The Passive Aggressive Market: Bogle’s Warning Came True
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 […]
SaaS: Is There Opportunity In The Destruction?
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 […]
Software Stocks: Navigating The SaaSpocalypse
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 […]
Is China Really Dumping US Treasuries?
“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: The 10 Immutable Laws Of Building Wealth
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 […]
Calm Market Waters Hide Fierce Undercurrents
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 […]
Market Sector Review: Extreme Market Bifurcation
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 […]
Financial Nihilism & The Trap Young Investors Are Walking Into
The article from the Wall Street Journal titled “Why My Generation Is Turning to Financial Nihilism” by Kyla Scanlon argues that Gen Z is embracing high-risk financial behavior out of despair and detachment.
The Value Rotation Illusion
“Value is back in vogue”, the media claim. Investors are rushing out of the high-flying mega-cap tech stocks and into the boring staples, utilities, and healthcare stocks. Given the huge outperformance of value stocks versus growth stocks, it appears investors […]