Podcasts about Dispersion

LEARN MORE about NDX: ⁠⁠https://www.nasdaq.com/nasdaq-100-options-xnd-ndx?utm_medium=Podcast&utm_source=RiskReversal⁠ SUBSCRIBE to our newsletter: http://riskreversal.substack.com/ Guy Adami break and Dan Nathan down the top market headlines and bring you stock market trade ideas for Wednesday, September 2nd. Nasdaq's Head of Nasdaq's Index Options Content, Kevin Davitt, joins us live from beneath the immaculate red staircase. Source Notes https://www.wsj.com/tech/can-evan-spiegel-sell-the-world-on-2-195-smart-glasses-3fb9b8ca https://www.wsj.com/tech/ai/broadcoms-ai-success-story-gets-complicated-e54a798f https://www.rosenbergresearch.com/ https://www.apollo.com/wealth/insights-news/insights/daily-spark#page-1 Learn more about FactSet: https://www.factset.com/lp/mrkt-callFollow us on Twitter @MRKTCallFollow @GuyAdami on TwitterFollow @CarterBWorth on TwitterFollow us on Instagram @RiskReversalMediaLike us on Facebook @RiskReversalWatch all of our videos on YouTube Learn more about your ad choices. Visit megaphone.fm/adchoices

Derek Moore and Shane Skinner dig into what history says about September in a midterm election year, and why Mike Santoli argues investors should be on high alert heading into the month. Plus, a long look at federal receipts versus federal outlays as a percent of GDP and what top tax rates did and did not do to revenue, the widening spread between mega cap winners and losers in 2026, and a forward earnings check on Nvidia, Alphabet, Apple, Tesla, Costco, and the S&P 500 itself. All that and more this week.     S&P 500 September performance in midterm election years going back to 1928. September is historically the weakest month, but midterm years have their own pattern. Mike Santoli argues investors should be on high alert heading into September. What being on high alert actually means for someone already invested and hedged. Federal receipts and federal net outlays as a percent of GDP going back to the 1930s. Outlays keep running above receipts, and that gap is where the deficit comes from. The top individual income tax bracket has fallen from over 90% since the 1940s. Higher top tax rates have not reliably produced higher receipts as a share of GDP. Schwab data ranks 2026 performance and index contribution across the mega caps. Micron leads the group up 226.8% while Tesla is down 22.5% as of August 28, 2026. Apple at 17.6%, Nvidia at 16.6%, and Amazon at 15.4% beat the Nasdaq's 13.6%. Meta is down 12.4% and sits near the bottom on contribution to the S&P 500. Nvidia trades near 17 times forward earnings on estimates of $12.83 a share. Alphabet sits near 19 times forward earnings versus Apple at over 33 times. Tesla's forward P/E is above 180 while Costco holds near 41 times. The S&P 500 near 7,689 on forward earnings estimates of about $394 a share. That works out to roughly 19.4 times forward earnings for the index. SpaceX vs Tesla forward price to earnings ratio Are index level multiples reasonable when the leadership is this uneven?   Mentioned in this Episode   Santoli: Why investors should be on high alert heading into September https://www.cnbc.com/2026/08/31/santoli-why-investors-should-be-on-high-alert-heading-into-september.html   Derek Moore's book Broken Pie Chart https://amzn.to/3S8ADNT   Jay Pestrichelli's book Buy and Hedge https://amzn.to/3jQYgMt   Derek's book on public speaking Effortless Public Speaking https://amzn.to/3hL1Mag   Contact Derek derek.moore@zegainvestments.com

On this episode of Options Boot Camp, Mark Longo and Dan Passarelli tackle the challenges and opportunities of trading options in a low-volatility market. Should you still be selling premium when volatility is cheap, or does low vol make buying options more attractive? Are single-stock options offering better opportunities than index options in the current dispersion environment? The Boot Camp instructors break down how they're approaching these markets and where they're still finding opportunities. Then they examine the strange recent VIX glitch that briefly sent the cash index soaring while VIX futures barely moved. What caused it? Could traders actually take advantage of it? And could resting "wishlist" orders help you capitalize when markets briefly get out of line? Plus, the instructors discuss the biggest forces driving the market right now, revisit perpetual futures, and share an update on the potential Options Boot Camp reboot. Topics include: Trading options in a low-volatility environment Buying options vs. selling premium when volatility is cheap Single-stock options vs. index options Dispersion and individual-stock volatility The mysterious VIX glitch Why VIX futures didn't follow the cash spike Using resting "wishlist" orders for unusual market moves Perpetual futures and market liquidity What's driving the market right now

On this episode of Options Boot Camp, Mark Longo and Dan Passarelli tackle the challenges and opportunities of trading options in a low-volatility market. Should you still be selling premium when volatility is cheap, or does low vol make buying options more attractive? Are single-stock options offering better opportunities than index options in the current dispersion environment? The Boot Camp instructors break down how they're approaching these markets and where they're still finding opportunities. Then they examine the strange recent VIX glitch that briefly sent the cash index soaring while VIX futures barely moved. What caused it? Could traders actually take advantage of it? And could resting "wishlist" orders help you capitalize when markets briefly get out of line? Plus, the instructors discuss the biggest forces driving the market right now, revisit perpetual futures, and share an update on the potential Options Boot Camp reboot. Topics include: Trading options in a low-volatility environment Buying options vs. selling premium when volatility is cheap Single-stock options vs. index options Dispersion and individual-stock volatility The mysterious VIX glitch Why VIX futures didn't follow the cash spike Using resting "wishlist" orders for unusual market moves Perpetual futures and market liquidity What's driving the market right now

Welcome to The Daily. Go ahead and pick up your 1 Peter Scripture Journal now. Our text today is 1 Peter 1:1-2: Peter, an apostle of Jesus Christ, To those who are elect exiles of the Dispersion in Pontus, Galatia, Cappadocia, Asia, and Bithynia, according to the foreknowledge of God the Father, in the sanctification of the Spirit, for obedience to Jesus Christ and for sprinkling with his blood: May grace and peace be multiplied to you. — 1 Peter 1:1-2 Who are you? That's one of the most important questions you'll ever answer. The world tells you to build your identity around your accomplishments, relationships, possessions, preferences, politics, or feelings. But every one of those things can change. When they do, your identity becomes unstable. Peter starts somewhere better. He calls these believers elect exiles. They are exiles because they do not fully belong to this world anymore. Their citizenship is in heaven. Their values, priorities, and hopes are different because they belong to Christ. Peter's choice of words would have reminded his readers of Israel's history. For generations, God's people lived as exiles, scattered from their homeland and longing for the fulfillment of God's promises. By calling Christians "elect exiles of the Dispersion," Peter connects believers to that story. But there is something remarkable about that connection. Most of Peter's readers were likely Gentiles, not Jews. For much of history, Gentiles were considered outsiders to God's covenant people. They were the nations far off from God's promises, looking in from the outside. Many of them had spent their lives believing they did not truly belong. Now, because of Jesus, everything has changed. Peter takes language that once described God's covenant people and applies it to these believers. He tells them that they are no longer outsiders. They are no longer far away. Through Christ, they have been brought near, welcomed into God's family, and included in God's redemptive story. In other words, Peter is correcting their understanding of themselves. Their suffering may have made them feel abandoned. Their rejection by society may have made them feel unwanted. Their status as minorities in a hostile culture may have made them feel as though they did not belong anywhere. But Peter says they do belong. They belong to God. They are exiles, not because they are excluded from God's people, but because they have been included among God's people. They are strangers in the world because they are now citizens of a greater kingdom. And they are also elect. Chosen. Before they chose Christ, God chose them. Peter says this happened according to the foreknowledge of the Father, through the sanctifying work of the Spirit, and for obedience to Jesus Christ and the sprinkling of His blood. In just a few words, Peter reminds believers that their salvation is the work of the entire Trinity. The Father planned it. The Spirit applied it. The Son accomplished it through His sacrificial death. Why does Peter begin here? Perhaps because Peter knew what happened when your identity was built on the wrong thing. Earlier in his life, Peter often defined himself by his own strength and loyalty. He was the disciple who spoke first, acted boldly, and confidently declared that even if everyone else abandoned Jesus, he never would. Peter's identity was tied to what he believed he could do for Christ. Then came the night of Jesus' arrest. Three times Peter denied even knowing Him. In a matter of hours, the identity Peter had built around his own faithfulness shattered. The man who thought he would stand firm discovered how weak he really was. But that was not the end of Peter's story. After His resurrection, Jesus lovingly restored Peter and recommissioned him to ministry. Peter learned that his standing with God was not based on his performance but on God's grace. His confidence was no longer rooted in his own devotion to Christ but in Christ's unwavering devotion to him. Even the way Peter introduces himself in this letter reflects that growth. He simply writes, "Peter, an apostle of Jesus Christ." He does not boast about his experiences, his leadership, or his accomplishments. His identity is found in who Jesus says he is and in the calling Jesus has given him. That is why Peter begins this letter by reminding believers who they are. Before he tells them how to live, he reminds them whose they are. Before he calls them to stand firm, he reminds them that God has already claimed them as His own. Peter writes as a man who learned this lesson through failure, restoration, and grace. The same is true for you. Perhaps your circumstances have led you to believe you are forgotten, that you are disqualified, that God is distant. Or perhaps, like Peter's first readers, you sometimes feel like an outsider looking in. Remember who you are. You are not far from God. You are not an accident. You are not forgotten. You are not abandoned. You belong to God. And if God has claimed you as His own, no hostile world can take that away. DO THIS: Write down three identities you often lean on—your work, accomplishments, reputation, or relationships. Then write this above them all: "I belong to God." ASK THIS: What identity do I most often rely on besides Christ? How does being an "elect exile" change the way I view this world? What would change if I truly believed I belong to God? PRAY THIS: Father, thank You for choosing me, loving me, and making me Your own. Help me remember who I am when the world pressures me to find my identity somewhere else. Teach me to live as Your child in a world that is not my home. Amen. PLAY THIS: "Yet Not I But Through Christ in Me"

What happened between the Testaments? Empires Rise and Fall. Alexander. Antiochus Epiphanes. The Maccabees. Hanukkah. Herod. Septuagint. Apocrypha. Synagogs. Dispersion. Pharisees. Sadducees. Scribes. Nature of "Testament". God's choosing of Israel is central.

