Capex: Artificial or Intelligent? Drulard Family Capital Fund Fortnightly Macro View JD Straight Up: S&P 500 at 7500 – flat from 7533 two weeks ago VIX at 18 – up 9% from 16 two weeks ago 10yr Treasury yielding 4.56% (up 2% from 4.49% two weeks ago) Agg (US Aggregate Bond Index) at 98.11 – down 1% from 98.56 two weeks ago Gold at 4015 per oz (down 4% from 4166 two weeks ago) Silver at 57.14 per ounce (down 9% from 62.50 two weeks ago) Crude Oil (WTI) at 81 per barrel (up 16

America, I love ya Drulard Family Capital Fund Fortnightly Macro View JD Straight Up: S&P 500 at 7533 – up 1% from 7477 two weeks ago VIX at 16 – down 13% from 18 two weeks ago 10yr Treasury yielding 4.49% (down 1% from 4.51% two weeks ago) Agg (US Aggregate Bond Index) at 98.56 – flat from 98.60 two weeks ago Gold at 4166 per oz (down 1% from 4224 two weeks ago) Silver at 62.50 per ounce (down 6% from 68.26 two weeks ago) Crude Oil (WTI) at 68 per barrel (down 13% from 77

Summer Heat Drulard Family Capital Fund Fortnightly Macro View JD Straight Up: S&P 500 at 7477 – flat from 7456 two weeks ago VIX at 18 – down 5% from 19 two weeks ago 10yr Treasury yielding 4.51% (down 1% from 4.55% two weeks ago) Agg (US Aggregate Bond Index) at 98.60 – flat from 98.23 two weeks ago Gold at 4224 per oz (down 3% from 4353 two weeks ago) Silver at 66.26 per ounce (down 3% from 68.16 two weeks ago) Crude Oil (WTI) at 77 per barrel (down 16% from 92 two weeks

AI = All In Drulard Family Capital Fund Fortnightly Macro View JD Straight Up: S&P 500 at 7456 – flat from 7437 two weeks ago VIX at 19 – up 12% from 17 two weeks ago 10yr Treasury yielding 4.55% (down 1% from 4.59% two weeks ago) Agg (US Aggregate Bond Index) at 98.23 – flat from 98.44 two weeks ago Gold at 4353 per oz (down 4% from 4521 two weeks ago) Silver at 68.16 per ounce (down 10% from 75.89 two weeks ago) Crude Oil (WTI) at 92 per barrel (down 5% from 97 two weeks

High Plateau Drulard Family Capital Fund Fortnightly Macro View JD Straight Up: S&P 500 at 7474 – flat from 7411 two weeks ago - all-time highs VIX at 17 – down 6% from 18 two weeks ago 10yr Treasury yielding 4.59% (up 5% from 4.38% two weeks ago) Agg (US Aggregate Bond Index) at 98.44 – down 1% from 99.10 two weeks ago Gold at 4521 per oz (down 5% from 4748 two weeks ago) Silver at 75.89 per ounce (down 12% from 86.17 two weeks ago) Crude Oil (WTI) at 97 per barrel (flat f

Who Knows Drulard Family Capital Fund Fortnightly Macro View JD Straight Up: S&P 500 at 7411 – up 4% from 7155 two weeks ago - all-time highs again - up 17% in six weeks VIX at 18 – down 5% from 19 two weeks ago - low and stable enough to trigger IPO activity 10yr Treasury yielding 4.38% (up 1% from 4.32% two weeks ago) Agg (US Aggregate Bond Index) at 99.10 – flat from 99.54 two weeks ago Gold at 4748 per oz (up 1% from 4709 two weeks ago) Silver at 86.17 per ounce (up 14%

The Long View Drulard Family Capital Fund Fortnightly Macro View JD Straight Up: S&P 500 at 7155 – up 5% from 6795 two weeks ago - hitting all time highs again VIX at 19 – down 10% from 21 two weeks ago 10yr Treasury yielding 4.32% (flat from 4.33% two weeks ago) Agg (US Aggregate Bond Index) at 99.54 – flat from 99.30 two weeks ago Gold at 4709 per oz (down 1% from 4757 two weeks ago) Silver at 75.47 per ounce (up 2% from 74.34 two weeks ago) Crude Oil (WTI) at 96 per barr

