$Dow Jones(.DJI)$ $S&P 500(.SPX)$ $NASDAQ(.IXIC)$ $iShares 20+ Year Treasury Bond ETF(TLT)$ $Gold - main 2602(GCmain)$ $WTI Crude Oil - main 2601(CLmain)$ OverviewThe US government shutdown officially ended on November 12th, lasting a record breaking 42 days. The government is now funded through January 30th, 2026, though no long-term agreement has been reached. For the final quarter of 2025, estimated GDP impact is 0.4% due to lost productivity and delays in contractor payments. The market overall rallied slightly, though g

8.6% Dividend Yield.1.4 billion cubic feet of capacity across 235 warehouses, providing a globally diversified, hard-to-replicate cold-storage footprint.18% US market share, 6% global market share.60.0% of warehouse segment revenue under fixed contracts, anchoring cash flows through a soft volume and pricing environment.Development pipeline targeted at 10–12% ROIC, increasingly focused on build-to-suit and higher-growth international markets (notably Asia-Pacific).Near-term headwinds in 2026–2027 from excess capacity and weaker demand.Investment Thesis $Americold Realty Trust(COLD)$ is a cold-storage REIT that manages 1.4 billion cubic feet of storage globally across 235 warehouses. Due to a glut of supply in the market, COLD’s stock price has det

$Dow Jones(.DJI)$ $S&P 500(.SPX)$ $NASDAQ(.IXIC)$ $Gold - main 2512(GCmain)$ $Silver - main 2512(SImain)$ $WTI Crude Oil - main 2512(CLmain)$ OverviewOctober was a rocky month for US equities, with the US government shutdown looming over markets. While the CPI report was late due to the shutdown, it was not as hot as expected at 3.0% year over year compared to 3.1% consensus, it was not enough to offset trade-threats with China.The Morningstar US Market Index measures the performance of large-, mid- and small-cap stocks

2.3% dividend yield, 6.0% of shares authorized for repurchase.Pizza Hut’s successful pivot to value offerings, trading a 13% pricing reduction for a 17% traffic surge.An aggressive expansion into lower-tier cities, where approximately 70% of new stores are opening, fueled by extensive franchising which is high ROC (Return on Capital).For the second half of 2025, YUMC expects to return $664 million to shareholders bringing the year-end total to approximately $1.2 billion.$1.8 billion is remaining on shareholder return of capital into 2026.Chinese government stimulus on consumer spending, especially in the service sector, would likely boost same store sales growth and re-rate the stock.Investment Thesis $Yum China Holdings, Inc.(YUMC)$ is the larges

$Dow Jones(.DJI)$ $S&P 500(.SPX)$ $NASDAQ(.IXIC)$ $iShares 20+ Year Treasury Bond ETF(TLT)$ $Gold - main 2512(GCmain)$ $Silver - main 2512(SImain)$ OverviewEarly in the month, the market traded overall sideways awaiting economic data that would indicate which way the Fed may move on rate-cuts. On September 5th, the jobs report came in weaker than expected, with September 11th’s CPI release coming in exactly on expectations, sealing the market’s expectation of a cut.The Morningstar US Market Index measures the performance of

$Dow Jones(.DJI)$ $S&P 500(.SPX)$ $NASDAQ(.IXIC)$ OverviewDespite a rocky start to the month, August saw Morningstar’s US Market index up on the month 2.1%, with the S&P500 up 1.9%. The Fed’s Jackson Hole meeting initially caused a broad de-risking that ended up boosting returns as investors now fully expect the Fed to cut during the September meeting.Inflation came in at expectations, with CPI posting 2.7% month over month annualized. The long-term trend is a continuous move down toward the Fed’s 2.0% target, though progress once again appears to be stalling.However, the story has now become one of balancing jobs with the price level. Job growth since J

$Dow Jones(.DJI)$ $S&P 500(.SPX)$ $NASDAQ(.IXIC)$ $iShares 20+ Year Treasury Bond ETF(TLT)$ $Gold - main 2512(GCmain)$ $Silver - main 2509(SImain)$ $WTI Crude Oil - main 2509(CLmain)$ OverviewThe stock market capped the week by having a down day to open August as renewed economic fears unsettled investors. The month of relative stability ended on a soft note although not enough to end the month in the negative.The final week of July was the worst week for the market since the ea

