# 🏠 Adam's House View: December 10, 2025

**Strategic Allocation Update**

## Asset Class Stance

| Asset Class | View | Trend |
| :--- | :--- | :--- |
| **Equities (US)** | NEUTRAL | ➡️ |
| **Equities (EM)** | UNDERWEIGHT | ↘️ |
| **Fixed Income** | OVERWEIGHT | ↗️ |
| **Commodities** | BULLISH | ↗️ |
| **Crypto** | ACCUMULATE | ↗️ |

## Core Convictions

1.  **AI Hardware:** Peak margins passed, moving to software differentiation.
2.  **Energy:** Structural supply deficit meets AI demand shock.
3.  **Rates:** Lower for longer is dead; higher for longer is the new normal.

## Portfolio Positioning

*   **Cash:** 15% (Dry powder for volatility)
*   **Gold/Bitcoin:** 10% (Debasement hedge)
*   **High Quality Tech:** 40%
*   **Energy/Infra:** 35%

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*Generated by Adam v23.5*