$GLD - Gold is now a real asset class with institutional allocation, not just for survivalists. It has been the top performing asset for the year and warrants a 15% portfolio allocation.
$EM - Emerging market equities are attractive for dollar-based investors due to expected dollar weakness, with local currency emerging market stocks up approximately 25% year-to-date.
$EUROPE - European equities benefit from dollar weakness versus the euro, providing additional returns for US-based investors.
Bearish:
$TLT - Long-term Treasury bonds are unattractive due to deficit spending concerns, rising interest expense problems, and expectations that long-term rates will increase.
$PRIVATE - Private credit is the next big financial crisis with similar characteristics to the 2006 subprime mortgage crisis, including problematic marking practices.
$DXY - After being 100% dollar-focused for decades, a paradigm shift suggests the dollar will weaken going forward.
$AI - AI stocks are in a mania similar to electricity stocks in 1911, with excessive pricing that historically peaks well before broad adoption.
$MREIT - Mortgage REITs face risk from potential government intervention that could compress mortgage spreads by buying agency MBS to drive yields closer to Treasury yields.