$100 invested in SPY means $30.28 invested in just 6 of its largest companies. That's how much market cap weighting and passive investing have become a force for eye watering levels of concentration risk.

The US government continues to spend money like a “drunken sailor” with a budget deficit of -$2 trillion over the last year. We're borrowing from our children's future to spend more money today. Will DOGE be able to reverse this downward trend?

Industrial metals will get a better bid once China does some heavy lifting on the fiscal side. Perhaps in 2025, but doesn't seem likely this year.