Navigating the Bear, and Finding Alpha in It

Fifth straight weekly S&P decline and a break of the 200-day; the book is +2.1% YTD against −5.8% for the index on the energy overweight. Full PBR entry thesis in five parts, plus the gold paradox signal, an FCX supply update, the MSFT re-underwrite and a ceasefire tail-risk framework.

Published Mar 28, 2026. Views and model assumptions reflect the publication date and may have changed.