Worth listening to this one. Liz and team dig into bond yields, the yield curve, and the narrow breadth problem that keeps showing up in equities. The conversation with Eric Liu from Vanda is particularly interesting—they just upgraded their equity view, and the reasoning matters more than the call itself.
Market breadth has been quietly screaming for months. When only a handful of names are doing the heavy lifting, you're not witnessing strength—you're witnessing concentration risk dressed up as a bull market. The yield curve is finally starting to behave again, but that doesn't mean we're out of the woods. It means we're entering a different chapter.
Vanda's upgrade isn't about blind optimism. It's about positioning for what comes next when the crowd is still stuck fighting the last war. Pay attention to the why, not just the what.
Market breadth has been quietly screaming for months. When only a handful of names are doing the heavy lifting, you're not witnessing strength—you're witnessing concentration risk dressed up as a bull market. The yield curve is finally starting to behave again, but that doesn't mean we're out of the woods. It means we're entering a different chapter.
Vanda's upgrade isn't about blind optimism. It's about positioning for what comes next when the crowd is still stuck fighting the last war. Pay attention to the why, not just the what.