Cameron Dawson notes a strong earnings picture driving markets, but highlights froth in speculative names (unprofitable tech, space stocks). She warns of potential earnings deceleration and increased equity supply from IPOs, which could challenge demand. She advocates for valuation discipline and quality investing.

Libby Cantrill discusses the new 10% tariffs as expected and relatively benign. She notes tariffs are sticky revenue for Treasury. On FHFA, she views Bill Pulte's move as temporary and sees it as a death knell for Fannie/Freddie IPO, which could be bullish for agency MBS.

Mike Pence argues the Republican Party faces a threat from populist right policies (tariffs, nationalization, price controls) that diverge from traditional conservatism. He defends free markets, limited government, and American leadership, while acknowledging Trump's popularity among primary voters.