Mythos Mystery Drulard Family Capital Fund Fortnightly Macro View JD Straight Up : S&P 500 at 6795 – up 6% from 6403 two weeks ago VIX at 21 – down 30% from 30 two weeks ago 10yr Treasury yielding 4.33% (down 1% from 4.35% two weeks ago) Agg (US Aggregate Bond Index) at 99.30 – flat from 98.96 two weeks ago Gold at 4757 p er oz (up 3% from 4599 two weeks ago) Silver at 74.34 per ounce (up 4% from 71.34 two weeks ago) Crude Oil (WTI) at 104 per barrel (up 2% from 102

Strait Jacket Drulard Family Capital Fund Fortnightly Macro View JD Straight Up : S&P 500 at 6404 – down 5% from 6716 two weeks ago VIX at 30 – up 25% from 24 two weeks ago - up 100% in 1Q26 10yr Treasury yielding 4.35% (up 3% from 4.22% two weeks ago) Agg (US Aggregate Bond Index) at 98.96 – down 1% from 99.62 two weeks ago Gold at 4599 p er oz (down 9% from 5031 two weeks ago) Silver at 71.34 per ounce (down 12% from 81.46 two weeks ago) Crude Oil (WTI) at 102 per

Cracking Up? Drulard Family Capital Fund Fortnightly Macro View JD Straight Up : S&P 500 at 6716 – down 2% from 6857 two weeks ago VIX at 24 – up 9% from 22 two weeks ago - 25 or more tends to shut down IPOs 10yr Treasury yielding 4.22% (up 5% from 4.03% two weeks ago) Agg (US Aggregate Bond Index) at 99.59 – down 1% from 100.66 two weeks ago Gold at 5031 p er oz (down 6% from 5350 two weeks ago) Silver at 81.46 per ounce (down 10% from 90.44 two weeks ago) Crude Oil

War & Peace Drulard Family Capital Fund Fortnightly Macro View JD Straight Up : S&P 500 at 6856 – flat from 6836 two weeks ago VIX at 22 – up 5% from 21 two weeks ago 10yr Treasury yielding 4.03% (down 1% from 4.06% two weeks ago) Agg (US Aggregate Bond Index) at 100.66 – flat from 100.99 two weeks ago Gold at 5350 p er oz (up 9% from 4923 two weeks ago) - all time high Silver at 90.44 per ounce (up 20% from 75.55 two weeks ago) Crude Oil (WTI) at 71 per barrel (up

Lies, Damn Lies, and Statistics Drulard Family Capital Fund Fortnightly Macro View JD Straight Up : S&P 500 at 6836 – down 2% from 6972 two weeks ago VIX at 21 – up 24% from 17 two weeks ago 10yr Treasury yielding 4.06% (down 4% from 4.23% two weeks ago) Agg (US Aggregate Bond Index) at 100.99 – up 1% from 99.68 two weeks ago Gold at 4923 p er oz (up 4% from 4726 two weeks ago) Silver at 75.55 per ounce (down 4% from 78.79 two weeks ago) Crude Oil (WTI) at 63 per ba

No Silver Lining Drulard Family Capital Fund Fortnightly Macro View JD Straight Up : S&P 500 at 6972 – up 1% from 6940 two weeks ago VIX at 17 – up 6% from 16 two weeks ago 10yr Treasury yielding 4.23% (up 2% from 4.16% two weeks ago) Agg (US Aggregate Bond Index) at 99.68 – flat from 100.05 two weeks ago Gold at 4726 p er oz (up 3% from 4588 two weeks ago) - down 16% from 5602 four days ago Silver at 78.76 per ounce (down 14% from 91.69 two weeks ago) - down 35% fro

