$MSFT

THE GREAT JUNK STOCK RALLY Let me share with you what we see from a factor perspective. The chart below shows market-neutral long short baskets of various factors. The factors in green -- Animal Spirits (and Volatility) have had an incredible run since March. This would include unprofitable tech, story stocks, anything having to do with 'semiconductor bottleneck' stocks and so forth, space stocks, etc. The boxes highlighted in yellow collectively represent the 'Quality Factor'. These are names with profitable earnings growth, priced well. They are also names HFs tend to own. You can see these names are near their lows after having had a great run thru early 2026. Notably, the 12 month Momentum factor is also near its lows. Those quality stocks had momentum. What's happening toda