A Record Run, A Fragile Ceasefire, and the Portfolio Holds Firm

Oil whipsawed on Iran ceasefire headlines and U.S. stocks ripped to fresh highs, narrowing the gap with Asymmetric Edge. Even so, the strategy still leads the S&P 500 by more than 11% YTD. Here's what moved, how the portfolio held up, and why "stagflation" is back in the conversation.