13.9% YieldTriple net lease structure provides strong 52.3% operating margins even factoring in tenant defaults.Conservative capital structure, 1.2x debt to EBITDA with $2.2 billion in unencumbered property.8.3 million active leasable square feet, with 1.2 million leasable square feet under development.Early results from tenant refresh started in the quarter ending March 2025 are positive, with management expecting market normalization within 18-36 months.Captive base, with cannabis operators having limited financing opportunities for large-scale properties leading to long 13.5-year average lease periods.Investment Thesis $Innovative Industrial Properties Inc(IIPR)$ is an industrial REIT focusing on cannabis operations. The property profile is 92%

3.8% Dividend Yield.DAC has 15 new methanol-fueled container ships under construction, all pre-contracted upon delivery, representing 27.2% capacity expansion set to fuel growth.DAC operates an 84-ship fleet with 471,500 Twenty Foot Equivalent (TEUs) of containerized capacity and 1,760,861 DWT of dry-bulk capacity.Excluding new ship construction capex, DAC generated $572.4 million in trailing twelve-month free cash flow.The company has 99% of operating days contracted through 2025 and 85% through 2026 giving the company great visibility.Investment Thesis $Danaos(DAC)$ is a tonnage-provider and non-operating owner of container ships and dry-bulk ships. Across its 84-ship fleet it has 471,500 TEUs of containerized capacity and 1,760,861 DWT (dry weig

3.8% Dividend Yield.DAC has 15 new methanol-fueled container ships under construction, all pre-contracted upon delivery, representing 27.2% capacity expansion set to fuel growth.DAC operates an 84-ship fleet with 471,500 Twenty Foot Equivalent (TEUs) of containerized capacity and 1,760,861 DWT of dry-bulk capacity.Excluding new ship construction capex, DAC generated $572.4 million in trailing twelve-month free cash flow.The company has 99% of operating days contracted through 2025 and 85% through 2026 giving the company great visibility.Investment Thesis $Danaos(DAC)$ is a tonnage-provider and non-operating owner of container ships and dry-bulk ships. Across its 84-ship fleet it has 471,500 TEUs of containerized capacity and 1,760,861 DWT (dry weig

$S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $Dow Jones(.DJI)$ $iShares 20+ Year Treasury Bond ETF(TLT)$ $Gold - main 2508(GCmain)$ $WTI Crude Oil - main 2508(CLmain)$ OverviewEquity markets have recovered more than 20% from April’s downturn. However, the market appears to be somewhat stalled, up just 5.7% year to date, with most of that occurring in the latter part of June thanks to the Israel-Iran cea

Flutter’s FanDuel and DraftKings command a combined 66.1% market share in the $117 billion US sports betting market.DraftKings is guiding to 30% revenue growth for 2025, with adjusted EBITDA margins expanding from 3.8% to 13.5%.Flutter projects 28% US revenue growth for 2025, with adjusted EBITDA margins expanding to 15.2% from 8.7%.DraftKings expects net debt-to-adjusted EBITDA to decline below 1.5x by year-end 2025, with potential free cash flow positive achievement during the year.Flutter is already free cash positive, generating $805 million during 2024, with a net debt to adjusted EBITDA of 1.4x with $3.5 billion in cash on hand.Investment Thesis $Flutter Entertainment PLC(FLUT)$ and $DraftKings Inc.(DKN

Shift4 is a fully integrated payment processor targeting underserved verticals like hospitality, restaurants and events.Management is guiding to >30% compound annual revenue growth to 2028 with at least 300bps of operating margin expansion.Shift4’s acquisition of Global Blue will accelerate European expansion and onboards a luxury-focused book of business.Global Blue holds a 70% market share in VAT refunds in Europe, with customers concentrated in luxury retail including LVMH and Burberry with an average customer relationship of over 20 years.Global Blue also holds a 20% market share in point-of-sale currency exchange in the EU, a 96.3% gross margin business.Shift4’s point-of-sale system maintains the highest customer satisfaction rate in the restaurant industry, with 99% restaurant ret

