Thoughts on market positioning: Personally a bit surprised that stocks have held up quite well amidst the 10Y surging higher. Still expecting Chop City for a little while though. That said....I do still think we're set for a bull market heading into 2027. Feels like last week was pretty important for the AI trade -- Muse showed that broader consumer AI adoption is coming sooner than most investors thought. This came at a pretty interesting time when you consider that the last ~quarter was basically sideways mvmt in AI names + widespread de-leveraging after huge Q1-Q2 returns (long live the shitco bottleneck trade!!!) Obviously there's a lot of hurdles en route to 2027 -- midterms, Q3 tech earnings and of course the Iran war. But I *highly* doubt we'll get big green ticks next to each of those at exactly the same time. Markets won't serve us up a homerun like that I don't think. Probably best to stay long... NFA.