SPECIAL UPDATE: The Greatest Battle Ever Fought.

Plus: “FACTS vs. FEELINGS” — and HARDWARE vs. SOFTWARE.

Macro Charts report, January 13:

“In a low-growth environment, investors take speculative bets on ‘hope stocks’ with zero revenues and negative earnings. Lottery tickets are in fashion. When growth broadens, investors lose interest in future promises or story stocks, and demand ‘show me the money’. Low-quality, zero revenue, and negative earnings stocks fall out of favor, as investors demand real results. This shift still has a long way to go. If we’re looking for sources of outperformance… the direction of the wind is increasingly clear.”

Bloomberg article, February 27:

“For decades, investors have been willing to pay up for future earnings and wait years for companies to deliver. Now, the landscape appears to be shifting. With AI clobbering a new industry every other day, nobody wants to bet on cash flows that may not exist in five years.”

The signs were there — and now, we see how the market is starting to shift narratives.

In this report:

✅ SPECIAL UPDATE: The Greatest Battle Ever Fought.

• “Know what you own, and know why you own it.”

✅ “FACTS vs. FEELINGS” — and HARDWARE vs. SOFTWARE.

• We can follow groupthink opinions and lazy narratives all day.

• Or we can look at the FACTS, be practical, and invest real money.

• Are you ready?

✅ RISKS (continued).

✅ Volatility & Contagion (continued).

✅ Complete wrap-up of the week.

✅ Core signals to watch for next week.

✅ Updated commentary & critical charts.

✅ NEW opportunities we’re watching.

Let’s begin: