The European Sweet Spot Continues. Europe is seeing a combination of significant past monetary easing and coming fiscal easing, strengthening growth, and depressed expectations. Usually a desirable combo for stocks (in global FX).

Great conversation with @Ajshaps recently on the Capital and Power pod from @Ainvest_Wire. Check it out!

Nice coverage from the team at @Vetta_Fi on our most recent ETF launches. Check it out to learn more!

One of the big bets in the BBB is that accelerated depreciation will kick off a wave of BFI to support growth. But it looks like the slowing economic conditions and policy uncertainty are far more important than the tax break.

The full economic impact of the tariff drag wont be felt until the end of this year or early next year. With @MorganLBrennan on @CNBCOvertime

The Policy Drag Ahead Despite the political euphoria that's come from passing the BBB, netting out the impacts of immigration and tariffs (under proposed policy) suggests a negative shock to growth in coming quarters.

Another day where gold and bonds were sniffing out a much different picture than stocks.

Everyone has thrown in the towel on near-term earnings, but future expectations remain very high. Mid-double digit earnings growth over the next year and at 22x long-term earnings growth expectations near all time highs.

Great Expectations Everyone accepts the 2Q25 earnings season is gonna be a dud. Instead they are looking forward to some of the best earnings growth in years just at a time when the economy is decelerating.

Bonds + Gold > Stocks