2026 Framework — "CHART OF THE YEAR"

Part Two of our New Series.

In Part 2 of this series, we’ll layer our best ideas in sequence, exploring each connection and evaluating the risks & rewards.

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In our introductory note, I wrote:

I think this will be a massive year for dispersion, relative value and mean-reversion trades.

I also think that after a relatively quiet 2025 for Macro / FX / Rates, 2026 will create huge opportunities in these markets.

In today’s edition, we’ll begin weaving all these ideas together…

(*And it’s that time of the year again, when everyone makes predictions…)

But instead of guessing what 2026 could bring, let me show you:

1. What is ALREADY happening,

2. What happened historically,

3. Why it’s a potential game-changer,

4. What we’re doing about it.

Let’s get started…

Our first candidate for 2026 CHART OF THE YEAR: