High Yield Spotlight
The Credit Market Has a Fear Problem Right Now. This 10% Yielder Is Built for It.
Ares Dynamic Credit Allocation Fund (NYSE: ARDC) — When the World's Largest Credit Manager Runs Your CEF
Michael A. Gayed, CFA
Leaders-Laggards
Tech Alone Drives Six Straight Up Weeks As The Fed Pivots Hawkish
S&P, Nasdaq Hit Fresh Records on Six-Week Rally; XLK +9.8% On The Week
Newsletter
Two cities, two nights, last seats — Boston tomorrow, NYC Thursday
This one is going out short and direct, because the clock matters. If you are a financial advisor in or near Boston or New York and you can move your schedule, read this now. I am hosting two private events in two cities over the next 36 hours, and a
Newsletter
48 hours out: three private advisor rooms with Rayliant + a top-tier Asia institutional partner
Boston Wednesday (lunch and dinner). New York Thursday. The doors close on RSVPs end of day tomorrow.
Weekly Signals
Four-for-Four
Every intermarket signal flips to offense. Trend, rotation, commodities, and Treasury behavior all aligned on the same side.
Newsletter
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.
Newsletter
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