In our KCM April Commentary, we rigorously reviewed our January investment thesis through the lens of the “Fog of War.” War in Iran had degraded the reliability of traditional financial forecasts, introducing severe commodity volatility, energy supply disruptions, and deep policy uncertainty.

A twelve-string guitar is, at its core, a six-string guitar doubled. Each string is paired with a companion, contributing a richness, resonance, and depth that a single string simply cannot produce alone. In the hands of a skilled musician, the result isn’t noise. It’s harmony.

These ten KCM charts all point in the same direction, the market is showing classic latecycle warning signs. Here is what each one is saying.