This Week’s Friday Quick Wrap, from 03/13/2026

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

I’ll run through these quickly so you can enjoy your weekend.
Here Goes:

1. Real Consumer Spending, lower in Q4 compared to Q3
   o It’s supposed to be the other way around.
2. Goods Orders Non-Defense Ex Air Month on Month Jan,
   was Zero vs an expected 0.5% and following a December 0.6%
   o Viewed as weak.
3. Consumer Sentiment from University of Michigan Down in March from the Feb reading.
   o That’s not improving, it remains near the lowest readings since the early 80s.

With our view of broad business being in a margin squeeze & a decline in demand,

We see neither the pricing power nor the volume necessary to overcome the fundamental negatives.

We see the potential for economic data to show continued erosion.
Time and data will tell.
Stay tuned for additional insights.

Globally systemic plumbing volatility does appear to be evident.
Our internal measures of risk are elevated.

• For those who live beyond the herd:
  It’s time for a data-based discussion about your seriously invested capital.
  Don't wait for a "Proof-by-Loss Event."

👉 Start the risk conversation: Click Here

This situation is on watch. Book your call

Thanks for your time today.

Best,

PTB

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