Weekly Commentary | August 10, 2025 | BIT Rights, PFL Swap, ENX/EVM Liquidation

Summary

• The S&P 500 rebounded, nearing all-time highs, while small caps lag; rate cuts are needed for further small-cap upside.

• Sticky inflation and persistent fiscal spending support stocks and inflation hedges, with CPI likely to stay in the 2.5%-3% range for some time.

• I favor taxable CEFs and individual bonds, especially select PIMCO funds (PCN, PAXS, …