What happened between the Testaments? Empires Rise and Fall. Alexander. Antiochus Epiphanes. The Maccabees. Hanukkah. Herod. Septuagint. Apocrypha. Synagogs. Dispersion. Pharisees. Sadducees. Scribes. Nature of "Testament". God's choosing of Israel is central.

In this episode of the Insuranceaum.com podcast, host Stewart Foley, CFA, sits down with Bixby Stewart, Head of US Investment Grade Credit Research for Invesco Fixed Income, to explore where credit investors are finding conviction amid tight spreads, strong institutional demand, and a historic wave of AI-related capital investment.   Bixby explains why today's investment-grade market may deserve its historically tight valuations, highlighting stronger credit quality, attractive yields, improved liquidity, and persistent demand from insurers, pensions, and other institutional investors. He also discusses relative value across banks, technology, utilities, energy, and private credit, while examining the risks surrounding hyperscaler issuance, AI monetization, market concentration, and the need for disciplined security selection in a bond picker's market.

Today, we embark on a journey through the first 11 chapters of Genesis, a foundational text that sets the stage for the entire Bible. These chapters cover 2,000 years of recorded history, from the creation of the universe to the scattering of humanity at the Tower of Babel. The opening verse, "In the beginning, God created the heavens and the earth," encapsulates the essence of our Creator's omnipotence and omniscience. This simple statement introduces us to the concept of God as the sole architect of all that exists, a being who is outside of time and space, and who has the ability to conduct vast amounts of information in just a few words.As we delve into the creation story, we see the unfolding of God's plan, from the creation of the heavens and the earth to the formation of Adam and Eve. Genesis 2 details the creation of humanity, with God breathing life into Adam and crafting Eve from his rib. This act establishes the foundation of marriage and gender, setting the stage for the covenant relationship between God and humanity. The story then takes a tragic turn in Genesis 3, where Adam and Eve's disobedience leads to the fall of humanity and the introduction of sin into the world. This event has far-reaching consequences, affecting not only humanity but all of creation.The narrative then moves to the story of Cain and Abel, illustrating the destructive nature of sin. Cain's jealousy and anger lead to the first murder, a stark reminder of the power of sin to corrupt the human heart. This leads us into the catastrophic events of the flood, where God's judgment falls upon a world consumed by wickedness. Noah, a preacher of righteousness, builds an ark and saves his family and a remnant of animals, a testament to God's grace and mercy.After the flood, humanity attempts to establish its own order at the Tower of Babel, defying God's command to spread across the earth. God responds by confusing their language and scattering them, a pivotal moment that shapes the diversity of languages and nations we see today. This event underscores the importance of obedience to God's will and the consequences of human pride.As we conclude this overview, we are reminded of the cyclical nature of human history and the need for vigilance. Jesus warns us in Matthew 24 that the days before his return will be like the days of Noah, where life continues as usual until the flood comes. We are called to be awake, aware, and ready for his return, living in a world that increasingly mirrors the pre-Babel era, with technology and global interconnectedness reaching unprecedented levels. The day of the Lord is approaching, and we must remain steadfast in our faith, trusting in God's plan and his promise to return.## Sermon Notes — Genesis 1:1-11:9**Big Idea:** Genesis 1-11 lays the foundation for all of biblical theology, covering creation, the fall, and the flood.### 1. Creation (Genesis 1:1-2:3)- God created the heavens and the earth.- Genesis 1:1-2:3 describes the creation of the universe and humanity.- **Key principle:** God is the creator and sustainer of all things.### 2. Foundation of Marriage and Gender (Genesis 2:4-25)- God created Adam and Eve.- Marriage and gender roles are established by God.- **Key principle:** God determines the rules for marriage and gender.### 3. The Fall (Genesis 3:1-24)- Adam and Eve disobey God, leading to sin and death.- Satan's deception and the first prophecy of redemption.- **Key principle:** Sin has universal consequences, but God provides a way of redemption.### 4. The Spread of Sin (Genesis 4:1-26)- Cain and Abel's offerings and the first murder.- Sin leads to further disobedience and violence.- **Key principle:** Sin crouches at the door, but we must rule over it.### 5. The Flood (Genesis 6:1-9:17)- Humanity's wickedness and God's decision to flood the earth.- Noah's obedience and the ark.- **Key principle:** God's covenant with Noah and the rainbow as a sign.### 6. Dispersion of Nations (Genesis 10-11)- The Table of Nations and the Tower of Babel.- God's intervention to scatter humanity.- **Key principle:** God's plan to divide humanity into nations.### Practical Applications1. **Study the Bible** — Commit to reading and studying Genesis to understand the foundation of God's plan.2. **Guard against sin** — Be vigilant and rule over sin in your life, remembering its consequences.3. **Follow God's commands** — Like Noah, be obedient to God's commands and trust in His promises.4. **Be aware of the signs** — Stay alert and aware of the signs of the times, as Jesus taught.### Discussion Questions1. How does understanding the creation account in Genesis 1-2 affect your view of God's sovereignty and purpose?2. In what ways do you see the effects of sin in your daily life and community?3. How can we learn from Noah's obedience and apply it to our own lives today?4. What does the story of the Tower of Babel reveal about human pride and rebellion against God?5. How does the current global situation compare to the times of Noah and Babel, and what does this mean for us today?*"The day of the Lord is coming closer and closer, and the further humanity pushes into this idea that we need to be like God or cast Him down, we're getting very close to His return."*

Tu as tendance à t'éparpiller ?À dire oui à plein de projets… puis à ne plus savoir où donner de la tête ?Dans cette Minute Marine, je te partage une petite règle toute simple découverte dans Feel Good Productivity  de Ali Abdaal : “Hell Yeah or No”.L'idée : si un projet, une opportunité ou une idée ne t'emballe pas franchement, alors c'est… non (ou au moins “pas maintenant”)!On parle dispersion, priorisation… et du coût caché de tous les “oui” qu'on donne peut-être trop vite.Est-ce que toi aussi, tu as parfois l'impression de t'engager dans trop de projets en même temps ?(Pour me répondre, envoie-moi un mp sur Linkedin

In this presentation, we take a deep dive into the 300-year history of mobile surgery supporting land campaigns — from Dominique Larrey's ambulance volantes through the Letterman system, Arnhem, the Falklands, Mali, and the current Russia-Ukraine war. Drawing on rare surgical memoirs, battle maps, and personal accounts, the discussion extracts the recurring problems that technology has never fully solved: logistics drag, extended timelines, signature management, and the tension between mobility and capability.We then turn to the horizon. In an era of mosaic warfare and large-scale combat operations, medicine cannot remain a drag factor. The talk explores contractile and expandable surgical systems, single-surgeon reach, austere armored resuscitation teams, underground and containerized facilities, emissions control, and how we expand the surgical workforce under resource constraints while still doing the most for the most.Whether you are preparing for LSCO, SOF support, or prolonged field care in denied environments, the hard-won lessons of the past remain the best preparation for the fight ahead.Key TakeawaysMobile surgery is not new — Larrey, Guthrie, Pirogov, and Letterman already solved (and documented) many of the mobility and triage problems we still face.Institutional memory fades fast. Rare single-edition war surgery texts must be digitized and pushed into training pipelines before the lessons are watered down.In mosaic warfare the linear Role 1–4 model is insufficient. Surgical capability must become a mesh: dispersed, diggable, low-signature, and able to expand or contract with the fight.Big fixed facilities and large tented Role 2/3s become high-value targets. Single-surgeon or small polyvalent teams, pre-dug containers, underground sites, and armored austere teams offer greater survivability and shorter wounding-to-surgery times.Blood, sterilizing capacity, anesthetic volume, and outflow remain the greatest logistic constraints. Expectation management and robust triage (including expectant) will be non-negotiable.Capability can be extended by bringing registrars, ODPs/CRNA-equivalents, and well-trained medics further forward earlier — but this requires deliberate peacetime training and wartime derogations.Command and control, decision-making loops, and the ability to cache or hand off casualties must be rehearsed now, not improvised under fire.Chapters00:00 – Introduction & Scope: 300 Years of Mobile Surgery02:00 – Institutional Memory, Rare Texts & the Risk of Forgetting05:25 – Dominique Larrey & the Birth of the Ambulance Volante07:00 – Guthrie, Napoleonic Lessons & Early British Mobility07:40 – Crimea, Pirogov's Forward Teams & Brunel's Prefabs08:15 – The Letterman System & the American Civil War08:50 – World War I: Auto-Chir, Operating Cars & the Limits of Static Warfare11:15 – Spanish Civil War: Civilian Surgeons & Fluid Fronts12:00 – World War II Desert, SAS & the Reality of Extreme Isolation13:40 – Arnhem, Market Garden & Improvised Care Under Fire16:00 – Varsity, Chindits & the Logistics Drag of Jungle Warfare18:00 – Falklands, Gulf War, Mali & Modern Mobility Challenges19:50 – Ukraine: Extended Timelines, Targeting of Medical Assets & Aged Injuries20:50 – Horizon Scan: Mosaic Warfare & Contractile Surgical Systems22:00 – Dispersion, Digging In, Underground Facilities & Signature Management24:00 – Capability Extenders, Team Composition & Decision-Making Under Constraint25:30 – Logistics, Blood, Sterilization & the Middle Ground Between Fixed and Tiny Teams27:00 – Closing Thoughts & QuestionsFollow @prolonged_field_care and visit prolongedfieldcare.org for more austere and prolonged field care education.

