Marc Lichtenfeld, Chief Income Strategist, The Oxford Club Publisher's Note: Our friends at The Oxford Club hosted their AI Supremacy Summit yesterday, and it was a smashing success. If you missed it, I have a replay link ready for you today. Here are three reasons to watch it immediately. (Don't wait until tomorrow!) They detail a new "cold war" with China that will result in one of the most significant spending projects in U.S. history. They explain why two BIG events coming up in early 2026 could kick off this multitrillion-dollar spending spree. The seven stocks they're targeting have the potential to rise 1,500% over the coming year. So take some time and watch The AI Supremacy Summit as soon as you can. - Stephen Prior, Publisher
Dear Reader, Have you ever taken a class where it felt like the professor opened up your brain like an empty Tupperware container and filled it with knowledge? That's what happened to me when I took a graduate-level class with one of my mentors in technical analysis, Dr. Hank Pruden. For those unfamiliar with technical analysis, it's analyzing markets using charts. I was expecting to learn about trend lines, bullish and bearish patterns, cycle analysis - the usual stuff. Instead, we dove deep into the psychology of markets, trying to understand what motivates investors and traders to act the way they do. Today, many institutions teach behavioral finance, but at the time, it was groundbreaking stuff. The most important concept? Investors' behavior repeats itself time and time again. There are no guarantees, and every situation will be different, but humans can be fairly predictable. We typically fear the worst just before things get better... and we expect things will always be this good just before they get worse. This course taught me key ideas I still use nearly three decades later. Here are the most impactful ones. Overconfidence I'd bet almost everyone reading this believes they're a better-than-average driver. In college, I had an argument with a friend about what a horrible driver he was. "How many cars have you totaled?" I asked. (The number was three in the previous four years.) "Yeah, but they were all somebody else's fault!" he exclaimed. Enough said. When things are going well in the markets, investors often confuse a bull market with their own genius and think they'll know when to get out. Of course, it doesn't work out that way. Confirmation Bias Confirmation bias occurs when you focus only on information that confirms your beliefs. People do this with politics all the time, and the media feeds it by giving them information that aligns with their point of view. In markets, an investor may believe a stock is a great buy because they see the company's products everywhere... which causes them to ignore the fact that the stock has been in a downtrend all year. Despite the market signaling things aren't great, the investor buys anyway. | 
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