Markets got routed into the afternoon after Trump, once again, reminded us of his big beautiful tariffs, lighting an absolute fire to the NASDAQ, as it sunk lower by 2.64%, the SPY -1.7%. Thanks to some derisking and TZA hedge, we managed to lose 1.36%.The other side of the risk spectrum was high beta stocks,...Read More

At this point in the economic cycle, investors seem much more concerned with growth than AI, lending credence to this narrative is how this morning’s rally dissipated once today’s ISM data came out a little worse than expected. The net result was bond yields up and stocks soft. Altanta’s GDPNOW also revised their GDP estimate...Read More