Newsletter
Key Highlights * Small-cap stocks have begun to reassert leadership after years of trailing mega-cap technology.¹ * Falling interest rates and improving cyclical conditions have historically favored smaller, domestically oriented companies.³⁴ * Tactical allocation strategies such as ATACX are designed to participate in risk-on environments while actively managing downside risk.
Newsletter
For decades, bonds occupied a familiar role in portfolios. A broad, plain-vanilla bond ETF offered diversification, income, and ballast against equity volatility. Investors could buy a core bond fund, reinvest interest, and largely ignore day-to-day market noise. That framework worked well when inflation was subdued and interest
Newsletter
Key Highlights * Industrials have historically outperformed early in deregulation cycles, as expectations for lower compliance costs and faster permitting drive earnings re-rating before policy changes are fully implemented. * Regulatory relief creates operating leverage, particularly for industrial and mid-cap companies where compliance costs weigh more heavily on margins and
Macro Observations
It’s the Last Gasp Before a Deflationary Bust
Lead-Lag Live
Lead-Lag Live Recap
Closing Thoughts for the Week
Key Highlights * Precious metals ended 2025 at record highs, with silver and platinum dramatically outperforming gold as industrial demand collided with falling real yields and renewed safe-haven flows. * Equities and hard assets rallied simultaneously, an unusual combination that reflects optimism around monetary easing alongside persistent macro and geopolitical uncertainty.
Macro Observations
Key Highlights * Silver’s recent surge is not corroborated by inflation expectations, which have remained range-bound. That disconnect suggests the move is driven by stress, not rising consumer prices. * Historically, silver outperforms gold and inflation hedges when confidence in growth and liquidity deteriorates, not when economies are overheating. * Persistent
High Yield Spotlight
Key Highlights * Fallen angels occupy the highest tier of the high-yield market, with roughly three-quarters of the portfolio concentrated in BB-rated bonds, materially reducing exposure to the most speculative segments of junk credit. * Higher quality has not meant lower returns. Over full market cycles, fallen-angel strategies
Newsletter
Key Highlights * As inflation pressures ease in 2025, U.S. policymakers are shifting focus from price control toward measures that support economic growth. * Deregulation has re-entered the policy toolkit as a way to reduce business costs and improve economic efficiency without relying solely on monetary or fiscal stimulus. * Recent
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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A Free Membership for Financial Advisors
Newsletter
In early 2025, Washington reversed course after years of expanding regulation. The White House’s new executive order—dubbed the “10-for-1 Rule”—requires agencies to repeal ten regulations for every new one introduced¹. The intent is explicit: shrink the regulatory state and drive compliance costs below zero². For