The Full Risk-On Stack
Every intermarket signal stays on offense. Trend, rotation, commodities, and Treasury behavior remain unanimously aligned with risk.
A 20% Yield From BlackRock With A Built-In Expiration Date
BlackRock Capital Allocation Term Trust (BCAT) pays nearly 20% on a 55/44 balanced portfolio, and because it is a term trust the discount has a floor. The catch is a distribution that has been shrinking for three straight years.
The Jobs Report Nobody Is Reading Right
The BLS diffusion index printed 54.4 in June 2026, identical to the full-year 2007 average. Payroll breadth spent nine of twelve months of 2025 below 50. One industry, health care, is generating 86 percent of net US job growth. Every one of those facts is public. Almost nobody is quoting them.
The Gold Signal Equity Markets Refuse to Hear
Central banks bought 243.7 tonnes of gold in Q1 2026, only about 16 tonnes were officially reported. Real yields at 2.44 percent sit at 2008 highs while gold prints records. The old model of gold as anti-real-yield has stopped working. The buyers are not who the equity crowd thinks.
Starting in 30 Minutes: Anti-AI with Seth Cogswell
Anti-AI with Seth Cogswell. Live 2 PM ET. 1 CFP CE Credit.
Starting in 1 Hour: Anti-AI with Seth Cogswell (Running Oak Capital)
Live at 2 PM ET. Efficient Growth is trading like the involuntary Anti-AI portfolio. Factor dispersion at a decade-plus high. 1 CFP CE Credit.
Paid Subscribers: Reserve Your Seat for Tomorrow's Anti-AI Session
Tomorrow at 2 PM ET. Seth Cogswell of Running Oak Capital on the Anti-AI trade, the Grand Illusion, and factor dispersion at a decade-plus high. 1 CFP CE Credit.
Anti-AI: Why Efficient Growth Is Trading Nothing Like The S&P 500 (Tomorrow, 2 PM ET)
Live tomorrow with Seth Cogswell, Running Oak Capital. Factor dispersion is at a decade-plus wide. Twenty of the last 38 trading days saw 110bps+ differentials. High Vol is beating Low Vol 131% to 12%. This is not a thesis. It is what the market is already doing.
The Repo Whisper the Fed Doesn't Want Heard
Standing Repo Facility takeup hit $31.5 billion on December 31, 2025. SOFR traded above IORB on 31 days in Q4 alone. The relief did not come from the backstop. The Fed stopped runoff December 1 and began buying $40 billion of bills a month December 12. Read the sequence, not the label.
When the Bond Market Dies, So Does Capitalism
Federal interest just passed defense. Debt-to-GDP exceeded the WWII peak in peacetime. The foreign buyer base is disassembling. And a democratic socialist just took NYC. These are not separate stories. They are the same story, upstream and downstream.
What Commercial Paper Is Quietly Telling You
Nonfinancial commercial paper hit a record $397.2 billion on May 6, 2026, then fell to $342.1 billion by July 29. A 13.9 percent 12-week contraction, in the 7th percentile since 2001. Last two times CP moved this way: 2007 and 2019. Corporate treasurers were already gone.
3 Hours: International Alpha Live with Hervé Van Caloen
Today at 12 PM ET. Live with Hervé Van Caloen. 1 hour CFP CE Credit. Registration closes when we start.