Note: This post was originally submitted to compliance at 4:22 pm on the 18th of February, 2026, for release on Linkedin.

3 Risks not being discussed from This Week

from The Distilled Perspective of
Patrick T Bulger, Capital Management & Analytics

Our internal risk gauge remains elevated,

1) The FED in Their Temporary Open Market Operations found it necessary to enter the REPO picture for over 30 billion dollars.

• End of month = maybe...
• Mid-month = worthy of asking,
• Did someone need liquidity?
• REPO has been trending in the direction of increasing risk since Feb 6,

2) Note, quarterly bank reports in our view were weakening, showing the events of the last 2 quarters coming to the surface.

3) We then noticed multiple reports of major banks borrowing 10s of billions in capital.

• Looks more like preparing for risk events.

Our key takeaway...

Within in our zone of elevated risk, Risk conditions appear to be rising
This is viewed as, all is not well.

No Bazooka, Not Green Shoots...
Not Stimulus. Potentially unwell.

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Thanks for reading,

PTB

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