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.
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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
Newsletter
URGENT — Doors Close at Noon ET: 1 CFP CE Credit on the 351 Exchange
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
A note for readers near the 90-day mark
Newsletter
The Tax Trap That's Costing Your Clients Millions — And the One Tool That Breaks It
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
Free read: A Market Divided
Closing Thoughts for the Week
Records on the Indexes, Capex on the Cloud, and a Fed That Will Not Cut
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
The Fed Just Held Rates Again. This REIT CEF Just Raised Its Distribution 12.5%.
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 Reverse Carry Trade: The Yen Apocalypse (A Comic)
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