High Plateau Drulard Family Capital Fund Fortnightly Macro View JD Straight Up : S&P 500 at 6940 – flat from 6916 two weeks ago VIX at 16 – up 7% from 15 two weeks ago 10yr Treasury yielding 4.16% (down 1% from 4.19% two weeks ago) Agg (US Aggregate Bond Index) at 100.05 – flat from 100.03 two weeks ago Gold at 4588 p er oz (up 3% from 4455 two weeks ago) - all time high Crude Oil (WTI) at 59 per barrel (up 2% from 58 two weeks ago) Bitcoin at 93k (down 1% from 94k

Credit Spreads Drulard Family Capital Fund Fortnightly Macro View JD Straight Up : S&P 500 at 6916 – up 1% from 6875 two weeks ago - all time highs VIX at 15 – up 7% from 14 two weeks ago 10yr Treasury yielding 4.19% (up 1% from 4.15% two weeks ago) Agg (US Aggregate Bond Index) at 100.03 – flat from 99.76 two weeks ago Gold at 4465 p er oz (flat from 4472 two weeks ago) Crude Oil (WTI) at 58 per barrel (flat from 58 two weeks ago) Bitcoin at 94k (up 5% from 89k two

Year of No Fear Drulard Family Capital Fund Fortnightly Macro View JD Straight Up : S&P 500 at 6875 – flat from 6859 two weeks ago - up 16% YTD - hitting all time highs VIX at 14 – down 18% from 17 two weeks ago - no volatility = no risk = no fear 10yr Treasury yielding 4.15% (flat from 4.14% two weeks ago) Agg (US Aggregate Bond Index) at 99.76 – flat from 99.75 two weeks ago Gold at 4472 p er oz (up 6% from 4221 two weeks ago) - up 72% YTD - all time high Crude Oil

Concentration Drulard Family Capital Fund Fortnightly Macro View JD Straight Up : S&P 500 at 6859 – up 2% from 6697 two weeks ago VIX at 17 – down 20% from 21 two weeks ago 10yr Treasury yielding 4.14% (up 2% from 4.05% two weeks ago) Agg (US Aggregate Bond Index) at 99.75 – down 1% from 100.54 two weeks ago Gold at 4221 p er oz (up 3% from 4096 two weeks ago) Crude Oil (WTI) at 59 per barrel (up 2% from 58 two weeks ago) Bitcoin at 90k (up 3% from 87k two weeks ago

Risk Spectrum Drulard Family Capital Fund Fortnightly Macro View JD Straight Up : S&P 500 at 6697 – down 2% from 6796 two weeks ago VIX at 21 – up 11% from 19 two weeks ago 10yr Treasury yielding 4.05% (down 1% from 4.09% two weeks ago) Agg (US Aggregate Bond Index) at 100.54 – flat from 100.18 two weeks ago Gold at 4096 p er oz (flat from 4103 two weeks ago) Crude Oil (WTI) at 58 per barrel (down 3% from 60 two weeks ago) Bitcoin at 87k (down 17% from 105k two week

Bubble Magic Drulard Family Capital Fund Fortnightly Macro View JD Straight Up : S&P 500 at 6796 – down 1% from 6875 two weeks ago VIX at 19 – up 19% from 16 two weeks ago 10yr Treasury yielding 4.09% (up 2% from 4.00% two weeks ago) Agg (US Aggregate Bond Index) at 100.18 – down 1% from 101.21 two weeks ago Gold at 4103 p er oz (up 3% from 4005 two weeks ago) Crude Oil (WTI) at 60 per barrel (down 3% from 61 two weeks ago) Bitcoin at 105k (down 8% from 114k two wee

Cycles Drulard Family Capital Fund Fortnightly Macro View JD Straight Up : S&P 500 at 6875 – up 3% from 6658 two weeks ago - all-time highs VIX at 16 – down 16% from 19 two weeks ago 10yr Treasury yielding 4.00% (down 1% from 4.05% two weeks ago) Agg (US Aggregate Bond Index) at 101.21 – up 1% from 100.46 two weeks ago Gold at 4005 p er oz (up 1% from 3976 two weeks ago) Crude Oil (WTI) at 61 per barrel (up 4% from 59 two weeks ago) Bitcoin at 114k (down 1% from 115