Increased capital expenditure to $75 billion in 2025 in order to expand Google Cloud’s infrastructure, positioning the company for continued AI and cloud growth.Alphabet’s proprietary Tensor Processing Units (TPU) infrastructure provides significant cost advantages over competitors who rely on expensive Nvidia chips.AI tools are proving complementary rather than competitive to search, with hyper-specific AI queries creating new monetization opportunities through better ad targeting.Antitrust remedies like Chrome divestiture are technically impractical and would be punitive rather than beneficial to consumers, making them unlikely to succeed.The company maintains a fortress balance sheet with $95.7 billion in cash and  $72.8 billion in annual free cash flow generation.Investment Thesis

RH has transformed from mid-market furniture retailer to luxury lifestyle brand through opulent flagship galleries and integrated hospitality.Expects return to positive free cash flow during 2025, as well as 10-13% revenue growth despite tariff and macroeconomic impacts.The stock has collapsed 37.9% over trailing twelve months as markets fixate on short-term European execution risk and tariff pressures.RH’s rejection of digital advertising in favor of curated print Sourcebooks creates authentic demand that resonates with demographics fatigued by ubiquitous e-commerce strategiesAsset-light expansion model with landlords funding large portions of buildout costs through sale-leaseback structures enables geographic scaling without capital intensityInvestment Thesis

5.67% Dividend Yield$120m pipeline project should increase realizations in New Mexico as well as unlock the potential of the newly acquired Silverback II assets.Power generation JV expansion to 56% of Texas field and the introduction of similar generation in New Mexico reduces costs by using low-value byproduct gas.2025’s focus will be on expanding the undeveloped asset base rather than new drills while hydrocarbon prices are depressed.Strong balance sheet with breakeven in the mid $30 range and an estimated net debt to EBITDA of 1.3x post-acquisition close.Investment Thesis $Riley Exploration Permian(REPX)$ is a Permian pure player, with a 60-40 oil-gas split for production. Across 78,600 acres, and a planned acquisition of an additional 47,000,

4.64% Dividend YieldManagement has initiated a 24-month plan to eliminate Chinese manufacturing dependency, increase USMCA compliance for Mexican operations, and implement targeted price increases.Strong brand recognition with DeWalt, Craftsman, Stanley, with a renewed focus on the professional sector.Expects over $500 million in free cash during 2025 despite tariffs.Aggressive transformation, with a long-term target of 35% gross margin (currently 30.2%) and 16% EBITDA margin (currently 9.8%).Investment Thesis $Stanley Black & Decker(SWK)$ is the largest hand-tool providers in the world, with brands such as DeWalt, Craftsman, Stanley, and Black and Decker.On a year-to-date basis SWK has been hammered losing 10.84%, largely due to 50% of its sup

4.35% Dividend YieldSFD maintains strong financial health with a 0.7x debt-to-EBITDA ratio, $928 million cash on hand, and no major debt payments until 2027.The company plans $400-500 million in capex for 2025, split between maintenance and operational improvements focused on automation.The company has already cut 20% of its herd size since December 2024, with the goal of internally producing only 30% of needed hogs to stabilize margins across commodity cycles.Despite export challenges, the USDA only expects a 2% drop in overall pork trade, and low storage levels may limit pricing pressures from oversupply in the domestic market.Investment Thesis $Smithfield Foods Inc.(SFD)$ is a producer and processor of pork, and is the largest producer of pork b

OverviewIn the current era of economic uncertainty, mounting US deficit, tariff effects, and geopolitical instability we maintain a position in gold $Gold - main 2506(GCmain)$ and gold miners in our portfolios. We believe that gold serves as a critical hedge against all of these headwinds.Unlike long-term bonds that suffer real-term erosion during inflationary periods, or equities vulnerable to margin compression from rising input costs, gold maintains its real value over time. Gold’s multi-millennia history as a store of value is not mere tradition, it reflects gold’s unique scarcity as an asset uncorrelated to government policy and immune to the debt spirals now threatening many developed economies.A Brief History of Gold as MoneyThe idea be

$S&P 500(.SPX)$ $NASDAQ(.IXIC)$ $Dow Jones(.DJI)$ $WTI Crude Oil - main 2506(CLmain)$ $Gold - main 2506(GCmain)$ $iShares 20+ Year Treasury Bond ETF(TLT)$ $Silver - main 2507(SImain)$ OverviewMore than 70% of Americans now expect business conditions to be worse in 12 months. This is the highest level since 2008, and the third worst level on record since 1960.Volatility through the month was very high, with the VIX (volatility index) hitting its highest level since 2020, and gold