If recent market action feels confusing, it should. Over the past several weeks, many of the market’s former leaders have been sharply repriced, in a trend that has been evolving for months. Is this just a dip or a major shift for the markets?

You probably know about Blackstone, the world’s largest alternative asset manager. The company has a reputation as the “king of private equity.” And for good reason. The stock has also been a great one to own for years.

Perhaps the single most important macro phenomenon of the past several decades is the precipitous decline in the labor share of income.

The greenback fell against the G10 currencies last week but consolidation seemed to be the main feature.

​​​​​​​With risk aversion gathering momentum, deleveraging looms.

While the S&P is still less than 3% off its all time highs, this rotation is about to turn to distribution as a new bear market begins. One major reason is the outperformance of consumer staples.

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