Not surprised by growth initiatives; believes economy must keep growing. Argues the Fed needs to cut rates to run a hotter economy and stabilize the dollar long-term by reducing debt through growth.

Acknowledges challenging market requiring humility. Despite daily sector re-evaluations, underlying economy is strong (growing well above 5% nominal), earnings growth should be good, and the market should have a pretty good year, albeit not in a straight line.

Agrees the comment is right. Hyperscalers need to show IRR and business durability. Notes reduced technical support from immense buybacks. Still likes hyperscalers aggregate due to strong revenue and cash flow, viewing capex as future ROI.