Everybody’s Wrong

I was good at pop flies. Not a lot of things came easy to me on those baseball fields in Miami in the 1980s and ’90s. I wasn’t the biggest. I wasn’t the strongest. I certainly wasn’t the fastest. But…

Are you actually adapting to this market? Or are you still running the same playbook that worked a year or two ago? I ask myself that constantly. Are we positioning for what’s likely to drive returns three, six, nine months…

February is in the books, and it just delivered one of the most impressive displays of underlying strength we’ve seen in this cycle. Seasonally, this is supposed to be one of the weakest months of the year for equities. In…

Founder’s Note: Jason Perz knows commodities and the way they move as well as anybody I know.  He says (and writes) a lot of interesting things. When he says something like, “The energy squeeze is just starting,” I pay close…

Today is a reason to celebrate. It’s the last trading day of the month. At 4 pm ET, we print a fresh batch of monthly candlesticks. Most people won’t even notice. They’ll be glued to intraday headlines, arguing about tariffs,…

The S&P 500 is less than half a percent away from hitting new all-time highs. Again. At the same time, the S&P 500 Advance-Decline Line just closed at the highest level in its history. Participation is expanding, not contracting. And…

If you’ve been around markets long enough, you start to notice something important. Price doesn’t just tell you what to buy. It also tells you what to avoid. We’re fortunate to have the deepest, most transparent capital markets in the…

We don’t get sustainable bull markets in America without financials. Go back and study every major advance. When banks, brokers, and asset managers are participating, the market structure is healthy. When they’re not, problems tend to follow. That’s why what…