The Records Don't Agree With the Tape. The Fed Just Changed Hands.

Lighthouse Macro is not a market newsletter. It is a twelve-pillar diagnostic system. We built the whole thing and published all twelve pillars free, the mechanics and the thresholds, one at a time. The framework is open. That build is done. Now it runs live.

The portfolio is Crosscurrents, funded and live on PiTrade under @LighthouseMacro. About a week in, three positions on: SHY, GLD, and XLP. Every position, every mark, every rebalance, timestamped and auditable as it happens, the misses included. Early marks went out against SPY. A macro book that holds short-duration Treasuries, gold, and defensives should not be measured against a long-only equity index, so we benchmark Crosscurrents against QAI, the liquid multi-strategy comp. The benchmark should say what the strategy is. The framework is not a worldview we narrate at you. It is infrastructure you can watch work, with a real book attached to it. Watch it move in real time: https://app.pitrade.com/user/lighthousemacro

The work is built for two readers. Market participants who trade the macro, and operators whose decisions ride on it without ever placing a trade. The same framework serves both.

What follows is a Beam in three parts. Part 1 is free. Parts 2 and 3, the plumbing under the long end and the institution that just changed hands, are for subscribers, with ten more charts and the full positioning read.

The price is $500 a year. For a limited time, the first year is $400. After that, standard pricing.

PART 1: The Tape Doesn’t Agree With Itself

Free preview · Parts 2 and 3 are for subscribers