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$JOJO: A Meaningful Satellite Position for Tactical Bond Allocation
Bond investors have discovered that “steady income” can be anything but steady. After 2022’s record losses in fixed income, volatility and uncertainty remain defining traits of the bond market. Even as yields retreat from multi-year highs and Treasury volatility (tracked by the MOVE Index) hits its lowest level
Leaders-Laggards
Why Haven't Utilities Performed Better Despite AI Boom?
The U.S. Utilities sector has outperformed the broader market for most of 2025. As of early November, the Utilities Select Sector ETF (XLU) is up roughly 20% in total return versus 17% for the S&P 500 (SPY)—an apparent lead that masks a volatile year. Despite their
Weekly Signals
When Mega-Cap Strength Masks Weak Breadth
Why the Index Can Be Above the 50-Day MA and Still Fragile
Macro Observations
When Robots Take Your Job, Will the Government Pay You Instead?
Capitalism depends on consumer spending, not ideology. About 70 percent of U.S. GDP has long come from household consumption¹. The system runs on a simple feedback loop: businesses pay workers, who then buy the goods and services those same businesses sell². As automation accelerates, that loop is breaking. Artificial
Closing Thoughts for the Week
Trick or Treat Rally: A Hawkish Chill After Halloween Highs
October ended with a sugar rush for investors as equities hit record highs on strong Big Tech earnings and the Federal Reserve’s second consecutive rate cut. The S&P 500 gained 2.3% for the month—its sixth straight advance—while the Nasdaq extended its winning streak to
Macro Observations
Why Warren Buffett Is Sitting on Record Cash — and What That Says About the Market
When Warren Buffett—famed for spotting undervalued stocks—is reluctant to buy, investors take notice. His firm, Berkshire Hathaway, is holding nearly $350 billion in cash and short-term Treasuries—the largest hoard ever amassed by a public company, even exceeding the combined liquid reserves of Apple, Microsoft, Alphabet, Amazon,
Macro Observations
AI Just Fired the Middle Class — and Built a New Data-Center Boom Instead
Not long ago, the fear was that robots would steal factory jobs. Now artificial intelligence is coming for the cubicle. From accountants to customer service reps, white-collar workers are suddenly vulnerable. In 2023, IBM paused hiring for certain back-office jobs, projecting that roughly 7,800 positions could be
High Yield Spotlight
Income in a Late-Cycle Equity Market: GPIX’s Covered-Call Play
After a long bull run, many investors sense we’re in the late innings of the market cycle. Stocks notched record highs in 2025, yet equity income remains scarce. The S&P 500’s dividend yield sits below 2%, hardly satisfying retirees or income seekers.² Meanwhile, traditional bonds, though
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Global View
Cautious Easing, Global Jitters
This Week at a Glance • U.S.: The Federal Reserve delivered a second straight rate cut, trimming the policy rate to 3.75–4.00%, while hinting at a pause amid a federal data blackout. • International: A one-year U.S.-China trade truce was announced, easing tariff tensions even
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IN 1 DAY: CE-Credit Webinar: Energy, Inflation, and What’s Next for Income Investors
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