The market is expressing a preference for hardware relative to software. The new focus seems to be who is most at risk of disruption from AI.

We have an increased preference for sectors such as utilities and industrials, companies that will be components into the AI theme, and ideally less at risk of being directly disrupted.

Big tech is continuing to grow earnings at well north of 20% most quarters. If you want to be invested in the most innovative free cash flow producing companies, then big tech very well may be interesting.

We love volatility and it can oftentimes provide opportunities to step in at more attractive valuation levels.

We tend to advocate a very low percentage of one's wealth being allocated to cash. One of the big things we're trying to advocate is rotate cash into carry producing strategies.

We are only slight dollar bears for this year. We only look for one, maybe two Fed cuts. We don't see a huge southbound interest rate impetus to drive the US dollar lower.

Private infrastructure offers bond-like consistency of cash flows, very low levels of volatility, and almost no correlation to the macro environment.