Identifies macro vs micro tug-of-war (geopolitics, Fed, earnings). Settles on earnings (10%+ growth in 2026) as market support, but acknowledges premium valuations and potential volatility.

Tech earnings should be 2x S&P500. Follows the data - tech earnings still strong. AI spend to productivity is a question mark, but earnings growth is there. Expects strong earnings from Meta, Alphabet to continue tech rally.

Policy noise will create volatility. Three positive themes: affordability (stabilizes K-shaped consumer), deregulation (helps financials), tax relief. Longer-term positives but near-term noise from policy and geopolitics (Middle East, Russia-Ukraine, US-China).

Follow earnings growth. Tech leads, then materials/industrials. Staples look cheap but lack earnings growth outside recession. Likes utilities (e.g., Nisource) for AI data center buildout. Cautious on staples as they lead only when markets are afraid.