Describes 2026 as a 'proud bull' year reflecting hard work over the last 36 months. Expects more volatility in midterm election years, with the bull market driven by profit growth rather than multiple expansion. Sees potential market pressures as buying opportunities if the growth narrative holds.

Does not think the dynamic is temporary. Expects more volatility in tech/communication services as questions arise about sustaining high growth rates in the AI build-out. Execution will be key. Is overweight small caps, which are now hitting all-time highs, supported by fiscal relief (100% expensing) and lower rates. Overweight across large, mid, and small caps.

The biggest significance is the liquidity announcement—shifting from ending Quantitative Tightening to using the reserve management program to increase liquidity and the balance sheet. Calls this a 'risk-on' move by the Fed, aimed at preventing funding market issues like in Q4 2018. Expects the program to continue, potentially at a reduced pace.