High beta names have led the way so far in 2026.Drones, energy, space, defense, memory…all themes that have had massive winners in them. However, this rally isn't only happening within high-beta. The S&amp;P 500 is nearing $7000 and being supported by defensives, healthcare, utilities and more even if tech is not leading the way. Ultimately, the risk has now become higher for these names if you weren't in them to start the year, but the market dynamics are proving that having some exposure good be strong if the current macro can hold.Latest Substack dives into the sustainability of this rally, why high beta names are catching a bid, and how the market is beginning to rotate.Source: amit