| Date | Ticker | Direction | Thesis | Source |
|---|---|---|---|---|
| Feb 12, 2026 | LONG | Big Tech is issuing record amounts of debt (e.g., Alphabet) despite having cash. Tech companies are using debt for Capex (growth) rather than buybacks. This is credit-positive because it builds future cash flow assets. Spreads are tight, but demand is overwhelming. LONG High-Grade Tech Bonds. Over-leverage if AI returns do not materialize. |