things like gold, which worked very well in 2025, but also can work very well in that geopolitical risk off scenario if we were to get one The interviewee explicitly recommends gold as a diversifier and hedge, implying a positive outlook. The recommendation is part of a portfolio construction theme for the coming period (2026).

We still think that AI is going to be a big driver of markets The Nasdaq-100 (NDX) is heavily weighted towards AI and tech. A statement that AI will be a big driver of markets, combined with a pro-risk stance, implies upward direction for NDX. The timeframe is the 2026 outlook.

the Fed continuing to signal to us that they're willing to move rates lower and pretty significantly The interviewee's statement implies lower interest rates, which would lead to lower yields. The context is the 2026 outlook, suggesting a medium-term view.