Dispersion from the Church James 1:1

Derek Moore is joined by Mike Snyder and Shane Skinner this week to talk about whether the Mag 7 companies have a free cash flow problem compared to historical payout ratios. Then, they look at the relationship in price action between SpaceX and Tesla. Later, what does the options market say about next week's Apple and Microsoft earnings reports? Oh yea, they touch on Strategy changing how it calculates the preferred STRC Sharp ratio, the US Dollar Index breaking out, oil prices, and much more.   Do Mag 7 companies have a free cash flow problem? Comparing Mag 7 payout ratios to historical levels How rising cap ex is squeezing free cash flow The relationship in price action between SpaceX and Tesla What does the options market imply for next week's Apple earnings? Comparing earnings implied volatility in AAPL vs MSFT Strategy changes how it calculates the preferred STRC Sharpe ratio The US Dollar Index breaks out Where oil prices go from here Lots of dispersion under the surface of the S&P 500   Mentioned in this Episode     Derek Moore's book Broken Pie Chart https://amzn.to/3S8ADNT   Jay Pestrichelli's book Buy and Hedge https://amzn.to/3jQYgMt   Derek's book on public speaking Effortless Public Speaking https://amzn.to/3hL1Mag   Contact Derek derek.moore@zegainvestments.com

James 1

//The Wire//2300Z July 20, 2026// //ROUTINE// //BLUF: CENTCOM CONFIRMS FOUR AMERICAN CASUALTIES FOLLOWING IRANIAN STRIKES IN MIDDLE EAST. ARSON ATTACK REPORTED AT FEDERAL BUILDING IN NYC.// -----BEGIN TEARLINE------International Events-Jordan: Over the weekend CENTCOM confirmed the deaths of three US service members, who were killed as a result of the strikes on a barracks building at Muwaffaq al Salti Airbase. Two of the casualties have been identified as 1LT Tyler James Feehan, and Private Isabella Gonzales. The third casualty officially remains classified as Missing in Action as the remains will require DNA analysis to confirm identity, and has not yet been officially identified. A fourth casualty was also reported somewhere in Iraq, which was the result of an Iranian drone strike.Middle East: Following Iranian targeting of the al-Subiya Power Station, Kuwait has begun to rely on portable substations and generators to provide electricity while repairs are made. The scale of the power outages is not known, but Iranian forces have struck several logistical hubs and electrical power plants over the past few days. In Bahrain, Iranian targeting has remained heavy over the weekend, with several ballistic missile strikes reported at American installations around the country.Strait of Hormuz: Several more merchant vessels were struck over the past few days, most of which were tankers attempting to use the southern Omani route instead of the Iranian route. At least one of these vessels resulted in the crew abandoning ship before being rescued.Iran: After these collective strikes over the weekend, American targeting efforts intensified with the latest bombing campaign focusing on the targeting of bridges and civilian roadway tunnels around Bandar Abbas. Many of the roads that lead to the port city are now cut off, with only a few major roadways allowing access to the city. Several bridges have also already been repaired, and the status of others remains unclear until better satellite imagery is available.-HomeFront-New York: This morning an arson attack was reported at the Federal building in downtown Manhattan. One assailant approached the building with a bucket of gasoline, dumping the bucket at the northeast side of the structure. The suspect immediately ignited the pool of gas, which also contained a mix of commercial grade fireworks. The suspect was immediately detained by the plethora of police already on scene, as the accelerant burned on the sidewalk. Analyst Comment: No motive has yet been conveyed regarding this attack, however some of the paraphernalia scattered throughout the scene of the attack appears to be political in nature, opposing ICE.Washington D.C. - This morning, the latest numbers for Strategic Petroleum Reserve levels were released indicating that over the past week, the US has drained the SPR by an additional 5.1 million barrels, to it's lowest level since the Tanker War in 1983.Analyst Comment: Many might have assumed that the US might have re-stocked the SPR during the two-week ceasefire in the Middle East, however very little oil actually made it out of the region during that time, which amounted to only a tiny fraction of US daily usage. Since the war began five months ago, only a very small percentage of oil has exited the region, and the US has been draining the SPR at breakneck pace in order to keep the country going.-----END TEARLINE-----Analyst Comments: Concerning the American casualties sustained over the weekend, it is extremely important to note that the deaths of 1LT Feehan and PVT Gonzales are officially classified under Operation INHERENT RESOLVE (OIR)...not under Operation EPIC FURY (OEFU). Inherent Resolve is the long-standing mission to combat ISIS in Syria, and not in any way linked to the current war in Iran. As a result, the true number of casualties sustained warrants further investigation. This classification could have been an administrative error, but this would also be a way of camouflaging casualty figures. The Defense Casualty Analysis System (DCAS) is the main database for logging all American casualties, which are defined by military operation. In this case, these deaths are not cataloged under either operation yet, adding to the more broad (but also growing) concerns that the database has been concealing the true number of casualties, specifically the numbers of personnel wounded.In fact, while admonishing these concerns as "baseless and malicious accusations" Assistant Secretary of War Sean Parnell directly contradicted the numbers his own department was producing. He stated in an interview with CBS News that roughly 100 personnel had been wounded throughout the war over the past month....while his own database states that a grand total of zero personnel had been wounded for the month of July, and three in June. If this testimony is accurate, this confirms beyond all doubt that the Pentagon is lying about the number of troops wounded during this campaign. Considering that the Pentagon has disclosed a total of 413x soldiers wounded during this entire campaign, ~100x WIA being reported within a month (which also included a two-week ceasefire) is alarming to say the least.The cause of the fatalities reported over the weekend is also important to note as these deaths were very likely preventable. In the days leading up to the ballistic missile striking the housing at this base, the Iranians successfully struck the Patriot battery in Erbil, Iraq. This missile defense site would have been one of the sites providing protection for missiles launched into Jordan. With this battery offline or at least degraded in some way, it is possible that a clear air corridor existed that allowed Iranian ballistic missiles to fly unchallenged through a gap in air defense coverage. If the Erbil strike also damaged the radar array, it is also very possible that the warning time for an incoming ballistic missile would have been reduced, so any defenses at the target base would have been less effective. Obviously, the true scale of the damage to this air defense site would be classified, so in the public eye we have to guess as to how bad it was based on blurry satellite imagery. However the military commanders who knew the systems and did NOT have to guess, were also the same commanders who had the authority to either issue warnings or orders to disperse from the unprotected Containerized Housing Units (CHUs) that were struck by Iran. The failure of command to disperse their soldiers is what led to these fatalities.The very minute that the Patriot battery was struck in Erbil was a major clue that the Iranians were conducting shaping fires of their own...they were striking the air defense sites so as to open up a gap in air defense coverage, and reach out to American positions with their larger ballistic missiles.Though it is usually in poor taste to reflect on failures in the immediate aftermath of the death of troops, in the interest of expediency sometimes uncomfortable conversations must be had in order to prevent further loss of life. If a gap in air defense coverage is what allowed this strike to happen, it is almost certain that this gap still exists and that the danger to American service members is still not mitigated. For ALL American troops in the Middle East, this observation must be noted: If the Iranians are striking air defense sites, the next assumption must be that the Iranians are planning to strike something that would have been protected by that site. In retrospect this is common sense, but even at this very moment, the continued strikes on American positions (and the nearly total lack of fortification efforts at these bases, even to this day) continues to indicate that the Iranian targeting efforts are not being taken seriously by senior American decision makers. Five months into this war, CENTCOM leadership has still not figured out that the Iranians can strike their bases at will, and as demonstrated by the strikes in Kuwait and Jordan, the US is still not digging in, and also not dispersing enough to avoid troops getting killed. No underground fortification efforts have been undertaken at any base in the Middle East, and satellite imagery indicates that no substantial fortifications have been undertaken either. Granting as much leeway to the Pentagon's decision making process as possible, it is possible that no hardening of defenses would have mattered considering the missiles Iran is launching. Drone defense is one thing, but it would take years to build a bunker that would withstand the impact of an Iranian Fattah or Ghadr missile. Nevertheless, when it comes to defending American positions, doing something is better than doing nothing, and concrete does not take half a year to dry.Even if large-scale construction projects are off the menu, ALL military publications, textbooks, and training scenarios dictate and demand what has been obvious since World War One...Dispersion is the name of the game. This is what kept casualties to a minimum in Bahrain, but different theater commanders have different personal initiatives. Some are more proactive with their defense, and others have done nothing at all, besides making sure that all of the vehicles in the motorpool are lined up neatly.Where this goes from here is anyone's guess, but unless radical and immediate changes are made, the United States will continue to suffer casualties. And as long as the bombing continues which is motivating Iran to target our bases, this indirectly highlights the deficiencies with American air defense technologies, not just for this war, but for the wars to come.Analyst: S2A1 Research: https://publish.obsidian.md/s2underground NomadNet: 5fa68c88be72

Aujourd'hui dans "Esprits Libres", David Abiker reçoit Jean-Marie Colombani, fondateur du site salte.fr, et Géraldine Woessner, rédactrice en chef au Point. Ensemble, ils évoquent la présomption d'usage légitime des armes pour les forces de l'ordre.Alors que cette mesure soulève de vives critiques, les invités analysent les enjeux et les arguments des différents camps. Ils reviennent également sur les prémices de la campagne présidentielle et la position encore floue de Marine Le Pen sur les questions économiques. Hébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

 “I will remove Judah also out of my sight, as I have removed Israel, and I will cast off this city that I have chosen, Jerusalem, and the house of which I said, My name shall be there.” (2 Kings 23:27)

