What's Bothering the Market? (video)

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Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

Where (Long-Term) Equity Opportunities Exist, Despite The Near-Term Economic Setup

Per their latest commentary, MRB remains bullish overall on the economy (i.e., no recession in sight, growth continuing, yada yada), however they're very cautious on US equities longer-term. Below are the opening two paragraphs which (diversifying outside of "frothy" US stocks) jibes with our current long-term thesis. Although the external dollar tailwind (per the potential setup involving stable coins over the coming years [a topic for another day]) may not be quite as prevalent as we originally thought:

A Flip In Sentiment, Driving Through Fog, And 'Maybe' Setting Up For Santa (video)

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Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

Quotes of the Day: No Letup In Sight

Per yesterday’s video, at the moment it doesn’t look like all that capex spend is going to let up in 2026:

The Great Spending Race -- OR -- Don't Invest Heavily In Heavily-Investing Companies (video)

Dear Clients, this is a particularly important commentary to take in (start to finish) when you have a few minutes!

Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust:

Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

Quotes of the Day: On Human Nature

As I forever study market and economic history (or history in general), I never cease to be amazed at how, while technology has evolved beyond our wildest dreams, human nature has clearly not evolved by a single iota.

In other words:

Charts of the Day: Still Harping on Breadth, And a Quick Note on the Fed

I hate to keep harping on stock market breadth, but it's been remarkably stinky of late... Once again, this morning, the headline averages (SP500, Nasdaq, Dow) are seeing green, while the majority of stocks are bleeding red.