Stresses staying relentlessly focused on core convictions like the AI boom, as geopolitics is important but not obviously negative for chip demand. Investors should not get scared out of convictions by unsettling headlines.

AI is diversifying itself beyond the Magnificent 7, rippling through markets like Korea (memory shortage) and copper (electricity demand). Need to be nuanced and specific within the AI theme across geographies and asset classes.

Gold is performing its traditional role as a hedge against debasement risk and geopolitical uncertainty. Concerns about the end of US exceptionalism and geopolitical problems support gold. However, it's possible to have too much of a good thing; don't be overly focused on gold. Stress diversification and core conviction longs in areas like AI.

A traditional 60/40 portfolio won't work in a more fractured, complicated world. US Treasury yields are expected to go up over time, creating a headwind. Investors need to be more active, work harder to target specific pockets of risk and resilience, requiring a new investment playbook for a volatile macro environment.

Would change view with an end to volatility, geopolitical stability, and no inflation concerns. Evidence points the other way: world fracturing, policy uncertainty increasing.