Good morning. Let's get into it.

Crude in the mid-90s pushed the Fed to show up more hawkish than expected, citing growth and oil directly. The ECB, Bank of England, and Bank of Japan all showed up hawkish, and the dollar got aggressively sold.

If you are wondering why the safe-haven playbook stopped working, the answer is one word: superconcentration.

That is when one variable absorbs the entire return cycle. Right now, that variable is energy.

Superconcentration is brutal. But it is also simple. One variable means one framework. Below, I break down exactly how to operate inside it.

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