4% Inflation. Stretched Valuations. Why Is the Market Still Risk-On? | Tian Yang

Excess Returns · Aug 6, 2026 · 59m

Tian Yang, head of research at Variant Perception and portfolio manager of the VPX ETF, explains how investors can use adaptive leading indicators, capital cycle analysis and behavioral signals to navigate a market shaped by AI spending, inflation and government intervention. He breaks down why the macro backdrop remains risk-on, what would signal a true market top, why a Federal Reserve rate hike may still be unlikely and how AI could reshape profits, jobs and portfolio construction.

Variant Perception

https://www.variantperception.com/

Variant Perception Cycle Aware US Equity ETF…