🚨 U.S. EQUITY RISK PREMIUM IS NOW NEGATIVE $ATM $KITE

Read that again. $VVV

On a risk-adjusted basis, stocks are offering ZERO return versus risk-free assets.

Investors are taking equity risk

for bond-like (or worse) returns.

This only happens near extremes:

• Valuations stretched

• Complacency high

• Liquidity doing all the work

When risk pays nothing, positioning matters more than narratives.

Markets aren’t cheap.

They’re just liquid.