In this episode, Future Standard's Investment Research team members Alan Flannigan and Andrew Korz break down their latest publication, Q2 2026 Mapping the Markets: Shock and Awe, a quarterly macro and cross-asset chartbook illustrating the current state of markets. Key takeawaysSupply-side shocks are occurring more frequently and driving persistent inflation volatility.AI CapEx is powering equity markets but also increasing concentration risk.Stock-bond correlation has risen, weakening traditional diversification.Dispersion across and within asset classes is creating opportunities for active management.Private market returns are increasingly driven by revenue growth, not multiple expansion.Diversification now requires deeper strategy selection, not just asset allocation.Have a question for our experts? Text us for a chance to have your questions answered on the next episode.For more research insights go to https://futurestandard.com/insights 

On this episode of The Derivative, Jeff Malec continues Chicago Month with a deep dive into the past, present, and future of derivatives and volatility at Cboe with two of its stars. First up, Cboe Global Head of Derivatives Rob Hocking traces Chicago's rise as the world's derivatives hub, from the Board of Trade's agricultural hedging roots to SPX and VIX becoming the center of global risk transfer. Rob walks through life in the OEX and SPX pits, the culture of open outcry, the evolution from Hull and DRW to “the dark side” at the exchange, and how today's liquidity, zero‑DTE flows, and concentrated market‑making still hold up under stress. He and Jeff dig into whether the derivative can ever outgrow the underlying, why S&P 500 remains the benchmark despite megacap concentration and global basis risk, and how Cboe balances the floor's high‑touch block business with a mostly electronic market.Then Mandy Xu, Head of Derivatives Market Intelligence at Cboe, joins to break down the current volatility regime. She explains what VIX really measures (and why “fear gauge” is often wrong), how Cboe decomposes VIX into bullish vs bearish positioning, and why today's record call‑chasing and low skew feel uncomfortably close to meme‑stock and late‑'90s territory. Mandy covers the rise of zero‑DTE, option‑income and buffered ETFs, the breakdown of stock–bond correlation, the AI‑driven dispersion trade, and whether vol selling is truly “artificially” suppressing risk. The trio also find time for some Chicago vs New York banter—pizza, skylines, seasons, and sports—and a look at what's next from Cboe, from binaries on XSP to trading KPI‑style “valuation chain” products tied to names like Tesla and Cboe itself.00:00-01:43=Intro01:44–05:36 = From Corn Contracts to Options Hub05:37–20:42 = Pit Sheets to $5 Trillion a Day: Inside the S&P Options Machine20:43–30:29 = Game Within the Game30:30–35:36 = Big Blocks, Complex Trades, and the Future Beyond VIX38:07-42:15 =  Pork Chops at Soldier Field42:16–51:09 = Retail Flows and the New Vol Regime51:10–1:02:57 = Is VIX Still the Fear Gauge? What's Really Driving Risk1:02:58-1:07:18 =  AI Winners, Dispersion, and the 60/40 Shift1:07:19-1:13:16 =  Building Better Hedges1:13:16-1:17:34 =  Chicago vs. New York: Pizza, Seasons, Sports, & Final WhistleFrom the Episode:How Futures saved Stocks RCM VIX WhitepaperBlog Post - VIXmaggaeddon Follow along with Rob Hocking, Mandy Xu, and the Cboe on LinkedIn and be sure to visit cboe.com for more information!Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠sign-up for our blog digest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

2617 - In preparation for their upcoming series, “Return of the Nephilim,” Joshua and Caleb begin an epic journey to Stonehenge on the pagan feast day of Samhain. Unfortunately, the duo is waylaid by demonic activity. Will they succeed in their quest to disclose the origins of the Nephilim's Biblical dispersion to the ends of the earth?

durée : 00:33:09 - Les Nuits de France Culture - "Jules Supervielle, cet être sans frontières dans le réel et le songe, l'espace et le temps, la vie et la mort...". En 1970, à l'occasion des dix ans de la disparition du poète, Claude Roland-Manuel nous invitait à un voyage dans l'étrangeté de la pensée et la rêverie supervielliennes. - réalisation : Mathias Le Gargasson, Vincent Abouchar, Hassane M'Béchour, INA Vous aimez ce podcast ? Pour écouter tous les épisodes sans limite, rendez-vous sur Radio France

Dispersion is rising across emerging markets, reflecting differences in external balances, policy flexibility and economic proximity to the war in Iran. Pablo Goldberg, EM fixed income portfolio manager at BlackRock, joins Damian Sassower, Bloomberg Intelligence's chief EM fixed income strategist, to assess institutional positioning and investor sentiment across the asset class, as real yields are attractive and fundamentals remain resilient. Goldberg and Sassower discuss inflation expectations, election risk, rating migration and the policy outlook across EMs amid ongoing developments in the Middle East.

This week, Miles Clark and Joseph Tuzzolo discuss market participation indicators, dispersion in sector performance, semiconductor sector participation, and aerospace and defense. Images were taken from the Nasdaq Dorsey Wright Research Platform (linked below).Get Our Weekly Newsletter:NDW Lite: https://nd.nasdaq.com/Index-Preference-Center-LP-.htmlHow to Find Us:Twitter: https://x.com/DorseyWrightNDWLinkedIn: https://www.linkedin.com/company/nasdaqdorseywright/Research: https://dorseywright.nasdaq.com

In this episode of On The Mark, host Mark Immelman welcomes back Cordie Walker (last on the show in 2019) for a practical, no-fluff conversation on what actually moves the needle for your golf game: Speed Training with intent, how to make Real Swing Changes, Practice Structure, Course Management using Dispersion, and Wedge Gapping that holds up under pressure.  Cordie shares his journey chasing 180 → 190 → 200mph Ball Speed, why most golfers “speed train” the wrong way, and how dedicated sessions (with a real warmup and real volume) raise your floor, not just your ceiling. Then the conversation pivots into improvement that transfers: Get Better Feedback (video + data), Practice with a Purpose (technique vs skill vs performance), and build a Wedge System that makes “shot #3” a weapon.  In This Episode, You'll Learn: Why “intent” is the missing ingredient in most speed training (and what a real session looks like)  The #1 speed-training sign you're actually going hard enough (yes—it should feel out of control)  How video changes everything: what you feel vs what you actually do  Why swing changes are harder than golfers think—and what it really takes to make them stick  A simple practice framework: Technique vs Skill vs Performance (and why most practice fails)  How great course management can free you up (and when “send it” actually makes sense)  Why dispersion is a shotgun pattern, not a “rifle”—and how to use it to play smarter, and A wedge gapping starting point most golfers skip (and why it's killing your scoring.) Key Takeaways: Speed is trainable—if you train it on purpose. Dedicated sessions, real warmup, and enough volume matter. Feedback is everything. Video + launch monitor data keep you honest and accelerate change. Practice needs a goal. Decide if you're working on technique, skill, or performance—then practice accordingly. Course management isn't “play scared.” Know your dispersion and make emotionless decisions—then commit. Wedge gapping wins tournaments for regular golfers. Build baselines, stop swinging wedges too hard, and refine. Download this simple to comprehend and easy to apply episode and share it with your golfing friends.  Also watch it as a vodcast on YouTube.  Search and Subscribe to Mark Immelman.

Taresh Batra, CIO of Range, says record stock dispersion is masking weakness beneath the S&P 500 (SPX) highs. He highlights pressure on high-growth software as AI lowers barriers and compresses valuations. Batra adds that defensives like the XLP ETF are holding up as investors seek stability.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Tu as tendance à t'éparpiller ?À dire oui à plein de projets… puis à ne plus savoir où donner de la tête ?Dans cette Minute Marine, je te partage une petite règle toute simple découverte dans Feel Good Productivity  de Ali Abdaal : “Hell Yeah or No”.L'idée : si un projet, une opportunité ou une idée ne t'emballe pas franchement, alors c'est… non (ou au moins “pas maintenant”)!On parle dispersion, priorisation… et du coût caché de tous les “oui” qu'on donne peut-être trop vite.Est-ce que toi aussi, tu as parfois l'impression de t'engager dans trop de projets en même temps ?(Pour me répondre, envoie-moi un mp sur Linkedin

Dispersion, Discipline, and Downside Protection in an Overcrowded Market In a market dominated by mega-cap concentration and AI-driven narratives, this episode explores the overlooked opportunity set within US small and mid cap equities. Portfolio Manager, Aman Budhwar spoke with Associate Client Portfolio Manager, Laura Baker on his disciplined, bottom-up investment framework, focused on sustainable competitive advantages, strong capital allocation, and downside protection. The conversation offers a compelling case for active management in a market rich with mispricing, where careful research and long-term thinking can uncover durable compounders beyond the headlines.

