Attack the Week (ATW)
Giving back / Weekly Calendar / Charts for the Week / Allocation Model Update
Sunday Thoughts
I am slowly winding down this year. As such, I will be focusing on the 2026 portfolio allocation in the coming weeks, while keeping the regular reports short and sweet. Also, Macro D has written a 3-part series of his own vision for 2026, which is independent from my own thoughts. We will post his thoughts in the coming weeks.
As a reminder, the 2025 portfolio is up 23.3% YTD, which was achieved without touching a single position all year.
As we move closer to the festive season, I also find myself naturally thinking less about markets and more about perspective.
Last week, I had the pleasure of delivering food and presents to a local nursery — children whose parents don’t have the means to provide gifts at this time of year.
In our industry, we measure success in returns and assets managed. We spend our days sitting in front of computers, thinking, trading, investing — trying to outsmart markets that never stop testing us. That’s part of who we are, but it’s not all we are.
I was reminded of a story about Paul Tudor Jones. A fellow hedge fund manager was once boasting to him about an exceptional year. Paul’s response wasn’t about strategy or positioning — it was simple: make sure you give back. That always stuck with me. It’s a quiet lesson in humility and responsibility, especially in a profession where outcomes can be wildly asymmetric and fortune often plays a larger role than we like to admit.
Earning good money is not something to be ashamed of. It’s the result of skill, discipline, and persistence. But money only truly counts when it extends beyond ourselves. Giving back — whether through time, resources, or attention — adds weight and meaning to what we do.
As we approach the end of the year, I invite you to consider showing kindness and giving back — especially if you’ve had a good year. Markets will still be there tomorrow. Perspective, once lost, is much harder to recover.
Let’s now read some Macro D’s latest thoughts on QE & QT before we analyse the weekly calendar, look at some interesting chart setups and interpret the output of our weekly asset allocation model.