Tuesday, June 9, 2026 · Pre-Open
Paid Tier
Model Funds Update — Buy / Sell Targets and Account Location Guidance.
Today we publish a structural update across all three Steadfast
model funds: conviction targets (12–24 month),
accumulation levels, trim levels, and a per-holding account
location tag (Roth vs. LT Taxable). The aggressive
Growth fund is rebalanced toward LT Taxable for long-term tax
efficiency, while five high-conviction growth engines —
MSFT, NVDA, TSLA, CORZ, PLTR — are placed
in Roth to maximize tax-free compounding on the most volatile,
upside-heavy positions. Full table is live on the
Portfolios page.
Account location framework
- Roth (tax-advantaged) — high-growth, high-volatility, low-dividend assets. Decades of tax-free compounding land here.
- LT Taxable — lower-turnover, qualified-dividend, or tax-efficient holdings. Loss harvesting and LTCG rates do the work.
- Bonds & bitcoin — AGG and IBIT both sit in Roth. Bond interest is taxed as ordinary income; BTC volatility is best sheltered.
Model fund pulse
- Growth (aggressive) — 7 holdings in LT Taxable + 5 in Roth (MSFT, NVDA, TSLA, CORZ, PLTR). Targets pulled forward modestly on hyperscaler PPA flow + Oracle Stargate setup. SPCX IPO pricing remains targeted June 11.
- Stable Growth (balanced) — growth tilts (QQQ, MSFT, AMZN, VGT, NVDA, CORZ, PLTR) routed to Roth; VOO, XLV, ITA, COST anchor LT Taxable. No band breach today.
- Defensive (conservative) — AGG and IBIT in Roth; USMV, XLP, XLU, GLD, IAU, XLV, COST in LT. Utility (XLU) target moves higher on sustained AI-driven power demand bid.
Implementation sequence
- Fill Roth accounts first with the designated high-growth names across all three funds.
- Use LT Taxable for the rest. Quarterly rebalancing; prioritize tax-loss harvesting in LT accounts.
- Re-evaluate when individual names approach the published Buy Below or Sell / Trim Above levels.
Today's issue also covers
- May CPI preview (Wednesday) — sticky-services read and the Sept cut probability path
- Oracle fiscal Q4 earnings setup — OCI growth, RPO backlog, Stargate cadence
- SpaceX IPO — final pricing window, dual-class voting structure, Starlink revenue thesis
- Macro — Brent supply risk on Iran-Israel ceasefire strain; gold near record levels
- Regulatory — H-1B $100K fee DOJ appeal trajectory
Free-tier readers see the headline summary and one fund's movement.
Paid subscribers ($45/mo) get the full daily edition across all three model funds, sector deep dives, and the archive. Subscribe to the full daily edition →
Monday, June 8, 2026 · Pre-Open
Paid Tier
The AI Infrastructure Supercycle — Power as the Defining Bottleneck.
US equities staged a partial recovery from Friday's selloff; Nasdaq +0.86%
on a semi rebound. 10Y reached 4.55% (+6 bp) on a +172K NFP print.
Brent rebounded above $94.48 on Iran-Israel ceasefire strain. Gold near
record (~$4,410); Bitcoin recovered to ~$63,564.
Read full issue
Week ahead
May CPI (Wed), Oracle fiscal Q4 (first major Stargate/OCI AI monetization test), Adobe Thu, and SpaceX IPO pricing targeted June 11 (Nasdaq: SPCX, ~$1.77T valuation). The June 16–17 FOMC is fully priced as a hold.
Model fund pulse
- Growth — AI compute tailwinds (NVDA, MSFT, AMZN); CORZ, IREN, BE rallied on hyperscaler PPA news. SpaceX liquidity drain risk pre-IPO.
- Stable Growth — VOO/QQQ ballast; XLV, ITA added resilience as yields drifted higher.
- Defensive — Bond pressure offset by GLD/IAU strength, IBIT recovery, AI-driven utility bid into XLU.
Also covered
- SpaceX IPO deep dive — $135/share fixed-price, $75B raise, dual-class voting
- M&A — Berkshire / Taylor Morrison ($6.8B), Vodafone / CK Hutchison (£4.3B)
- Oracle Q4 preview — OCI growth, RPO backlog, Stargate cadence
- Regulatory — H-1B $100K fee struck down; DOJ appeal trajectory
Friday, June 5, 2026 · Pre-Open
Paid Tier
Tech-led selloff resets risk — what we're watching into the weekend.
