Matthew Sigel

They've done a great job of onboarding real world assets.

The oil and precious metals volumes are considerable.

It's the best way to express macro multi-asset views on the weekend.

They have a buyback, which is considerable.

And the valuation based on that buyback math looks pretty reasonable.

So there's one example where there is no hype ETF.

So I had to buy a DAT in the fund.

Very small position given the volatility.

But I think that's one that's worth looking at.

Got it.

Is there anything that you're worried about in 2026?

Yeah.

I mean, I'm worried about Mag7 not earning a return on their enormous CapEx.

And when you look at companies that go through enormous investment cycles, tends to be a tough time for the stock because you only learn later what the return on capital is.

And

And with the concentration of these companies in the S&P, if they're not earning a return, that's going to be a real headwind for the market.

We were debating this the other day.

Microsoft has been a total dog year to date.

It's now as cheap as it's ever been on P.E.,

And, like, why is that?