Yeah, thanks, Morgan. Well, it's got a funny right? See these stocks where what really matters is how successful AI is, what the end uses are five to six years from now, moving around so much on questions about whether the government reopens in time for Thanksgiving travel or not. That's not really what matters, so when you see selling on that, that's a good buying opportunity. On the other hand, if the market gets too excited about risk on it's probably a good time to take some profits. It's been a nice trading sector lately really.

Yeah, I'm really certainly looking at the eye more. I think we don't like every name in the sector to be clear, or maybe just put it slightly differently. We do expect a lot of this kind of volatility going forward. And the real, maybe fundamental risk that could come from the volatility is that the funding dries up. If just risk aversion rise to a level where investors aren't willing to support the capex. So where we want to buy is companies where we feel like they can weather that storm. The hyperscalers, particularly is where we like to position around the trade.

Well, there's a lot of money needed, and there is a lot of money available. And one thing to think about is a lot that people are spending the money stocks like Meta and Microsoft and Alphabet do have a very diversified business. They have very strong balance sheet. They have very long investment horizons too. They're not just going to panic over short-term issues. So I think for most companies, or at least most of the market cap, it's going to be fine. There are some companies where they're taking on a little more debt and where maybe they're a little bit different, less differentiating with their practice. So again, you have to be a little bit careful about we think biasing toward the quality end of the trade.

Well, healthcare is probably the big one. I heard your previous guest talking about that and some of those managed care names that maybe are selling off a little bit now over the ACA subsidy concerns. ACA is not a big profit pool for these companies. So any overreaction to that, I think is a buying opportunity in a damaged sector. But we also like the big pharma names. And we think we're seeing with the Pfizer agreement that you'll be one agreement that there's a lot more bark than bite to some of the rhetoric coming out of the administration. Those stocks have been underperformers too. So that would be the other sector where we really have a lot of exposure in the strategy.

Actual picks, our biggest holdings Microsoft they mentioned them, Alphabet I kind of like to call out them because they're a little bit maybe unique across the AI ecosystem and they go all the way from end applications with themselves, with Search and YouTube down to kind of infrastructure, they have their TPU chips to give them a cost of goods advantage to other people who are using Nvidia chips. They also have their own proprietary data, they have their own workloads and their technical expertise. So if you're thinking among the LLM providers, I think that's really a great place to position and by the way some of those regulatory headwinds are kind of more in the rearview mirror than not. We saw Apple paying them actually to get access to Gemini, and the other way around, which we previously had with search. So one of our favorite AI stocks no doubt.