We begin each new year with a version of today’s Digest because it’s far more important than any single piece of analysis. None of us can control what the market throws at us this year. We can only control how we respond – and that’s where a plan is crucial. So, we’ll pick back up with all the headlines on Monday. Today, let’s get our investment ducks in a row.

This piece from November examines the wealth-effect dynamic at the heart of today’s K-shaped economy and asks: Have asset prices begun playing a larger role in sustaining consumer spending than wage income?

This October Digest was a natural follow-up to the Crazy Map we shared yesterday – shifting from big-picture late-cycle dynamics to the practical question every investor eventually faces… What’s the plan when the market does roll over?

Today we revisit a September 2025 Digest that helped frame how to think about “late-inning” markets – not by predicting tops, but by identifying the behavioral and structural signs that often accompany them.

Today’s Digest, from June 2025, arrived as two big themes were beginning to assert themselves – moves by major retailers into stablecoins, and the early signs of strength in silver.

This piece, from March 2025, came during a moment of market wobble – and it offered a calm, statistical reset on how normal such pullbacks truly are.

In the days ahead, we’ll revisit several Digests from 2025 (and one from last year) that helped frame important questions, spotlighted emerging risks and opportunities, or raised issues that still matter as we look toward 2026.