Click here to WATCH LIVE STREAM Worship Service on our Youtube Channel. That You May Believe, Part 15  John 7:1-52     John 7:1-2 After this Jesus went about in Galilee. He would not go about in Judea, because the Jews were seeking to kill him. 2 Now the Jews’ Feast of Booths was at hand.     John 7:3-5 So his brothers said to him, “Leave here and go to Judea, that your disciples also may see the works you are doing. 4 For no one works in secret if he seeks to be known openly. If you do these things, show yourself to the world.” 5 For not even his brothers believed in him.     John 7:6-9 Jesus said to them, “My time has not yet come, but your time is always here. 7 The world cannot hate you, but it hates me because I testify about it that its works are evil. 8 You go up to the feast. I am not going up to this feast, for my time has not yet fully come.” 9 After saying this, he remained in Galilee.    John 7:10-11 But after his brothers had gone up to the feast, then he also went up, not publicly but in private. 11 The Jews were looking for him at the feast, and saying, “Where is he?”     John 7:12-13 And there was much muttering about him among the people. While some said, “He is a good man,” others said, “No, he is leading the people astray.” 13 Yet for fear of the Jews no one spoke openly of him.    John 7:14-15 About the middle of the feast Jesus went up into the temple and began teaching. 15 The Jews therefore marveled, saying, “How is it that this man has learning, when he has never studied?”     John 7:16-18 So Jesus answered them, “My teaching is not mine, but his who sent me. 17 If anyone’s will is to do God’s will, he will know whether the teaching is from God or whether I am speaking on my own authority. 18 The one who speaks on his own authority seeks his own glory; but the one who seeks the glory of him who sent him is true, and in him there is no falsehood.     John 7:19-20 Has not Moses given you the law? Yet none of you keeps the law. Why do you seek to kill me?” 20 The crowd answered, “You have a demon! Who is seeking to kill you?”     John 7:21-24 Jesus answered them, “I did one work, and you all marvel at it. 22 Moses gave you circumcision (not that it is from Moses, but from the fathers), and you circumcise a man on the Sabbath. 23 If on the Sabbath a man receives circumcision, so that the law of Moses may not be broken, are you angry with me because on the Sabbath I made a man’s whole body well? 24 Do not judge by appearances, but judge with right judgment.”     John 7:25-27 Some of the people of Jerusalem therefore said, “Is not this the man whom they seek to kill? 26 And here he is, speaking openly, and they say nothing to him! Can it be that the authorities really know that this is the Christ? 27 But we know where this man comes from, and when the Christ appears, no one will know where he comes from.”     John 7:28-29 So Jesus proclaimed, as he taught in the temple, “You know me, and you know where I come from. But I have not come of my own accord. He who sent me is true, and him you do not know. 29 I know him, for I come from him, and he sent me.”     John 7:30-32 So they were seeking to arrest him, but no one laid a hand on him, because his hour had not yet come. 31 Yet many of the people believed in him. They said, “When the Christ appears, will he do more signs than this man has done?” 32 The Pharisees heard the crowd muttering these things about him, and the chief priests and Pharisees sent officers to arrest him.     John 7:33-34 Jesus then said, “I will be with you a little longer, and then I am going to him who sent me. 34 You will seek me and you will not find me. Where I am you cannot come.”     John 7:35-36 The Jews said to one another, “Where does this man intend to go that we will not find him? Does he intend to go to the Dispersion among the Greeks and teach the Greeks? 36 What does he mean by saying, ‘You will seek me and you will not find me,' and, ‘Where I am you cannot come'?”     John 7:37-39 On the last day of the feast, the great day, Jesus stood up and cried out, “If anyone thirsts, let him come to me and drink. 38 Whoever believes in me, as the Scripture has said, ‘Out of his heart will flow rivers of living water.'” 39 Now this he said about the Spirit, whom those who believed in him were to receive, for as yet the Spirit had not been given, because Jesus was not yet glorified.     John 7:40-44 When they heard these words, some of the people said, “This really is the Prophet.” 41 Others said, “This is the Christ.” But some said, “Is the Christ to come from Galilee? 42 Has not the Scripture said that the Christ comes from the offspring of David, and comes from Bethlehem, the village where David was?” 43 So there was a division among the people over him. 44 Some of them wanted to arrest him, but no one laid hands on him.    John 7:45-49 The officers then came to the chief priests and Pharisees, who said to them, “Why did you not bring him?” 46 The officers answered, “No one ever spoke like this man!” 47 The Pharisees answered them, “Have you also been deceived? 48 Have any of the authorities or the Pharisees believed in him? 49 But this crowd that does not know the law is accursed.”     John 7:50-52 Nicodemus, who had gone to him before, and who was one of them, said to them, 51 “Does our law judge a man without first giving him a hearing and learning what he does?” 52 They replied, “Are you from Galilee too? Search and see that no prophet arises from Galilee.”    Opposition with time.    James 4:13-17 Come now, you who say, “Today or tomorrow we will go into such and such a town and spend a year there and trade and make a profit”— 14 yet you do not know what tomorrow will bring. What is your life? For you are a mist that appears for a little time and then vanishes. 15 Instead you ought to say, “If the Lord wills, we will live and do this or that.” 16 As it is, you boast in your arrogance. All such boasting is evil. 17 So whoever knows the right thing to do and fails to do it, for him it is sin.    Psalm 90:12 So teach us to number our days that we may get a heart of wisdom.    Opposition with thirst.     Proverbs 4:23 Keep your heart with all vigilance, for from it flow the springs of life.     Galatians 5:16-18 But I say, walk by the Spirit, and you will not gratify the desires of the flesh. 17 For the desires of the flesh are against the Spirit, and the desires of the Spirit are against the flesh, for these are opposed to each other, to keep you from doing the things you want to do. 18 But if you are led by the Spirit, you are not under the law.     Opposition with trust.    Proverbs 28:26 Whoever trusts in his own mind is a fool, but he who walks in wisdom will be delivered.    Proverbs 3:5-6 Trust in the Lord with all your heart, and do not lean on your own understanding. 6 In all your ways acknowledge him, and he will make straight your paths.  Respond | Connect | Next Steps The post John: That You May Believe appeared first on Charleston Baptist Church.

This episode explores how massive structural shifts—AI, deglobalization, and the rise of passive investing—are reshaping markets and what that means for investors. Informed Momentum Company CIO Travis Prentice breaks down why 52 week highs don't mean what you think, the extreme dispersion beneath the surface of the market, why traditional definitions of risk may be flawed, and how investors should think about momentum, quality, and diversification in a rapidly changing environment.Papers and Resources Discussed:Risks Hiding in Plain Sighthttps://www.informedmomentum.com/risks-hiding-in-plain-sight-how-the-dominance-of-passive-investing-is-reshaping-market-risk/Is Quality Broken?https://www.informedmomentum.com/is-quality-broken-ai-driven-disruption-is-testing-standard-definitions-of-quality/Buy High, Sell Higherhttps://www.informedmomentum.com/buy-high-sell-higher/Topics Covered:The hidden divergence beneath index performance and why the market isn't as stable as it looksWhy value and momentum are working together—and what that signals about market broadeningHow AI and deglobalization are driving a major regime shift in marketsWhy momentum investors ignore narratives and focus purely on what's workingThe structural risks created by the rise of passive investing and index concentrationHow tracking error replaced real risk—and why that may be dangerousWhy quality stocks (especially software) are under pressure in the AI eraThe key insight behind 52-week highs as a powerful momentum signalWhy buying stocks near highs works despite investor intuitionHow momentum strategies adapt to changing leadership and market regimesThe importance of combining factors like value, momentum, and quality for long-term successTimestamps:00:00 Intro and major market shifts01:32 Market divergence beneath the surface03:00 Factor performance and broadening market trends05:13 Why market concentration hurts factor investing06:48 AI and deglobalization as structural drivers08:14 Does this environment change how you invest?11:02 Has the market sped up? Momentum implications14:00 Passive investing and hidden structural risks17:00 Tracking error vs real risk in portfolios19:00 AI as a potential change agent for markets21:09 How passive flows impact factor investing24:00 What defines “quality” in factor investing27:04 Why software and quality are under pressure29:13 AI disruption and changing expectations32:20 How to evaluate factor underperformance34:35 Comparing today's market to the 1990s37:38 Buy high, sell higher: 52-week highs41:00 52-week highs vs traditional momentum43:20 Combining signals for better outcomes46:00 Why 52-week highs improve downside protection48:17 What momentum is picking up today50:21 Misconceptions about momentum and growth52:12 Timing and implementation of momentum54:18 Momentum reversals and market behavior57:17 Future research and improving momentum signals

Looking for a financial planner?  → PlanWithJesse.com Jesse delivers a critical re-evaluation of target date funds—one of the most widely used "set-it-and-forget-it" retirement tools—arguing that while their simplicity is appealing, their real-world performance often falls short in meaningful ways. He begins by explaining how target date funds work, focusing on their defining features: the glide path (a gradual shift from stocks to bonds over time) and their structure as "funds of funds." From there, he highlights their massive dominance in retirement accounts following the 2006 Pension Protection Act, which positioned them as default investment options for millions of Americans. But the core of the episode centers on a striking finding from recent research: the average target date fund underperforms a comparable low-cost index portfolio by roughly 1% per year—an outcome driven primarily by higher fees, the inclusion of actively managed sub-funds, and tactical allocation decisions that attempt (and often fail) to outsmart the market. Jesse further explores the wide dispersion in outcomes between funds of the same "vintage," the structural limitations imposed by employer-sponsored plan menus, and the "curse of average," which makes it impossible for any single glide path to suit an individual investor's unique financial situation. Using a bread-making analogy, he argues for a simpler, more intentional portfolio construction approach built around four core ingredients: appropriate risk level, broad diversification, low cost, and behavioral sustainability. He concludes by offering a practical framework for evaluating target date funds—favoring low-cost, passively managed options from providers like Vanguard, BlackRock, and Fidelity's index series—while emphasizing that even the best target date funds are best viewed as temporary solutions or "good enough" defaults rather than optimal long-term strategies. Key Takeaways: • Target date funds are designed as all-in-one retirement portfolios that automatically adjust risk over time. Their core mechanism is the "glide path," shifting from stocks to bonds as retirement approaches. • Most target date funds are structured as "funds of funds," investing in underlying mutual funds or ETFs. • The average target date fund underperforms a comparable index-based benchmark by ~1% annually. • The "curse of average" means no single glide path can suit every investor's needs. • Effective portfolios rely on four ingredients: risk level, diversification, low cost, and behavioral fit. • Some target date funds (e.g., Vanguard, BlackRock, Fidelity Index) are significantly better than others. Key Timestamps: (02:38) – What Target Date Funds Do (08:23) – How They Took Over 401(k)s (12:01) – The 1% Problem (14:27) – Where Underperformance Comes From (20:28) – Dispersion and Illusion of Choice (24:13) – Curse of Average (32:59) – Four Key Ingredients (38:31) – Best and Worst Families Key Topics Discussed: The Best Interest, Jesse Cramer, Wealth Management Rochester NY, Financial Planning for Families, Fiduciary Financial Advisor, Comprehensive Financial Planning, Retirement Planning Advice, Tax-Efficient Investing, Risk Management for Investors, Generational Wealth Transfer Planning, Financial Strategies for High Earners, Personal Finance for Entrepreneurs, Behavioral Finance Insights, Asset Allocation Strategies, Advanced Estate Planning Techniques Mentions: https://www.riskparityradio.com/podcast-episodes/episode-333-putting-the-hammer-down-with-a-rant-on-target-date-funds-and-portfolio-reviews-as-of-april-12-2024 https://rationalreminder.ca/podcast/374 https://workplace.vanguard.com/investment/strategies/tdf-glide-path.html Prof Brown's Research: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3707755 More of The Best Interest: Check out the Best Interest Blog at https://bestinterest.blog/ Contact me at jesse@bestinterest.blog Need a financial planner?  → PlanWithJesse.com  The Best Interest Podcast is a personal podcast meant for education and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

