Lumber Is Dissenting From The Index
The most rate-sensitive corner of the real economy is in a relative bear market while the S&P prints records.
Today at 12:00 PM ET: The Venezuela Thesis with Mercator, 1 CFP CE credit
Hervé Van Caloen of Mercator Investment Management on the post-Maduro window, the Chevron licensing precedent, and the Argentina comparison. Live at noon, CE credit approved.
The Divergence Broke: Gold Gave It All Back and Copper Held
Two of the Aug 26 thesis's three legs broke and one held. Gold gave it all back, WTI ripped, and copper stayed flat — the arbiter I flagged last week is the one that mattered.
Today at 3:00 PM ET: Asset Allocation for the Next Decade, rescheduled
The Evoke Advisors risk parity primer moved to today at 3:00 PM ET. Registration is open and existing links still work.
The Passive Trap: Why Index Concentration Is a Liquidity Time Bomb
Mechanical inflows made the largest weights the market. The same mechanics run in reverse, and no one is standing on the other side.
The AI Payback Clock Is Running Backward
The infrastructure is real. The return evidence is arriving later than the spending.
The AI Capex Bubble Won't Die From Demand. It'll Die From Spreads.
Capex Cycles Die From the Top of the Capital Stack. Everyone Is Watching the Wrong Number.
The 13% Yield That Trades at 72 Cents on the Dollar
PFLT yields 13% and trades at a 28% NAV discount -- the deepest of our BDC trilogy. The distribution was cut from $0.1025 to $0.08/mo, but NII now covers it at 104%. Is the bad news priced in, or is another cut coming? A full analysis of the risk/reward.
The 12% Yield Growing at 69% -- and Still Trading at a Premium
TRIN High Yield Spotlight. TRIN funds venture-backed companies through equipment loans and senior secured debt. Record originations, 32% NII growth, and $0.71 in spillover incom
The AI Energy Trade Pays 7.5% With a Clean 1099
AMLP High Yield Spotlight. The same midstream infrastructure that moves natural gas to AI data centers, without the K-1 tax headache. The catch is built into the structure itsel
The 10.9% Monthly Income Fund That Benefits When the Fed Cuts
GBAB High Yield Spotlight. GBAB holds taxable munis and investment-grade debt -- the exact portfolio that rises in price when interest rates fall. But 40.7% of its distributions
Gold Recovered Seven Percent. Brent Collapsed. Only One Of Those Is Macro.
Gold's strongest close since January and Brent's supply-driven unwind are not the same trade — and copper says the growth scare is fake.