Asks about asset rotation due to Iran war and Strait of Hormuz closure.
Matt Miller
Larry Adam
Still likes U.S. equities and EM Asia (home to 7 of top 19 tech companies). Expects oil prices to retreat once Iran situation subsides; year-end forecast $55-60.
Questions confidence in quick oil normalization given escalating war rhetoric.
Dani Burger
Larry Adam
Working assumption is conflict lasts 3-4 weeks; if longer, would revisit forecasts. China may pressure reopening of Strait as 80% of oil goes to Asia.
Asks about John Ryding's view that Fed may need to hike, not cut.
Matt Miller
Larry Adam
Sees modest inflation uptick early year from tariffs/oil, but expects disinflation later due to productivity gains, AI, and owner-equivalent rent drag.
Asks about fading rotation into software stocks.
Dani Burger
Larry Adam
Likes all tech including software; AI will enhance, not fully replace, existing software (e.g., cybersecurity).