Live
Markets are sitting near record highs, yet the signals underneath the surface remain anything but calm. Leadership has narrowed, inflation risks remain unresolved, and diversification across portfolios appears to be shrinking rather than expanding. On a recent episode of Lead-Lag Live, Melanie Schaffer sat down with Alex Shahidi, Co-
Closing Thoughts for the Week
Beneath flat indexes, capital is already repositioning for 2026.
Macro Observations
Key Highlights * Prediction markets are expanding rapidly, transforming political, economic, and sports outcomes into tradable contracts that increasingly resemble financial instruments rather than casual wagers. * The line between investing and gambling is blurring, particularly for younger market participants who move seamlessly between trading apps and event-based betting platforms. * Supporters
Global View
Key Highlights * Central bank divergence intensified into year-end. The Federal Reserve signaled a pause after its latest cut, while the Bank of Japan tightened further and European policymakers leaned toward stability rather than additional easing. * Market leadership broadened meaningfully. Small-cap and cyclical stocks outperformed as investors rotated away
Leaders-Laggards
After spending much of the past decade in relative obscurity, platinum has re-emerged as one of the strongest performers in the precious-metals complex. Since late 2024, prices have risen sharply, outpacing both gold and broader equity markets as investors return to hard assets amid persistent inflation and rising
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Live Webinar with Jay Hatfield of Infrastructure Capital
Newsletter
A Live Webinar with Jay Hatfield of Infrastructure Capital