Affirms the rally will continue, attributing it to fundamentals and earnings moving higher above consensus. States they are happy to stay invested and hold risk into 2026.

Identifies the key risk as growth, not valuation. The market is pricing in ~10% earnings growth for 5 years; if growth is merely 'good' and not 'great', it could trigger profit-taking.

Outlines three key themes: 1) Inflecting growth in cyclicals like industrials and financials (companies recovering from post-pandemic lows), 2) AI at a reasonable price (still available), and 3) Companies that have improved operations and ROE through recent challenges.

Is negative/neutral on consumer sectors (discretionary and staples), citing a lack of a great catalyst for outperformance and difficulty in forming a strong fundamental view.

Says it's idiosyncratic. While AI is more dominant in the US, 'AI at a reasonable price' names are easier to find internationally and have outperformed US counterparts off tariff lows.