Some Data and Anticipating Market Reaction to This Weekend's Events (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.

Morning Note

US equities are seeing a leg lower today: Dow down 700 points, S&P 500 down 0.80%, and the Nasdaq down 1%. 

Headlines say it's the hot Producer Price Index for January, released this morning... The overall market action, however, doesn't really jibe with that sentiment.

Morning Note

As I type (~8am pt), and as anticipated by weekend events, US equities are taking a notable hit this morning… Dow down 800pts, S&P down 1.25%, Nasdaq down 1.5%.

The news being the president upping the new global tariff scheme to 15%, vs the 10% (which was greeted with a rally) announced Friday after the Supreme Court ruled against the existing scheme.

Noodling On The News (Tariffs, Iran), Market Reaction, Internals, etc. (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.

A Quick Look at General Conditions, Markets, etc. (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.

US Debt, A New Japan, Global Sentiment, Gold, Silver, etc. (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.

Jibes With Our Thesis

One last blog post for this week... The below jibes with our global infrastructure theme for 2026... Our Mexican equity exposure is seeing quite the lift on this news today... Our other infrastructure plays are trending nicely as well:

A Decent -- Yet Ultimately Messy -- Setup

I for the most part concur with MRB Research’s Prajakta Bhide’s assessment of the macro setup for 2026.

Highlights: