Swami Weekly Wrap: Sept 14th, 2026 [Inflation creeping back; equities vulnerable; treasuries are trash while crypto is treasure]

Hi Swami Subs,

The signal board weakened again this week, but the weakness is not showing up evenly. Crypto continues to act well, oil has finally broken bullish, and inflation-related exposure is creeping back toward the top of the signal stack. At the same time, equities are starting to look more vulnerable, with lower highs forming across SPY, IWN, and other major equity exposures.

The biggest macro development this week is INFL (Horizon Kinetics Inflation Beneficiaries ETF). THE MACHINE triggered a new macro buy signal on Thursday, and the setup still offered a reasonable risk/reward entry at Friday’s close of $54.77. Separately, INFL will remain a core holding in Swami All-Equity for a third consecutive week, reinforcing the model’s view that inflation / dollar debasement exposure remains important here.

The other notable addition is MSOS (AdvisorShares Pure Cannabis ETF), which enters Swami All-Equity for the first time. Cannabis has been a capital incineration machine, with MSOS down roughly 90% from its 2021 highs. That said, the setup is finally showing up in the model. Fundamentally, tier-one cannabis MSOs are still generating high gross margins, many trade at low EV/EBITDA multiples, and most remain below 1x annual revenue. It is not a clean narrative — but THE MACHINE likes the setup.