You describe how ending Federal Reserve QT marks a return to ‘steady state’ liquidity — but given that the Fed’s balance sheet remains far above pre-pandemic levels, what risks do you see in having a permanently bloated central-bank balance sheet? Does ending QT really eliminate the distortions caused by earlier asset-purchases, or simply freeze them in place?

Are there structural/regulatory or macroeconomic risks (e.g. changes to approval rules, funding environment, interest rates) that might threaten the gains? For example, how do you account for the inherent volatility in biotech — where one failed trial can wipe out value — when projecting future highs after the deals?

Even if Tesla (or broader markets) are overvalued, bubble-style corrections don’t happen on schedule. What’s your view on the timeframe for a possible “crash”?

Really interesting read — I like how Venture Global is showing that energy projects can be both profitable and cleaner. It’s encouraging to see companies balancing growth with sustainability.

I really liked the distinction between ROI and ROL — the idea that success isn’t just about financial gain but also what your money does in the world. It made me think: how many advisory-firms are truly measuring that legacy component today?

Your breakdown of September's macro catalysts, including the potential Fed rate cut and its implications for equities, bonds, and the dollar, is insightful. The current market 'chop' and reversion-to-the-mean dynamics, particularly with $NVDA, $MSFT, and $QQQ pullbacks, highlight the complexities investors face. I'm particularly intrigued by the thematic trades you've identified, such as gold/silver leadership, selective AI beneficiaries, and the cautious stance on small caps. Your options strategies, like collars and put-ratio spreads, offer practical tools for navigating this volatility. Thank you for sharing.

I apreciate the clarity on how the “Economic Modern Family” continues to lead, with sectors like Small Caps (IWM), Retail (XRT), Biotech (IBB), Regional Banks (KRE), and Transportation (IYT) all outperforming SPY even amid short-term corrections. Your point about “the market being as strong as its weakest link” really resonates. On that note, I'm watching how Semiconductors (SMH)—now underperforming and below the 50-DMA—could evolve from a weak link into a true anchor. If SMH continues to lag, how might that shift the broader sector rotation strategy? Do you see a trigger point—for example, a sustained breakdown below the 50-DMA—or specific macro developments that would flip the narrative from constructive to cautious?

Very insightful as usual. Thank you.

I give up, what?

Good update, but I think most investors know all this. The question is which stocks to buy as a result of these global political shifts.