Treasury yields break out, how to invest with Bill Ackman, Workday rumors, off-balance sheet madness

Rising long-term bond yields and the ballooning U.S. budget deficit are driving market uncertainty, yet risk assets remain resilient due to strong earnings and a gradual rather than sudden rate environment. Tech giants are increasingly utilizing off-balance-sheet financing to fund massive AI data center build-outs, a strategy that warrants scrutiny despite current market indifference. Meanwhile, Bill Ackman’s shift toward permanent capital vehicles like Pershing Square and Howard Hughes reflects a strategic attempt to emulate Berkshire Hathaway’s model, though his complex fee structures and concentrated portfolio bets remain points of debate. Amidst this backdrop, the broader market shows signs of health, with high participation rates and a lack of significant downside volume, while individual opportunities like Spotify emerge as compelling trades based on market positioning and business fundamentals.