Global View
Markets are ending 2025 in an uneasy balance, pulled between pockets of resilience and accumulating signs of fatigue. With the federal shutdown delaying official labor data, investors relied on private indicators to make sense of the economy. That produced one of the week’s strangest divergences. Jobless claims fell to
Newsletter
Key Takeaways * The SEC has retreated from defending its climate-disclosure rule, signaling a major shift away from the aggressive regulatory posture of prior years. * Court actions, combined with the end of Chevron deference, have made agencies more cautious and pushed regulators toward restraint. * The broader deregulation trend spans energy,
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Advisors are navigating a market defined by extremes. Valuation pockets look stretched, leadership remains narrow, and the macro backdrop refuses to settle into a clean narrative. These are the moments when research depth, business durability, and selectivity matter most. That is why I am hosting a special live webinar with
Newsletter
Advisors are navigating a market defined by extremes. Valuation pockets look stretched, leadership remains narrow, and the macro backdrop refuses to settle into a clean narrative. These are the moments when research depth, business durability, and selectivity matter most. That is why I am hosting a special live webinar with
Newsletter
Deregulation rarely dominates election-year headlines, yet Washington is steadily unwinding rules across energy, technology, and banking. This shift isn’t a wholesale return to past free-market eras. It’s a targeted recalibration aimed at boosting America’s competitiveness as global rivals expand their own industrial and technological ambitions.
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Key Takeaways * Washington’s post-2024 policy pivot is setting the stage for a broader deregulatory cycle, easing barriers across banking, energy, and industrial sectors. * Early signals—from FDIC merger-review rollbacks to faster energy-permit approvals—suggest conditions are forming for a potential M&A acceleration. * Investors are
Weekly Signals
Bitcoin’s sharp decline in November 2025 revived a familiar debate: whether crypto weakness is an early warning for equities. Bitcoin had climbed above $125,000 in early October before losing roughly one-fifth of its value during November, its largest monthly drawdown since the 2021 crash.¹ Other tokens followed.
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Closing Thoughts for the Week
Key Takeaways * Markets rallied despite weak economic data as investors revived the idea that “bad news is good news,” expecting the Federal Reserve to move toward easing. * Soft consumer spending, fading confidence, and early signs of labor-market cooling strengthened the case for a potential December rate cut. * Hopes for
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Macro Observations
The idea that artificial intelligence would one day outsmart the stock market once felt inevitable. A machine capable of scanning decades of price history, parsing millions of filings, and learning every nuance of investor behavior seemed destined to outperform even the best human portfolio managers. Retail traders joined the excitement;