Investment Strategy - Long-term holders should focus on the increasing digitalization trend [1] - The key question is whether tomorrow will be more digital than today [1] - For a time horizon of 5 years or more, short-term liquidity and business cycles are less relevant [1] Market Analysis - The need to finance $10 trillion in the next 12 months is a crucial factor [1] - The liquidity and business cycle should be monitored to assess market conditions [1]

Liquidity & Business Cycle - US government debt's weighted average maturity increased by 25% from 4 years to 5 years starting in 2022 [1] - Increased debt maturity suggests a potential extension of both the liquidity cycle and the business cycle [1] Financial Conditions - GMI's lead indicator work, specifically the GMI Fin Conditions Index, supports the idea of extended cycles [1]

Group 1 - The macroeconomic debate continues regarding whether the economy is heading towards a recession or a significant rebound [1] - Demand in the One-Way segment has been generally steady and seasonal, with positive momentum observed in the Dedicated and Logistics business, particularly in the second quarter [2] - Fleet growth in the Dedicated segment has been notable, with a successful streak of new client acquisitions across various verticals, indicating a trend towards increased reliability [3]

Market Analysis - The altcoin market has been stagnant since Q4 2023, leading to expectations of continued stagnation [7] - The market's dependence is shifting from halving events to macroeconomic factors and the business cycle [3] - Current market correction is similar to past corrections before significant upward movements, suggesting a potential build-up for a breakout [4][5] Investment Strategy - Portfolio construction should be based on portfolio and risk management rather than timing the market [5] - The end of the bear market for both altcoins and the business cycle suggests an upcoming bull run [7] - Bull runs and bear markets are expected to be longer than previous cycles, potentially leading to a significant bubble followed by an extended bear market [8] Technical Indicators - Bull cycle peak indicators, sentiment, and Exponential Moving Averages (EMAs) do not currently signal an overvalued market [3]