Portfolio Review: Navigating the Shifting Market Cycle

Staying the course, embracing volatility, and seizing opportunities in a weak dollar environment.

It’s been a tough year for some, but not for all. Copper and China are leading. U.S. defensives are holding up. But big caps? Not so much. The S&P 500 is down 5.71% year-to-date. Tech, the darling of the last cycle, is down over 10%.

That matters.

It’s one of those years where traders feel like there’s nowhere to hide. But zoom out, and you’ll see more things rising than falling. This isn’t a market running out of steam—it’s one shifting under your feet.

If there’s one thing to keep front and center this year, it’s the weak dollar cycle. We’ve seen this before. And we’ll likely keep seeing it. The same forces pushing certain assets higher today will keep doing so.