The U.S. Federal Reserve Chair, Kevin Warsh, is stuck between a rock and a hard place. Hand-picked by Trump to lower interest rates ahead of a seemingly unwinnable Midterm election, he's also dealing with a supply-shocked CPI and an inflationary AI infrastructure boom. The resultant bulge in real yields is threatening the financial stability of currency and risk asset markets. So what does he do? Talk softly and carry no stick. That's even if he talks at all. In his quest to

I pity the passive investor in this market. Stuck with a single focus on "buying the market", they have never been given the chance to make anything but a single bet. As shown below, stocks have rarely, if ever, been this uncorrelated with each other. Just when stock correlations have plummeted, they are missing out on an investing lifetime opportunity by owning an index dominated by a group of tech stocks that are suddenly underperforming. Stock picking as a strategy has ret