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In our recent article, The Value Rotation Illusion, we explained that in the recent rotation from growth to “value”, passive investors, in actuality, are selling value stocks to buy expensive stocks. Confused? In this follow-up, we take our three-tier earnings […]

The S&P 500 closed at 6,740 on Friday, its lowest level since mid-December, as technical deterioration, collapsing payrolls, and $100 oil converged on the charts. Every major moving average has broken. Here’s what comes next. The S&P 500 closed at […]

Since the pandemic, the line between passive investing and aggressive speculation has blurred. The current bout of speculative fervor extends beyond financial markets. For instance, we see the same impulse in the explosion of sports betting and the surge in […]

A specter is haunting Wall Street—the specter of the “SaaSpocalypse.” Since the iShares Expanded Tech-Software Sector ETF (IGV) peaked on September 19, 2025, it has fallen roughly 30%. For context, the broad technology indexes like XLK and QQQ are essentially […]

The recent rotation from growth to value is well documented. While the return divergences between, for instance, technology stocks and materials or industrials stocks are significant, they do not tell the whole story. There are also extreme return differentials between […]

“China is dumping US Treasuries to get out of the dollar.” This claim has been circulating the mainstream feeds lately, with the narrative that the “end of the dollar is near,” or “the US will lose its funding base” and […]

Money – everybody wants it, but few actually have it. As shown in recent financial statistics, the “wealth gap” in America continues to grow between the “haves” and the “have-nots.” That gap has led to a bombardment of narratives explaining […]

The price movement in the broad S&P 500 index is relatively calm. Yet the market’s undercurrent, as measured by sharply diverging returns across stock sectors and factors, is anything but calm. The current market picture we paint is well embodied […]

Since the beginning of the year, we have discussed the “reflation trade” and its impact on specific market sectors. This past weekend’s newsletter also showed some of these more extreme returns in various market sectors since the beginning of the […]