Market Hedging Strategies - Investors are considering hedging traditional portfolios with contrarian ideas like gold, oil, crypto, and Bitcoin [1] - Advisors are positioning for market volatility with gold, inflation-linked bonds, and short-term T-bill ETFs, or moving to cash [2] Communication Services Sector - Communication services ETFs have seen approximately $1 billion inflows, driven by AI, enhanced connectivity, and cloud computing trends [3] - Communication services firms offer exposure to Magnificent 7 companies, high cash flow equities, and low debt-to-equity ratios, making them less vulnerable to elevated interest rates and tariff volatility [4][5] - Communication services sector ranks first in cross-asset momentum, indicating fundamental durability [5] Investment Opportunities - PPI, an ETF managed by the company, has outperformed the S&P 500 by approximately 500 basis points year-to-date, with an 11% increase, driven by a high conviction view on inflation and a 9% allocation to gold [8][9] - Bank of New York Mellon BKGI, an infrastructure ETF, is up 27% year-to-date, indicating a trend related to elevated inflation levels [9] - BKGI has a PE ratio of 13, while PPI has a PE ratio of approximately 16, compared to the S&P 500's PE ratio of 225 [10]