The reports are rear-view mirror, low Q4 GDP may be revised higher, possibly impacted by government shutdown. Core PCE was delayed and in line with expectations.

Higher frequency data (Philadelphia Fed, true-flation at 0.7%) shows inflation is cooling. Believes inflation will get close to 2% by year-end. Growth is accelerating, productivity inflecting higher. Surprised by backward-looking numbers, focused on cooling inflation signals.

Would downgrade the data point, give it an asterisk, and revisit next month. Notes January CPI was lower.

Precious metals ripping higher while bond yields are calm shouldn't coexist. Cyclicals and defensives rallying together shouldn't happen. Attributes this to money moving out of hyperscalers (large market caps) into smaller markets like precious/industrial metals, creating outsized moves. Some moved to safety bid in Treasuries.

Yes, there are legs to it, though a bit ahead of itself. Cyclicals priced for global PMI ~52.5-53, not quite there yet. Business is doing well, earnings growth at 14%, market broadening, cyclical acceleration ongoing. Stocks will work, pause, then take another leg higher after consolidation.

Lilly: Owned for years, obesity pipeline strong, oral Zepbound (orforglipron) release soon, best in class. Coherent: Well-positioned for AI demand, data center scale-up. Arista: Expensive but guidance strong (25% revenue growth), added another 10% customer beyond Meta/Microsoft. People want multiple vendors, favoring Arista over Nvidia's Spectrum-X.

Stay invested. This is a bull market. Stories of mentioned companies are great and getting better, with earnings/revenue growth coming in faster than expected.