Here, There, And Everywhere Report - September 2025

The equity bull market continues, as we have been expecting. The bears are over-indexed on the unorthodox policies of the Trump administration, failing to understand that those policies are negative for the USD, which is itself positive for stocks. Yes, a recession could befall the markets over the next two quarters. However, households are extremely de-levered. As such, as long as borrowing rates continue to fall, consumption could be held up by the transition from the cash-driven economy to a leverage-driven one.