Equity returns are driven by profit growth. I'd rather own markets growing earnings from 2% to 10% than the US with 12% steady-state growth where tech earnings growth is declining.

Dollar weakness could continue but is not a necessary condition for international outperformance.

We are in the very early innings of a multi-year international outperformance regime relative to the US, driven by secular inflationary tailwinds from de-globalization and lack of investment in productive capacity.

Liquidity is going to be tighter than markets expect, and markets are starting to wake up to that, punishing tech and finding cheaper opportunities.

There is tremendous uncertainty around what AI will ultimately mean for investors. It's not clear it's adding to productivity, enhancing margins, or driving revenue growth.

Favor international markets ex-China. Everything X-China has room to run.