April 10, 2026 by David Maddux, CEO | CIO We mailed the following note to clients on January 26th. Three Year Rally Continues to Broaden Across Risk Assets – Have Investors Grown Too Complacent? Last year at this time I made the case that a 4%+ bond yield was a great rate to lock in, which is now looking pretty attractive as the Fed continued to cut.  I also made a fresh case that large US stocks were on the over-valued