Jurnian Tirnner

@TimmerFidelity x.com/FaithhIndi/sta…

@TimmerFidelity My strategy plan. ⬇️

Per the heat map below, the equity fundamentals continue to look good, with the forward earnings estimate growing 21% year-over-year and margins reaching a new cycle high of 16.0%. Compared with high yield spreads which remain near cycle lows (268 bps), equity valuations could even be described as attractive (at least on a forward basis). Breadth is good with 71% of equities trading above their 200-day moving average, and sentiment remains muted (outside the semiconductor ETF space). From my perspective, the two main risks remain concentration risk and term premium risk. With the 10-year nominal yield peering into the 4.5-5.0% danger zone against generous real yields (2.29% on 10-year TIPS), inflation break-evens seem too modest in my view. That tells me that nominal yields have upside risk. On the concentration side things are looking better. It seems increasingly evident that the Mag 7 are fading from their decade-long magnificence, but so far it has not come at the expense of the broader market. The Mag 7 haven’t really done anything since last year October, and they are burning through cash (resulting in a payout ratio of only 37%, vs the S&P equal-weighted at 81%). But the broad market has been resilient. Since the June 2 trading high, the GS AI basket is down 15% and the KOSPI is down 22%. Yet, the S&P cap weighted index is down only 0.5%, the equal-weighted index is up 2%, and the GS ex-AI basket is up 4.5%. Not bad at all. I continue to favor a barbell of US cap-weighted equities and Eurozone banks.

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My strategy plan. ⬇️

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Late night craving Warm miso soup, grilled salmon, and a small bowl of steamed rice—just what you need to chase away the quiet dark.

Try this 5-minute DIY fabric scrap bookmark! Cut, sew, and add a bead for charm—perfect for sprucing up your reading game. #DIYCraft #BookLovers，

Just found the coziest hidden boba spot in downtown! Their taro milk tea is perfectly sweetened and the chewy boba hits different. 10/10 would come back again! 这家隐藏在市中心的超温馨奶茶店，招牌芋泥奶茶甜度刚好，Q弹珍珠太绝，打10分，必须二刷！

Just hit pause on the to-do list—my desk plant’s being way more interesting than spreadsheets right now ,

Ready to pick up a fun new hobby Start with 10 mins a day—maybe sketching, gardening or solving puzzles! Small steps bring big joy.

Just sat by the window watching raindrops trace lines on the glass, sipping warm tea — today feels soft and gentle, like a quiet sigh of comfort.

Just checked in for tonight's variety show! Laughs, snacks, and good vibes are all I need #VarietyShowNight

Festive turkey dinner with all the trimmings! Cranberry sauce, roasted veggies u0026 warm stuffing—perfect for a cozy Christmas feast. Tag who you’d share this with!

Small daily steps boost big health wins! Add 10-min walking after meals and drink 8 glasses of water—you’ll feel lighter and more energetic by the end of the week.

Our small team just nailed the first draft of the project together! Collaboration makes the dream work.

Want to pick up a fun new hobby this month Try sketching! No fancy tools needed—just a pencil and paper. You’ll relax and make cool art in no time. Give it a go!