To The Moon

【LIVESTREAM RECAP｜Where U.S. Stocks, Semis, and Gold Go in Late 2026？Navigating Fed Policy,Treasury Buybacks and the Next Cycle】

Hi Tigers! In this session we zoomed in on three big threads for the back half of 2026 — U.S. equities, semiconductors, and gold — and tied them to the macro engines beneath: a Fed under new leadership, stubbornly elevated long-end yields, AI capex, and the semiconductor cycle. The flow was clear: from the Treasury's quietly expanded buyback program, to why long-end yields are rising globally, to cooling inflation and the Fed's policy turn, and finally to U.S. valuations, Nvidia, and gold as a portfolio combination. Six perspectives, connected into one actionable map.

【ABOUT THE GUEST】

Our speaker, Ross Dong, is an old friend of the Tiger community, back again for another deep dive. He holds a BSc in Applied Math from Columbia University and spent the defining years of his career as an equity trader at JP and KCG — someone who has actually sat on the desk. Today he is a partner at Morning Cloud Asset Management and the founder of Gongxin Academy. What makes his view rare: he reads the macro big picture, but explains — from a trader's seat — how those forces really transmit into prices.

【HIGHLIGHTS】

1. The buyback that became a "Treasury twist": why this, not the word "buyback" itself, is the real lever capping long-end yields — a mechanism many miss.

2. The Fed under new leadership: markets' real worry isn't hikes or cuts, but how a rollback in transparency could slow policy transmission.

3. AI paired with gold: Nvidia's PE fell but the story isn't broken — how Ross uses gold to cut the volatility of AI winners.

Live Recap:
Live Recap 1: A Less Transparent Fed, a Treasury "Twist," and a 30-Year Yield Last Seen in 2007

Live Recap 2: US Equities Are Expensive — But Are They Priced for Perfection?

Live Recap 3: Inside the Situational Awareness Unwind — And Why Nvidia's Multiple Just Got Cheaper

Live Recap 4: Gold's Crowded Bull Case, Portfolio Construction, and Q&A Highlights

【THIS CLIP】

Ross unpacks how the Treasury is quietly "capping" long-end yields. The point isn't the buyback itself, but that Bessant is turning it into a "Treasury twist": issue short-dated bills, use the proceeds to buy long-duration bonds, cut the duration private investors must absorb, and press long yields down. He also shares his own call — bullish on long bonds, since a 30-year at 5.3% looks unsustainable and policymakers have the tools. The edge: most saw the announcement, few saw the mechanism shift.

We genuinely recommend watching the full replay, especially the parts on the Treasury buyback mechanism and Fed transparency that many skim past — that's the piece that ties the whole macro logic together.

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(For education only, not investment advice.)

Full replay 👉 Where U.S. Stocks, Semis, and Gold Go in Late 2026？Navigating Fed Policy,Treasury Buybacks and the Next Cycle