Scores on the Doors: gold 15.9%, commods 3.2%, IG bonds 2.5%, HY bonds 2.3%, govt bonds 2.1%, cash 1.0%, stocks 0.6%, oil -2.5%, US dollar -3.8%, crypto -25.7% YTD.
The Biggest Picture: end of US big government, Magnificent 7 to Lagnificent 7, start of EU fiscal stimulus, end of Japan deflation, return of China consumer = 5 big inflection points, all we…