History shows that geopolitical crises turn out to be great buying opportunities. Investors are looking past the war, figuring it's not going to last much longer.

Both sides are dug in. The US thinks we've won and Iran thinks they've won. Nobody is ready to concede much.

The 1970s stagflation analogy is still a concern but I've been talking about the roaring 2020s. The economy has been remarkably resilient through multiple stress tests.

We had the pandemic, supply chain disruptions, inflation surge, Fed rate hikes, mini banking crises, tariffs, and here we are with real GDP at an all-time high. The slowdown in Q4 and Q1 was weather-related.

There is an aspect of a bubble to it. AI stocks had a correction and the first knee-jerk reaction of buying the dip led to the Magnificent Seven outperforming again.

AI is here to stay. The big companies involved in AI will be the survivors. The resilience of the economy speaks to capital markets absorbing stress without much downside.

I've been promoting overweight US since 2010 but it's now 65% of MSCI world. There are opportunities in emerging markets, particularly ex-China, due to domestic consumer and healthcare demand.

China tends to be a trading vehicle. India benefits from peace and lower oil prices but needs more reform and isn't cheap.

Bond yield likely to trade between 4.25% and 4.75% this year. I don't think we'll get back to 5%.

We're going to have a more troublesome inflation environment for the next few months. The bond market seems pretty comfortable. US bond is still viewed as a safe haven.

Nowhere fast. It's been going sideways and no reason it shouldn't continue to do that.

Foreigners aren't bailing on US equities and debt. Last year they bought $700 billion in US equities, an all-time record high.

Chinese stocks have been great for trading but not for long-term investors due to unpredictability of government policy.

Recent history of Chinese government meddling in business has discouraged long-term investors. We have alternatives like US tech companies.

Healthcare is one area. China 2025 has been successful in biotech advancement.

As people get older they need more healthcare, medicines, hospitals, and revolutionary drugs.

AI is part of the digital revolution. Companies and countries most advanced will do very well.

Taiwan Semiconductor and Samsung should continue to do well.