The AI Trade Nobody Files Under Income: 23 Midstream Names, 9.8%, Two Raises
The data center buildout runs on natural gas. These are the toll roads, in a concentrated CEF at a 10% discount.
The Permitting Story Nobody Is Pricing In (FMKT)
Permitting reform is the deregulation story that moves on 24-month timelines and gets priced in on 24-hour cycles.
A Sample of What Your AI Agent Sends You
A real example of the weekly practice brief our AI agents email advisors in the network - market context, client conversation starters, and positioning help, personalized to your practice.
DoubleLine's 13% Yielder: A Third Emerging Markets, 10% Below NAV
DSL's 34% emerging-market sleeve, 5.18-year duration and doubled discount into a hiking Fed.
A 15% Mortgage Yield With A 7.87% Expense Ratio. Do The Math
DMO's 15% yield and tripled discount sit on top of 46% leverage and the highest expense load I have profiled.
What We Do for Advisors (and Why It Costs You Nothing)
The Lead-Lag Report is half of what I do. The other half is an advisor network with an AI agent that works for your practice, free. If we have never spoken, this one is for you.
40% Leverage, Asia-Pacific Bonds, A 15% Trailing Yield: Inside FAX
A 40-year-old CEF lending across Asia-Pacific at 40% leverage, marked at a wider-than-average discount.
The Miss, the Message, and the Market That Refused
When the weakest jobs report of the year buys equities a rally and the bond market nothing at all, what exactly is the equity market rallying into?
The Risk Did Not Leave the Market. It Changed Addresses.
The VIX sleeps at 15.31 while the 10-year climbed 104 basis points this year and TLT fell 11.1 percent. Volatility is not a number, it is a location, and in 2026 the location is duration.
My Father’s Book, Reborn: The Third Edition Is Here
The third edition of my father’s Intermarket Analysis and Investing is here. Read my foreword, and find the paperback and Kindle editions.
7% High Yield Exposure For 0.05%: The Cheapest Tool In The Shed
SPHY's 7.10% SEC yield at a 2.89-year duration for five basis points is the honest baseline for junk income.
29,000 Jobs. Stocks Up. Bonds Down. One of These Markets Is Wrong.
September payrolls missed by two thirds, July revised to negative 10,000, and stocks rallied while the 10-year still closed higher at 5.28 percent. Stocks and bonds disagreed about the same number.