1 Peter 1:1-21Peter, an apostle of Jesus Christ,To those who are elect exiles of the Dispersion in Pontus, Galatia, Cappadocia, Asia, andBithynia, 2according to the foreknowledge of God the Father, in the sanctification of the Spirit,for obedience to Jesus Christ and for sprinkling with his blood:May grace and peace be multiplied to you.

Paul Greaves and Kunal Kamal speak with John Miller, Head and CIO of Municipal Credit at First Eagle Investments, on how heavy supply and repeated system shocks are driving credit dispersion in munis and reshaping risk. In the episode, Miller discusses how recent developments in project finance have reinforced a broader shift in municipal markets away from broad market moves and toward issuer‑specific credit outcomes. He explains how today's opportunity set differs from a year ago and where dispersion between stronger and weaker credits has become most apparent. The conversation also covers First Eagle's expansion of its municipal platform, including the launch of a Core Plus strategy, and how portfolio construction and liquidity considerations are evolving as credit selection plays a more central role. Finally, the group examines the impact of record issuance levels and evolving federal policy expectations on muni valuations and behavior, before looking ahead to where credit stress may emerge over the next 12–18 months and the indicators investors are watching most closely.

On this episode of Virtual Sentiments, Kristen Collins speaks with political theorist Samuel Bagg about his recent book The Dispersion of Power: A Critical Realist Theory of Democracy (Oxford University Press, 2024). Instead of understanding democracy as an idealized process of collective self-rule, Bagg argues that democracy's core purpose is to prevent any one group from capturing the state. The conversation explores how this focus on state capture reshapes debates about populism, technocracy, and liberalism, while offering a more realistic account of how power operates in modern societies. Collins and Bagg also discuss the dangers of over-intellectualizing politics, the limits of deliberative democracy, and the role of inequality and private power in shaping political outcomes. The episode closes with a forward-looking discussion of democratic renewal, emphasizing the importance of organizing, civic infrastructure, and building countervailing power in civil society as essential to resisting authoritarianism and sustaining democratic life.Show Notes:Virtual Sentiments | Deva Woodly on Civil Society and the Politics of CareAlex Opera, Adam Smith on Political Judgment: Revisiting the Political Theory of the Wealth of Nations (The Journal of Politics, 2022)Paul Sagar, The real Adam Smith (Aeon, 2018)Tyler McBrien, What is ‘State Capture'? A Warning for Americans (New York Times, 2025)Samuel Bagg, Democratic Disenchantment (Boston 50 Review, 2024)Samuel Bagg, Would you sit on a jury to review government regulations? (The Conversation, 2024)Theory of Virtual Sentiments | On Adam Smith's Critique of State Capture**This episode was recorded August 29, 2025.**If you like the show, please subscribe, leave a 5-star review, and tell others about the show! We're available on Apple Podcasts, Spotify, Amazon Music, and wherever you get your podcasts.Follow the Hayek Program on Twitter: @HayekProgramLearn more about Academic & Student ProgramsFollow the Mercatus Center on Twitter: @mercatus

Alex Coffey covers Monday's final takeaways and explains how headlines surrounding the U.S.-Iran War are dampening price action throughout Wall Street. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Markets rarely offer clarity when it matters most. In this episode, together with Katy Kaminski and Harry Moore, we reflect on a first quarter defined by sharp reversals, energy shocks, and rising dispersion across strategies. They explain how trend following adapted as leadership flipped across asset classes, and why results varied more than many expected. The conversation moves beyond performance to examine portfolio construction, from market selection and speed to the growing relevance of portable alpha. Along the way, they revisit periods of drawdown, investor behavior, and the role of liquidity in crisis environments, offering a grounded perspective on how systematic strategies respond when conditions change quickly.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Katy on LinkedIn.Follow Harry on LinkedIn.Episode TimeStamps:00:00 - Introduction and episode framing01:38 - Market backdrop and Q1 volatility07:29 - Trend following performance through Q109:36 - Diversification vs equities and bonds11:21 - Dispersion across managers explained14:32 - Trend vs non trend strategies18:40 - A month that tested every component of trend21:17 - Optimal market mix and research insights30:00 - Macro factors and what trend captures35:57 - Portable alpha and cash efficiency42:23 - Risks in portable alpha construction49:04 - Drawdowns and investor behavior53:37 - Why trend recovers after shocks01:00:51 - Measuring alpha in macro strategies01:06:51 - Geopolitics and future opportunitiesCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I'm really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

Subscribe to the OPEX Effect on Spotify⁠⁠Subscribe to the OPEX Effect on Apple PodcastsThis episode breaks down the growing tension beneath the surface of today's markets, where volatility signals, options positioning, and macro risks like war and inflation are increasingly misaligned. Brent Kochuba and Jack Forehand explain why markets appear calm despite heavy hedging, and what that disconnect could mean for a potential volatility spike and downside move ahead.Brent Kochuba on Twitterhttps://twitter.com/SpotGammaSpotGamma Websitehttps://spotgamma.comTopics covered in this episode• Why volatility looks elevated beneath the surface even as markets remain relatively calm• The growing gap between implied volatility VIX and realized volatility and what it signals• How options expiration OPEX can create turning points in both price and volatility• Why current positioning is unusually put-heavy and what that means for downside risk• The role of market makers and hedging flows in driving market moves• How geopolitical risks like the Iran conflict are changing options behavior and hedging demand• Why correlation is spiking and what it says about investors moving from stock picking to asset allocation• The breakdown of traditional diversification including the 60/40 portfolio• How credit markets and liquidity risks could amplify equity volatility• The impact of zero DTE options and why traders are shifting to longer-duration hedges• The significance of the JP Morgan collar trade and key levels to watch into month-end• Why volatility spikes often follow periods of suppressed market movement• The potential for a sharp upside rally if geopolitical risks suddenly resolve• How options positioning can help both traders and long-term investors with timing decisionsTimestamps00:00 Volatility premium vs low market movement disconnect01:00 Why markets feel calm despite rising risks05:20 Explosion in options volume and impact of Monday Wednesday Friday expirations07:00 How market maker hedging flows drive price movements08:40 Dynamic hedging and why options impact evolves over time09:20 Why OPEX can trigger market turning points10:30 VIX expiration effects and short-term volatility suppression13:00 Negative gamma and how it amplifies market volatility14:10 Why hedging demand remains high despite OPEX clearing16:00 Jump risk scenario and potential VIX spike to 4017:10 Shift from zero DTE trading to longer-term hedging18:00 Put-heavy positioning across equities and indices20:40 Size and significance of the current OPEX event22:20 VIX spike dynamics around expiration23:40 JP Morgan collar trade and key SPX levels25:00 Why OPEX often marks short-term market lows or highs28:30 Review of prior OPEX signals and market setup30:00 Rising correlation and shift to asset allocation mindset32:00 Dispersion breakdown and implications for equities34:00 Software sector volatility and AI disruption narrative36:30 Using options signals for better timing decisions39:00 Correlation spike and risk-off behavior across markets41:30 Why investors are avoiding calls and piling into puts44:30 Cross-asset correlation breakdown and bond hedge failure48:00 Credit market risks and spillover into equities49:00 Extreme VIX vs realized volatility spread50:50 Why realized volatility remains unusually low52:30 Oil, inflation, and macro feedback loops

LEARN MORE about NDX: https://www.nasdaq.com/nasdaq-100-options-xnd-ndx?utm_medium=Podcast&utm_source=RiskReversal SUBSCRIBE to our newsletter: http://riskreversal.substack.com/ Dan Nathan & Guy Adami break down the top market headlines and bring you stock market trade ideas for Wednesday, March 18th. -- Learn more about FactSet: https://www.factset.com/lp/mrkt-callFollow us on Twitter @MRKTCallFollow @GuyAdami on TwitterFollow @CarterBWorth on TwitterFollow us on Instagram @RiskReversalMediaLike us on Facebook @RiskReversalWatch all of our videos on YouTube Learn more about your ad choices. Visit megaphone.fm/adchoices

Living Faith: Introduction to the Book of James | James 1:1 Explained launches our verse-by-verse series by exploring the background, authorship, and purpose of James's letter to the twelve tribes in the Dispersion. In this episode, we examine the identity of James the Just—Yeshua's brother and leader of the Jerusalem community—and explore why he wrote his epistle to the twelve tribes scattered abroad. Was James Torah observant? What did “twelve tribes” mean in the first century? And how does this introduction prepare us for a faith that truly lives? This teaching introduces the Book of James by clarifying who James was, when he wrote, and who his audience was. We explore the historical and prophetic meaning of “the twelve tribes in the Dispersion,” showing how James's words reflected the early Messianic Jewish hope of Israel's restoration through Yeshua the Messiah. You'll also learn why James upheld Torah observance, what it means to walk in the “perfect law of liberty,” and how faith and obedience are inseparable in biblical discipleship. This teaching builds a vital foundation for everything that follows in the epistle.

