Synergos Capital Management's commentary for the month ended September 30, 2025.
- The macro outlook is brighter than I’ve ever seen
- Despite strong returns, my companies are still undervalued for the most part
- Some over-valued shorts are making it into Aletheia
- The Fed must act with greater impact
Macro View
Also see: Aletheia Leads Synergos Lineup With 56% YTD Return And 42% CAGR Since Inception In 2022
I learned a long time ago that macro is a significant driver of returns over the long term (one of my all-time favorite trades is “long democracy/freedom and short Marxism/Socialism/Communism”). Hence, this is why a “macro first” investment philosophy is foundational at Synergos. I’m becoming more and more convinced that we’re about to undergo the greatest economic boom this country has seen in well over a century. And as a stock investor, it helps that this president partly measures the success of his policies by the performance of the stock market (the “Trump put”).
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