What do you make of the shakeout over the last three days?
Romaine Bostick
George Maris
Highlights the incredible enthusiasm behind AI/tech sector, with a huge rush into it and a huge pull away from it. What you're seeing now is an evolution of a broadening market.
Is there concern about correlations, or have they splintered enough for stock pickers?
Romaine Bostick
George Maris
There's still a high degree of concern over correlations. Stocks are moving irrespective of earnings and fundamentals. From a stock picker's perspective, it sets up tremendous arbitrage opportunities long-term.
Your notes say the Fed is a stabilizing influence, not the primary driver. Walk us through that view.
Katie Greifeld
George Maris
Whether we talk about one or two more cuts from the Fed, from a real economy perspective there's very little push. We're not trying to come out of a recession or cool things down. We're in a steady state.
Would Fed policy take the baton back once we get the new Fed Chief installed?
Katie Greifeld
George Maris
We pay a lot of attention to the Fed. Kevin Warsh has a balanced view, doesn't want the Fed driving. They'll be thoughtful managing inflation and growth.
Do you see the 'diversify America' trade outside the US still intact?
Romaine Bostick
George Maris
It's absolutely intact. It's not a sell America, it's let's look elsewhere, just like broadening from large cap to small cap, from growth competitors into more cyclical value.