Similar Technical Setups

Macro Update

It’s only appropriate to revisit this chart after the recent move in markets.

And yes…

We’re still in the early innings of a regime shift from financial assets to hard assets.

The reality is simple:

Commodity markets play a critical role, yet their size still fails to match their importance.

*The chart above comes from my good friend Ronnie Stoeferle. If you’re not already following his work on Substack, it’s well worth it.

All the ideas outlined below have been vetted through my macro process. These are securities I either currently own or have on my radar. I will also highlight a few areas that appear stretched, where caution is warranted when adding exposure.

My approach is simple: focus on long-term macro trends driven by real supply-demand imbalances, structural macro pressures that will inevitably surface, and capital rotations into regions that have been ignored for decades but are now starting to matter again.

I’ll also include macro hedges from time to time. I continue to carry one core hedge, which I’ll touch on below.