We truly are witnessing history right now.

It's clear that the period we are in now will be referenced for decades to come.

The S&P 500 has added +$10 trillion in 29 days, semiconductor, AI stocks are surging 100%+ in weeks, and the Trump Administration is up +550% on Intel.

When we began emphasizing the need to own assets to win in this market over 12 months ago, this is exactly what we meant.

While inflation is back and the labor market has weakened, it simply does not matter right now.

In fact, the return of inflation has only intensified the scramble for yield and hard assets that can preserve purchasing power.

Look at the data: just 5 stocks have accounted for ~50% of the S&P 500’s total gains since April 1st.

These same tech giants driving the market higher are gaining even more momentum amid rate cuts, deregulation, and historic inflows into equities.

Asset owners are experiencing one of the greatest wealth expansions in modern history while everyone else is being left behind.

Our 12+ month thesis has materialized.