In this special 400th episode, the Rational Reminder hosts reflect on 50 years of index investing and the profound impact it has had on financial markets, investor behavior, and the cost of investing. The episode features a panel moderated by Ben Felix at the New York Stock Exchange—hosted by Vanguard and S&P Dow Jones Indices—bringing together leading voices in the indexing world to explore how passive investing evolved and what it means for the future of capital markets. Ben is joined on the panel by Tim Edwards (S&P Dow Jones Indices), Jim Rowley (Vanguard), and Shelly Antoniewicz (Investment Company Institute) to discuss the mechanics of indexing, the myths surrounding passive investing, and the evidence on how index funds affect markets. They unpack questions about market concentration, price discovery, and whether indexing is changing the structure of capital markets. Key Points From This Episode: (0:00:04) Introduction to the Rational Reminder podcast and the hosts from PWL Capital. (0:00:24) Celebrating the 400th episode and reflecting on nearly eight years of podcasting. (0:01:09) Dan Bortolotti discusses the early days of podcasting and the transition from the Couch Potato podcast. (0:02:11) The rise of podcasts and YouTube as major sources of financial education for investors. (0:02:49) How Rational Reminder grew after Dan ended his previous podcast and the demand for Canadian investing content. (0:03:47) The podcast reaches a record audience with over 384,000 views and downloads in January 2026. (0:04:19) Institutional investors—foundations, endowments, and unions—show increasing interest in PWL's low-cost index approach. (0:06:20) Why indexing can still be a difficult sell for institutional investment committees. (0:08:25) Peer effects in institutional investing: committees often hesitate to adopt strategies that seem unconventional. (0:09:11) 2026 marks 50 years since Vanguard launched the first retail index fund in 1976. (0:10:08) Ben moderates a panel at the New York Stock Exchange on the future of index investing. (0:11:55) Overview of the panel participants from Vanguard, S&P Dow Jones Indices, and the Investment Company Institute. (0:13:07) Discussion of research papers presented at the event examining index investing's market impact. (0:14:32) Historical context: the S&P 500 is currently as concentrated as it was in the mid-1960s. (0:15:36) The largest companies in 1965—AT&T, Kodak, GM, IBM—eventually faded from dominance. (0:17:43) A hidden advantage of cap-weighted indexing: investors automatically own future winners. (0:20:59) Debate about whether today's tech-heavy market concentration differs from past cycles. (0:23:30) The explosion of index funds and ETFs has created thousands of ways to implement passive strategies. (0:26:42) Technical improvements in ETF implementation, including lower tracking error and better hedging. (0:29:02) The "Vanguard Effect": index investing has driven massive reductions in investment fees. (0:29:38) Index funds account for about 23% of total U.S. market capitalization, not the commonly cited 50%. (0:32:48) Evidence suggesting index funds have not increased large-cap concentration in markets. (0:34:25) Passive funds represent only about 1–2% of daily trading activity. (0:36:16) Dispersion in stock returns remains high, meaning opportunities for active management still exist. (0:38:12) Panel begins: defining passive investing and why the term is more complex than it seems. (0:42:13) Who invests in index funds? Millions of households using them primarily for retirement savings. (0:45:22) How advisors and institutions use ETFs to build diversified long-term portfolios. (0:46:19) The surprising role of ETFs in trading and market liquidity. (0:48:30) The proliferation of niche ETFs raises questions about whether indexing has strayed from Bogle's vision. (0:49:49) Academic research offers conflicting views on indexing's effect on market efficiency. (0:52:27) Evidence suggests index fund growth has not increased market volatility. (0:54:25) Dispersion data shows indexing does not eliminate opportunities for stock picking. (0:57:15) Index funds own only about 30% of the U.S. stock market, leaving the majority in active hands. (0:59:42) Historical perspective: high market concentration has occurred before and eventually declined. (1:02:14) Research remains inconclusive about whether indexing harms markets. (1:05:25) Over 20 years, 94% of actively managed U.S. equity mutual funds underperformed the S&P 500. (1:06:20) Post-panel reflections and discussion with the Rational Reminder hosts. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore   Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

ITPM Flash provides insight into what professional traders are thinking about in the markets RIGHT NOW!   Markets may look calm at the index level, but beneath the surface the stock market environment is becoming increasingly chaotic.   In this episode of ITPM Flash, Edward Shek looks at the growing dispersion across equities as capital rotates out of technology stocks and into other sectors. Hedge funds and long-only managers have been selling US equities at the fastest pace since last year's tariff shock, with much of that money leaving tech while some flows into cyclicals, treasuries and international markets.   At the same time, the debate around AI disruption continues to intensify. Software stocks have already suffered significant damage, and research from companies like Anthropic is raising serious questions about the long-term impact of AI on professional industries including finance, consulting, law and accounting.   Yet while the market debates the future of software, another opportunity may be emerging elsewhere.   Ed outlines the case for Roku (ROKU) — a streaming platform business that monetises user engagement through advertising, subscriptions and content distribution. The company sells low-margin streaming devices to build its ecosystem, but the real value lies in its platform economics and advertising inventory.   With around 90 million active accounts and users streaming more than four hours per day on average, Roku may be approaching the point where platform scale begins to drive meaningful operational leverage and earnings growth.   In a market defined by uncertainty, sector rotation and stock dispersion, trade opportunities increasingly come from individual stock ideas rather than broad index direction.   Enjoy the Chaos.

In this episode, Alan Dunne and Cem Karsan explore a market that appears calm on the surface yet increasingly unstable underneath. As indices move sideways, they discuss how options flows and structured products are reshaping market behavior, driving rotation rather than direction. From the weakening of former leaders to the rise of defensives, the conversation turns to what these shifts may signal about a broader topping process. They also examine the growing influence of AI narratives, political incentives, and global tensions, not as isolated shocks but as forces building pressure within the system. The result is a discussion about how markets evolve when structure, policy, and sentiment begin to move out of sync.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Alan on Twitter.Follow Cem on X.Episode TimeStamps:00:00 Intro to the Systematic Investor Series00:23 Performance check: CTAs strong, trend tailwinds03:13 Range-bound indices, but big dispersion and rotation03:45 Why options pin the index: dealer flows and vol compression05:42 Dispersion mechanics: idiosyncratic risk, falling correlation07:32 Rotation as a topping process: leaders fade, defensives rise09:54 OPEX and quarterly expiries: why timing windows matter11:56 The March support effect, then weaker flows into April17:02 AI narrative shock: anxiety, backlash, and policy consequences22:32 Populism versus deflation stories: why inflation returns32:43 Gold outlook: secular bull, but expect two-sided volatility45:45 Rates as “tectonic plates”: vol compressed now, release later50:23 Midterms, incentives, and the fight for control57:42 Liquidity loop: markets stop rising, collateral stops expandingCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I'm really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

Our CIO and Chief U.S. Equity Strategist Mike Wilson explains why he still believes in a growth cycle for equity markets, even as investors show growing concerns around AI.Mike Wilson: Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast, I'll be discussing recent concerns around AI disruption. It's Tuesday, February 24th at 1pm in New York. So, let's get after it. Last week you could feel it, that anxious undercurrent in the market. The headlines were noisy, volatility ticked higher, and AI disruption, once again, dominated investor conversations. But beneath the surface level unease something important happened. The S&P 500 Equal Weight Index pushed to a new relative high, keeping our broadening thesis alive and well. On one hand, investors are worried about AI driven disruption, CapEx intensity, and potential labor force reductions. On the other hand, capital is still flowing into formerly lagging areas of the market, just as the median stock is seeing its strongest earnings growth in four years. Let's unpack this. First, there's concern AI will lead to job losses. But even if that's the case, there's typically a phase-in period. Companies don't just eliminate labor overnight. Importantly, before these productivity gains are fully realized, we need broad enterprise adoption. That means building out the agentic application layer, integrating AI into workflows, retraining systems and processes. That takes time, and it is still early days in that regard. Second, what we're seeing now is typical of a major investment cycle. Volatility increases as markets challenge the pace of unbridled spending. Dispersion increases as investors debate winners and losers. Leadership rotates, sometimes sharply. There's also something different this time compared to the internet bubble of the late 1990s. Today we're in an early cycle earnings backdrop. We've just emerged from what was effectively a rolling recession between 2022 and 2025. So, as capital rotates out of the perceived structural losers, it's not just chasing long-term AI beneficiaries, it's also finding classic cyclical winners. On the losing side is long duration services-oriented sectors, particularly software. These areas are more sensitive to uncertainty around longer term cash flows. This area also has a large overhang of private capital deployed over the last 10 to 15 years. There are other forces at play too. Small cap growth, arguably the longest duration segment of the market, began breaking down in late January around the time Kevin Warsh was nominated as Fed chair. While major indices barely reacted, more speculative areas may be responding to expectations of tighter liquidity given Warsh's, reputation as a balance sheet hawk. Finally, equity markets are typically more volatile when new Fed chairs assume office. Bottom line, our broader thesis of an early cycle rolling recovery remains intact. Market internals are supportive even if index level action feels choppy. That said, near term volatility is likely to persist as we enter a weaker seasonal window for retail demand, while liquidity remains ample, but far from abundant. With this backdrop, a quality cyclical barbell with healthcare makes sense. In small caps, the higher quality S&P 600 looks more attractive than the Russell 2000. And any short-term volatility could present opportunities to add exposure in preferred cyclical areas like Consumer Discretionary Goods, Industrials, and Financials. Of course, risks remain. AI adoption could accelerate faster than expected, pressuring labor markets more abruptly. Pricing power could erode as efficiency spread, and policy makers could react in ways that slow the CapEx cycle while crowded momentum positioning remains vulnerable. Nevertheless, the signal from the internals is clear. Beneath the volatility this looks less like a market rolling over, and more like one that is confirming an early cycle economic expansion. Thanks for tuning in. I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out.

