Insights

1. Software vs. Semis: Has the Rotation Gone Too Far?
2. Brazil: Political Risk, Historic Opportunity
3. EURJPY: When Higher Yields Become a Warning

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Underweight Tech. Still Long AI

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Credit Widened 55bp. Equities Are Only Now Listening

Small Caps vs Big Tech: The Rates Problem, Dissected

1. Treasuries: An Equity Hedge, Not a Bond Hedge
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2. Eurozone Banks: Sell-off Running Ahead of Macro?
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3. Gold vs. TLT: Wrong Timing to Chase Debasement

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1. Healthcare: Defensive Premium Overdone?
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2. Utilities: Bond Sell-Off Casualty
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3. Communications: The Leader Looks Stretched

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Oil Spike: Which S&P 500 Sectors Were Actually Macro?

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1. Homebuilders Oversold
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2. Bond Bears Pick Your Curve
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3. Brazil Outruns Its Macro

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1. Bullish Divergence Patterns in US Equities
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2. XKL Bad News Is Getting Priced In
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3. Looking to Fade the Yen? AUDJPY

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Why Active Risk Management is Challenged Without a Macro Layer

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1. Gold Miners: Macro Re-engagesValue

2. Rotation: Too Far, Too Fast?European
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3. Credit: Value Building?

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Macro Fear Has Flipped to Macro Complacency

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