Nasdaq closed -2.41% on a rate scare combined with a single-name semi miss.
All three model funds moved within normal bands; no rebalancing trigger.
Brief covers the inflation expectation reset, what payrolls Monday could do,
and the Defensive tier's gold bid.
Read full issue
Markets reset on a hotter-than-expected wage track in the JOLTS data, with
the 2-year yield jumping 11 bp intraday before settling +8 bp on the day.
Nasdaq down 2.41%, S&P down 1.62%, Russell down 1.04%. The semi weakness
concentrated in NVDA (-3.8%) after a single-name miss in the second-tier
supply chain.
Model fund moves
- Growth — NVDA, MSFT, AMZN drag. CORZ, IREN, BE held flat on contracted-revenue floors. No rebalancing band breached.
- Stable Growth — VOO buffer worked as designed; XLV, ITA modest green. Net −0.8% on the day.
- Defensive — AGG +0.3%, GLD +1.1%, IBIT −2.4%. Net −0.1%.
Into the weekend
Monday's NFP print is the gate. Consensus 85K; whisper closer to 130K.
Any print above 150K likely re-prices the Sept cut.
Thursday, June 4, 2026 · Pre-Open
Paid Tier
Berkshire bids for Taylor Morrison — what this signals for housing exposure.
$6.8B all-cash offer announced after the close Wednesday. Consolidates
Berkshire's homebuilder holdings to ~$22B. Stable Growth and Defensive
tiers benefit indirectly via XLV/XLP rotation; no direct housing names
in our funds, by design.
Read full issue
Berkshire's offer values TMHC at a 28% premium to the prior 30-day VWAP.
HSR antitrust review is the principal hurdle; low overlap with existing
Berkshire housing assets suggests a relatively smooth approval timeline.
Why our model funds don't hold homebuilders
Housing exposure historically displays high beta to rate cycles and
limited recurring revenue. Both factors argue against inclusion under our
longevity framework. The deal does not change that view.
Sector read-through
- Materials — net positive (housing starts implication).
- Financials — modest positive on the M&A signal.
- Consumer discretionary — neutral.
Wednesday, June 3, 2026 · Pre-Open
Paid Tier
H-1B $100K fee struck down — reading the legal and political fallout.
Federal district court ruling rejects the proposed fee on Administrative
Procedure Act grounds. DOJ appeal expected. Brief covers the court's
major-questions reasoning, the appellate path, and the read-through for
tech labor cost structure.
Read full issue
The court held the fee exceeds DHS statutory authority and constitutes
an unauthorized tax. Applying the post-Chevron major-questions
doctrine, the opinion finds no clear congressional authorization for a fee
of this magnitude.
Appellate trajectory
D.C. Circuit timeline likely 8–14 months. Conditions under which
SCOTUS would grant cert: a circuit split, or an explicit invitation from
the administration.
Model fund implications
- Growth — MSFT, AMZN, NVDA, PLTR all benefit at the margin from cheaper high-skilled labor cost structure.
- Stable Growth — VGT and broader tech ETF exposure marginally constructive.
- Defensive — no direct read-through.
Tuesday, June 2, 2026 · Pre-Open
Free Tier Sample
Oracle Q4 earnings preview — Stargate / OCI is the only question that matters.
Q4 print on Wednesday. Consensus revenue $14.8B, EPS $1.62. The market is
looking past those numbers entirely — the read is on OCI growth, RPO
backlog, and the Stargate consortium cadence. Brief lays out the four
scenarios and how our Growth tier responds in each.
Read full issue
This issue is the free-tier sample, showing the structure of a full daily
brief. The paid daily edition contains the full breakdown across all three
model funds, sector deep dives, regulatory tracking, and the macro context.
Scenario framework
- Scenario 1 — beat & RPO > $130B: Growth tier holds NVDA + MSFT overweight; no rebalance.
- Scenario 2 — beat & RPO $110–130B: Hold positions, monitor.
- Scenario 3 — miss & RPO > $110B: Marginal trim of NVDA on AI capex re-rating risk.
- Scenario 4 — miss & RPO < $110B: Full re-evaluation of AI infrastructure overweight across Growth tier.
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