This week, we break down evidence of a quiet Main Street re-acceleration, exploding market dispersion, AI-driven shifts in correlations, why passive strategies are being disrupted, and where capital is rotating across real assets, rates, and global markets. Enjoy! — FollowTyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Join us at Digital Asset Summit 2026 in NYC March 24-26th! Use code FORWARD200 for $200 OFF! https://blockworks.co/event/digital-asset-summit-nyc-2026 __ Weekly Roundup Charts: https://drive.google.com/file/d/19aYbTDngy8hRXMYUNNxZId3oM8AsfBjv/view?usp=sharing — Grayscale offers more than 30 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. https://www.grayscale.com/?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-forwardguidance Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral. Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here: https://www.coinbase.com/onchain/borrow/get-started?utm_campaign=0126_defi-borrow_blockworks_FG&marketId=0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836&utm_source=FG — Timestamps: 00:00 Intro 05:28 Main Street Re-Accelerating? 12:23 Ads (Grayscale) 13:04 AI CapEx Is Breaking Correlations (RIP Passive?) 19:55 Exploding Dispersion & Capital Rotation Plays 23:32 Retail vs Hedge Funds: Who's Crowded? 32:08 Ads (Grayscale, Coinbase) 33:43 Crowded Trades & Atoms vs Bits 39:50 AI Bottlenecks & Real Asset Rotation 50:02 Bitcoin, Crypto & Risk Appetite Check — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #macro #investing #markets #stocks #stockmarket

In this episode of Money & Meaning, host Jeff Bernier talks with Tommy Newberry—executive coach, Wall Street Journal and New York Times best-selling author, and founder of The 1% Club and head coach of Tommy Newberry Coaching. Together, they explore what it means to live with clarity, purpose, and intentionality, especially in the second half of life. Tommy shares the core habits behind lasting success, the risks of distraction and drift, and how gratitude and reflection help fuel a meaningful life. This conversation offers a framework for those planning their next chapter with energy and direction.  Topics covered:  Tommy's early career journey and founding Newberry Consulting ● The importance of doing work that energizes you ● Finding clarity on what you want versus what you don't want  ● The key habits behind long-term success  ● The Four D's that derail progress: Distraction, Dispersion, Drift, and Delay  ● Living with your priorities in order, not necessarily "balance"  ● Developing habits and rhythms that support your goals  ● How gratitude shapes mindset and impacts daily awareness  ● The role of reflection in staying aligned with your vision  ● Encouragement for midlife professionals in Act II of life  ● Why retirement isn't the goal—building and solving remain vital  ● Helping young adults create intention in their 20s    Useful Links:    Jeff Bernier on LinkedIn: https://www.linkedin.com/in/jeffberniercfp/  TandemGrowth Financial Advisors: https://www.tandemgrowth.com/  Tommy Newberry: https://www.linkedin.com/in/tommynewberry/  The 1% Club: https://www.achievingoptimal.online/1pc-home    Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Bob O'Leary (Co-CEO and Portfolio Manager, Global Opportunities) and Armen Panossian (Co-CEO and Head of Performing Credit) shared their assessment of market dispersion in a recent webcast held for Oaktree clients. They discussed the state of the private and liquid credit markets and the ways to navigate an environment characterized by increasing bifurcation into winners and losers. Listen to an excerpt from the conversation in the latest episode of The Insight: Conversations.

Today, we are joined by Nick Baltas to examine how narratives, signals, and structural design are reshaping trend following at the start of 2026. The conversation moves from investor storytelling and information digestion to a sober review of what truly drove dispersion in 2025. We explore why speed and universe choice mattered more than expected, why recent outcomes may be misleading, and why reacting to performance is often a mistake. The discussion then turns technical, unpacking new academic research on nonlinear momentum, signal construction, and the deeper mechanics behind trend following's defensive behavior during stress. The episode closes with a reminder that discipline, not prediction, remains the strategy's core advantage.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Nick on Twitter.Episode TimeStamps:00:00 - Introduction and welcome01:05 - A disrupted start to 202603:10 - Narratives, information, and price formation07:06 - Why stories often fail to move markets09:31 - Recurring themes and market attention10:59 - Strong early conditions for trend following12:01 - Dispersion across strategies in 202515:06 - Familiar patterns in an unfamiliar year18:42 - Speed versus universe in trend design23:17 - Why recent outperformance can mislead31:08 - Institutional views on trend following40:21 - Nonlinear time series momentum research50:30 - Autonomy of trend and crisis...

In this episode of Excess Returns, we dive deep into one of the most pressing investing debates today: how to think about valuations, profit margins, and artificial intelligence in a market that feels both expensive and transformative. Sam Ro joins Matt Zeigler and Kai Wu for a wide-ranging conversation that explores whether traditional valuation tools still matter, how AI is reshaping corporate economics, and why history suggests investors should be cautious about bubble narratives even when enthusiasm runs high. From profit margins and capital intensity to the future of the Magnificent Seven, this episode focuses on how long-term investors can frame uncertainty without relying on false precision or short-term market calls.Timestamps00:00 Valuations, bubbles, and why timing markets is so hard01:41 Do valuations still matter for investors05:58 S&P 500 valuation levels versus history09:30 Profit margins and why mean reversion has not shown up yet14:39 Household finances, pricing power, and consumer resilience15:47 AI, productivity, and the limits of forecasting economic impact19:15 Valuations adjusted for structurally higher profit margins21:15 Tech multiples, growth expectations, and PEG ratios24:07 Are we in an AI bubble and why that question may not help29:14 Lessons from past bubbles and irrational exuberance30:14 How transformative AI could be compared to past innovations35:20 Massive AI capital spending and the risk of overbuild39:42 Who captures value in AI: builders versus users46:39 Revenue per worker and productivity trends48:00 Dispersion inside the Magnificent Seven51:34 Big tech shifting from asset-light to asset-heavy models59:53 Turnover among top companies over time01:01:10 Why Wall Street price targets miss the point01:04:30 Presidential cycles and market returns01:06:28 Fund manager surveys and why popular risks are often lagging indicatorsTopics coveredHow investors should think about valuations over long time horizonsWhy elevated profit margins may be more structural than cyclicalThe role of AI in productivity, earnings, and competitive dynamicsBubble psychology and lessons from the dot-com eraCapital intensity, overinvestment, and the risk of write-downsWhy AI infrastructure builders may not capture most of the valueWhat dispersion within the Magnificent Seven signals for marketsWhy broad diversification still matters in a rapidly changing market

1 Peter 1:11:1 Peter, an apostle of Jesus Christ,To those who are elect exiles of the Dispersion in Pontus, Galatia, Cappadocia, Asia, and Bithynia...John 1:35-421:35 The next day again John was standing with two of his disciples, 36 and he looked at Jesus as he walked by and said, “Behold, the Lamb of God!” 37 The two disciples heard him say this, and they followed Jesus. 38 Jesus turned and saw them following and said to them, “What are you seeking?” And they said to him, “Rabbi” (which means Teacher), “where are you staying?” 39 He said to them, “Come and you will see.” So they came and saw where he was staying, and they stayed with him that day, for it was about the tenth hour. 40 One of the two who heard John speak and followed Jesus was Andrew, Simon Peter's brother. 41 He first found his own brother Simon and said to him, “We have found the Messiah” (which means Christ). 42 He brought him to Jesus. Jesus looked at him and said, “You are Simon the son of John. You shall be called Cephas” (which means Peter).Luke 5:1-115:1 On one occasion, while the crowd was pressing in on him to hear the word of God, he was standing by the lake of Gennesaret, 2 and he saw two boats by the lake, but the fishermen had gone out of them and were washing their nets. 3 Getting into one of the boats, which was Simon's, he asked him to put out a little from the land. And he sat down and taught the people from the boat. 4 And when he had finished speaking, he said to Simon, “Put out into the deep and let down your nets for a catch.” 5 And Simon answered, “Master, we toiled all night and took nothing! But at your word I will let down the nets.” 6 And when they had done this, they enclosed a large number of fish, and their nets were breaking. 7 They signaled to their partners in the other boat to come and help them. And they came and filled both the boats, so that they began to sink. 8 But when Simon Peter saw it, he fell down at Jesus' knees, saying, “Depart from me, for I am a sinful man, O Lord.” 9 For he and all who were with him were astonished at the catch of fish that they had taken, 10 and so also were James and John, sons of Zebedee, who were partners with Simon. And Jesus said to Simon, “Do not be afraid; from now on you will be catching men.” 11 And when they had brought their boats to land, they left everything and followed him.

Niels is joined by all 9 amazing co-hosts, to discuss a year that refused to behave. In part one of the annual "roundtable", Niels and the group map why 2025 produced such striking dispersion across trend followers. They revisit the Liberation Day shock and the uncomfortable truth it exposed: results often came down to unglamorous choices like market selection, time horizon, and how quickly risk is resized after clustered volatility and sharp reversals. The conversation then widens to a structural theme: the rapid growth of strategies investors hope will sit outside stocks and bonds, from managed futures and multi strats to structured products, gold, and crypto, plus the liquidity, reflexivity, and selection challenges that follow when everyone reaches for the same diversifier.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Nick on LinkedIn.Follow Alan on Twitter.Follow Katy on LinkedIn.Follow Andrew on Twitter and LinkedIn.Follow Cem on Twitter and LinkedIn.Follow Richard on