The broader market is flashing warning signs. The Santa Claus rally is failing with back-to-back down days. 

How much private credit has been put in place but isn't in the official credit total is unknown and very likely unknowable. That means total systemic risk is also unknowable.

2026 will likely be a more volatile and painful year than investors have become accustomed to after 3 blockbuster years of returns.

The uncertainty created by today’s tariffs will create scarcity (and higher prices) of lower order goods (in this case whiskey) in the future.

The three worst-performing Dow Jones Stocks in 2025 were UnitedHealth Group, Salesforce, and Nike, all of which posted negative returns.