Michael A. Gayed, CFA

Portfolio Manager of The Free Markets ETF ( $FMKT ), The ATAC Credit Rotation ETF ( $JOJO ), & The ATAC Rotation Fund ( $ATACX )

[Michael A. Gayed, CFA @leadlagreport]

11 posts on why the reverse carry trade is back and why I launched my fund $JOJO for exactly this regime.

$JOJO is a bond fund. A credit rotation ETF. Built to benefit from risk-off and credit spread widening that is long overdue.

Keep up. 1/11

[Michael A. Gayed, CFA @leadlagreport]

Learn more about the ATAC Credit Rotation ETF $JOJO at https://t.co/GIsgDTtCRu

Lead-Lag Publishing, LLC is not an affiliate of Tidal/Toroso or ACA/Foreside.

[Michael A. Gayed, CFA @leadlagreport]

Record bond issuance flooding into historically tight spreads. The supply-demand balance is shifting. The pressure has to go somewhere. $JOJO.

[Michael A. Gayed, CFA @leadlagreport]

Korea promised to pay its refiners to keep pump prices down. Pakistan capped LPG without paying anyone, and the gas went under the counter.

If your government capped one price, would you rather pay in taxes or in shortages? And which price would it be?

[Michael A. Gayed, CFA @leadlagreport]

Today's Idea: Darden (DRI), $213.29. About 19.0x the midpoint of its fiscal 2027 EPS guidance. Labor is its biggest cost. Risks: soft Olive Garden traffic, a reversible bulletin.

https://t.co/zGIX4i06ln

[Michael A. Gayed, CFA @leadlagreport]

Learn more about the ATAC Credit Rotation ETF $JOJO at https://t.co/GIsgDTtCRu

Lead-Lag Publishing, LLC is not an affiliate of Tidal/Toroso or ACA/Foreside.

[Michael A. Gayed, CFA @leadlagreport]

Every time spreads have been this tight, they widened violently. 2007. 2019. No one rang a bell then either. $JOJO is the bell.

[Matthew Chang @MatthewChang]

10 years ago I was making $135k/year traveling the country as a factory designer. I owned a townhouse and an old jeep.

Then I entered a covenant with God.

“Dear God, I will start a Christian engineering company”

Then, the greatest adventure of my life began. Contracts, guerilla warfare engineering, 4 kids, dream beach house, bizarre private equity exit, HELOC on beach house, family surf shack in Central America, launching 4 new companies, recruiting world class leaders, paying distributions, executives on pay freeze, got our first patent, got 30 more patents, every industry award out there, national TV, new friends on 𝕏, learned standup paddle boarding, learned tennis, family mission trips, partnered with the largest industrial suppliers on earth, technology development in 5 industry verticals, got invited to write official US tariffs, 4 non-profit boards, got a Cybertruck, won USDOT driverless city grant, built a corporate HQ, deployed an ERP, obtained a 3 year PCOAB audit, wrote the national hygiene policy on covid, started buying majority of my clothes at Costco, entered litigation, won litigation, got customers I’ve never met, got employees I’ve never met, opened offices across multiple states, still work from my attic (it’s a nice attic), got a Herman miller chair, traveled the world, had 6 years with zero resignations, funded orphanages, funded hungry children, funded missionaries, funded homeless rescue, gotten shacked in 12’ waves, mastered the Komodo grill. All of it, in Jesus’ name.

That’s the shortlist. Most of it is in my book.

Walking with Jesus is not easy. Not if you’re living out the great commission.

But I cannot imagine living life another way. I cannot imagine chasing another promotion to get to VP or C-suite of a company with another guy’s name on it. I cannot imagine coming home and telling my wife about the “mood” of my boss.

I cannot imagine what my faith would be like, had it not been tested.

God gave me abundance, and I acted biblically.

God took it all away, and I acted biblically.

And l’ve made mistakes. Big mistakes. And my team has stood by me. And with God’s help, we fixed it.

Through the success, failure, and conflict, I’ve done my very best to be transparent and optimistic. To be a leader. To be pragmatic. To work harder than anyone else out there. To take Bible sized risk.

Whatever your work is, bring Jesus into it. Live a life of integrity. Love your wife. Play with your kids.

🥢🙏❤️

[Michael A. Gayed, CFA @leadlagreport]

I'm giving away 50 free digital review copies of The Price of a Quiet Yen to readers who want to read it and share an honest take.

No review required. Details here:
https://t.co/Oxz06mqDdp

[Michael A. Gayed, CFA @leadlagreport]

Learn more about the ATAC Credit Rotation ETF $JOJO at https://t.co/GIsgDTtCRu

Lead-Lag Publishing, LLC is not an affiliate of Tidal/Toroso or ACA/Foreside.

[Michael A. Gayed, CFA @leadlagreport]

Markets don't correct all at once. Equities go first. Then credit follows. That's always the sequence. $JOJO is designed to rotate before the crowd figures it out.

[Michael A. Gayed, CFA @leadlagreport]

Yields do the real tightening, not the Fed.

[Michael A. Gayed, CFA @leadlagreport]

Learn more about $FMKT at https://t.co/vkRciCXCVO.

The subadvisors, Point Bridge, SYKON, and Tactical Rotation Management, use various screening tools to help identify companies that fit the Fund's investment strategy.  Positions are determined by what stocks the investment committee believes likely benefit the most from deregulation.

Lead-Lag Publishing, LLC is not an affiliate of Tidal/Toroso, Tactical Rotation Management, LLC, SYKON Capital, Point Bridge Capital, LLC or ACA/Foreside.

[Michael A. Gayed, CFA @leadlagreport]

Keep your portfolio in step with policy trends. The Free Markets ETF ($FMKT) identifies companies likely to win from deregulation.

[Michael A. Gayed, CFA @leadlagreport]

Since 1988 a server who rolled silverware for 19% of a shift was a tipped employee. At 21%, depending on the year, the wage changed. The Labor Department just ended that coin toss.

https://t.co/zGIX4i06ln

[Michael A. Gayed, CFA @leadlagreport]

Starting in 30 minutes: Lead-Lag Live with Jay Hatfield. Q&A is open. Join here: https://t.co/kXAThG3O7N

Sponsored by Infrastructure Capital Advisors.

[Michael A. Gayed, CFA @leadlagreport]

Learn more about the ATAC Credit Rotation ETF $JOJO at https://t.co/GIsgDTtCRu

Lead-Lag Publishing, LLC is not an affiliate of Tidal/Toroso or ACA/Foreside.

[Michael A. Gayed, CFA @leadlagreport]

When utilities outperform the S&P 500, it's a warning. Defensive sectors leading means risk appetite is fading. $JOJO reads that and acts. Passive funds can't.

[Michael A. Gayed, CFA @leadlagreport]

Live in 90 minutes. Jay Hatfield on markets and the economy, with your questions taken live. Reserve your spot: https://t.co/kXAThG3O7N

Sponsored by Infrastructure Capital Advisors.

[Michael A. Gayed, CFA @leadlagreport]

A central bank cannot produce barrels.

[Michael A. Gayed, CFA @leadlagreport]

Before 1978, Washington set airline fares.

Median round-trip fare in 1980: $414.
In 2005: $256.

Both in 2005 dollars, per the GAO. Down 38%. Trips over 1,500 miles fell 52%.

No committee planned that. Competition did.