I am quite positive again because of the macro backdrop, the fact that the Fed started easing, and there is massive fiscal stimulus coming in, especially for next year. 150 billion consumer aid coming in February as tax refunds, helping the average US consumer, retailers, banks, and consumer discretionary. On top of that, easing monetary policy with five rate cuts by the end of 2026. However, until we feel that in the macro, there could be some volatility because the markets are very concentrated. Earnings season is a lot of pressure on these mega-cap names. If you give cautious guidance, your stock will suffer. Price to perfection.

We are really looking to see whether that strength in earnings is going to broaden down the cap scale and sectors, hoping for good results from financials and banks, except insurance, and materials and industrials due to macro cycle stretching. There are pockets of consumer discretionary and laggards such as energy and consumer staples. We watch consumer strength and pricing power. I'm not worried about an AI bubble, as AI has earnings power, unlike dot-com where hundreds of companies were priced as profitable without earnings, profits, or scale.