The market has transitioned from a momentum-driven to an earnings-driven phase, which typically results in half the annual return and more volatility. A pullback is expected but not timed; we remain invested and will deploy extra cash on weakness.

The secular bull market since 2009 has had cyclical bulls and bears; the current cyclical bull is in its fourth year. Earnings-driven markets see corrections that haven't occurred yet.

Small and mid-cap stocks will be very exciting over the next ten years; the entire S&P 1000 market cap is less than Apple's, offering stockpickers tracking error to beat the market. Expect earnings revisions downgrade for big stocks to broaden into the other 493 S&P stocks.

Learned contrarian investing from William O'Neil. Value opportunities exist in financials and broken growth stocks with good platforms. Yields will likely fall in the second half of the year, and the Middle East conflict may ease.

International and emerging market equities are up 23% this year, but currency alone isn't a reason to buy; fundamental quality of goods and services relative to the US is a concern.

After Liberation Day, capital flowed out of the US to Canada, Europe, and emerging markets, driving a big run.

Investing is like life: know the product and own names you understand. Speculation should be a separate account with money you can afford to lose.

A $1,000 speculative account could turn into $10 or zero.

The pullback in space valuations is good; OpenAI's more conservative tone suggests it's preparing to go public. The play on space is Tesla, not Starlink.

People want to believe in space, but longer-term, Tesla is the better bet.

Consumption can continue for a while because high-net-worth private wealth investors have kept the market going; longer-term investors have stayed in.

Profits need to be taken to be realized, but the wealth effect is sustaining spending.

We are underweight the Magnificent Seven; our US product is more technology and communication services driven, favoring consistent growth with lower earnings volatility. This is growth at a reasonable price (GARP).

Growth and value indices are a fallacy because stocks like Micron are in the value index. The approach is to buy good values.