The Real Numbers | Home Economics Journal
The Three-Way Split —
Capital Going Everywhere at Once
S&P 500 | 2026 YTD
+14%
Corporate earnings holding. AI capex story intact.
Gold | 2026 YTD
+44%
Hard asset thesis confirmed. Capital order pressure.
Bitcoin | 2026 YTD
-25%
First negative YOY this cycle. Digital thesis under pressure.
Annual % change. Dashed line shows Wave 2 average stocks return (1975-2000) for contrast. Data through March 27, 2026.
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