So fiscal dominance means that in any of these circumstances, equities do well as well. ... We've written about this extensively and now we're into the next recovery. I call it a rolling recovery, so it's not going to be straight up for every sector. ... I think, you know, last week or two weeks ago, Jackson Hole. That's the first step to the Fed becoming more dovish. This is going to play out over the next 6 to 12 months. One of the reasons why we're still pretty bullish over the next 12 months. ... The sequencing is the bad news done then. ... The missing piece once again in this recovery is lower interest rates. That's the next phase. ... I do think over the next 6 to 12 months, I mean, it looks pretty darn good from an equity perspective.

Mike Wilson said last week or two weeks ago, Jackson Hole. That's the first step to the Fed becoming more dovish. This is going to play out over the next 6 to 12 months. One of the things you write about that I think is so brilliant is this idea of a presidency that's kitchen sink, much like CEOs who kitchen sink get all the bad news out of the way. So the sequencing is the bad news done then. ... The missing piece once again in this recovery is lower interest rates. That's the next phase. ... I'd be buying those dips. And you know, but I think over the next 6 to 12 months, I mean, it looks pretty darn good from an equity perspective.