Positioning Update: Playing Defense in a Hollow Rally
I wanted to follow up on the January Horizon with the “so what”: how I’m translating the narrative into actual positioning. After a productive call with a Founding Member this week, I wanted to offer this level of tactical detail to other subscribers as well. Here is how we are translating this regime into capital allocation.
Readings: MRI +1.1 (High Risk) | Liquidity Thin | Credit Mispriced
This is not a call for an immediate crash. It is recognition that the margin for error is thin. In this environment, the penalty for being early to defense is small, while the penalty for being wrong-sized on risk is asymmetric and severe.
What Hasn’t Changed
What Has Changed
The rest of this piece is for members.
Full readings, sizing, trade setups, and the forward outlook live behind the membership. Read everything, plus the live dashboards and the terminal, inside Pharos.