Introduces John Dovy's out-of-consensus view that markets are already in new cycle
Scott Wapner
John Dovy
Fed rate cuts historically signify new market cycles - cut 4 times last year, couple times this year
John Dovy
Emerging markets up 27%, developed international markets up 27%, gold up 54%, PPI ETF up 24%
John Dovy
US banks up 19%, benefiting from steeper curves, higher interest rates
John Dovy
Market clearly telling investors to evolve portfolios away from S&P 500 concentration
Asks how investors should position if late to the party
Scott Wapner
John Dovy
Not late because last 5 years dominated by Mag7, large-cap tech and growth
John Dovy
Structurally higher inflation world - still 50% above Fed's inflation target
John Dovy
Fed would have to hike rates to get back to 2% inflation but doing opposite with cuts