The Universal Owner — Jun 8: The jobs beat that’s freezing underneath

May US payrolls beat forecasts two-to-one — but two sectors did 73% of the work and long-term unemployment hit a cycle high. We connect that to a split central-bank week, oil back above $96 on the Strait of Hormuz, and a 10-year near 4.55% — then ask what hedges a universal owner's book when bonds and stocks fall together. Full brief and sources: https://www.universalassetowners.com