Newsletter
Doors close in under 2 hours. At noon ET today I’m going live with Phil Toews and Eben Burr on the 351 Exchange — the cleanest, fully legal way to diversify a concentrated, low-basis equity position without writing a check to the IRS. CFP® professionals earn 1 CE Credit
Macro Observations
Newsletter
Tomorrow at noon ET: A free CFP CE-eligible webinar with Toews on the 351 Exchange — how to diversify concentrated, low-basis positions without triggering a single dollar of capital gains
Macro Observations
Closing Thoughts for the Week
When Big Tech Spends $650 Billion in a Quarter and the Strait of Hormuz Stays Closed, Which Story Is the Market Pricing?
High Yield Spotlight
Cohen & Steers' flagship real estate fund is yielding 8.2% at near-zero discount — and REITs may finally be the right place to be.
Macro Observations
The Yen Apocalypse, told as a 24-page comic. The reverse carry trade unwinds, the Bank of Japan blinks, and the global liquidity pipe finally gets pulled. What follows is the visual version of every macro warning I have been writing for the last two years. Scroll all the way
Macro Observations
Macro Observations
Quick note - and the only one I'll send like this. The Lead-Lag Report has two paid options: Monthly: $39/month - which is $468/year if you stay on it. Annual: $320/year - a flat $148 less than the monthly plan annualized. If you've been reading
Global View
A Fed Divided Like It’s 1992, A Yen Defense That Cost 7% of FX Reserves, and Records Built on Borrowed Time
Macro Observations
This is the last email in this sequence, so I’ll be straightforward. You’ve been reading the free version of this newsletter, which means you understand the intermarket framework, you follow the macro narrative, and you’ve seen enough to know the analysis is serious. If it weren’t,
Leaders-Laggards
Trump Cancels Pakistan Talks, Big Tech Earnings Loom, S&P Notches Ninth Record of 2026 — But Five of Eleven Sectors Are Already Lower