Group 1: Copper Price Surge - Copper prices have reached record highs, surpassing $14,000 per ton in China and $5.7 per ton in Comex futures [1] - The bull run began after tariffs on imported copper were announced by Donald Trump, although most metals were later excluded from these tariffs [2] - Supply and demand dynamics are driving the price increase, with a projected supply deficit as demand rises, particularly from electric vehicles and data centers [3] Group 2: Metal Supercycle - The ongoing surge in copper prices is part of a broader metal supercycle, with other metals like silver, gold, platinum, and palladium also experiencing significant price increases [4] Group 3: Recommended Copper Stocks - Freeport-McMoRan is highlighted as a top copper stock, with a market capitalization exceeding $75 billion and operations in the U.S., Peru, and Indonesia [6] - Freeport-McMoRan's revenue has increased from $14.6 billion in 2015 to over $26 billion in the trailing twelve months, with profits exceeding $2 billion [7] - Southern Copper is another recommended stock, producing over 1 million metric tons of copper, with revenue rising from $17.48 billion in 2015 to $26.9 billion in the trailing twelve months [8] - Southern Copper's stock price has seen a decline of approximately 13% due to equity raising plans and earnings shortfalls, but a rebound is anticipated [9] - BHP Group, the largest mining company globally, produces over 1.86 million metric tons of copper and has seen its stock price increase by 23% over the past year [10] - Other notable copper stocks include Anglo American, Antofagasta, Hudbay Minerals, and Rio Tinto [11]

Market Performance Outlook - The central question for investors heading into 2026 is whether market performance will extend beyond the dominant megacap technology companies that have led returns for the past three years [1] - The contribution to total return from the "Mag Seven" technology companies has significantly overshadowed the performance of the other 493 companies in the market [2] Sector Contributions - There is a growing interest in whether sectors such as small-caps, developed ex-U.S. equities, and emerging markets will begin to contribute to overall market returns [2] - Technology, communication services, and consumer discretionary sectors now represent over 50% of the S&P 500, with technology alone accounting for more than 30% by weight [3] Investment Strategies - The Alps Electrification Infrastructure ETF (ELFY) is highlighted as a potential investment to capitalize on market broadening, focusing on sectors like utilities, materials, and energy infrastructure [4] - The Alps Smith Core Plus Bond ETF (SMTH) is recommended for fixed income, having grown to over $2 billion in assets in less than two years, with significant inflows in 2025 [5] Market Trends - There is a focus on how quickly the ETF share class structure will lead to actual launches and live trading, as well as the potential for private market strategies to enter the ETF space [6]