Emphasizes focusing on fundamentals during geopolitical tension: double-digit earnings growth, no real Fed hikes, solid consumer offset by tax refunds.

Market is not the same as real economy. Watching inflation evolution closely; expects it to be relatively brief if oil prices stay down. Top 10% of consumers drive spending based on financial market/asset prices.

Opportunity in tech (rerated multiples, hyperscalers benefiting from AI), industrials (AI revolution), and financials (pickup in M&A, IPO activity).

Yield curve evolution depends on inflation. Regional financials will give pulse on broader business health. More IPO activity likely if equity performance continues.

Expects more heavy lifting from earnings directly, continued rotation helpful beyond Mag Seven. Main risks are inflation and potential earnings disappointment.

Net margins at ~15% (historically high), growth likely slower. Market expects another year of double-digit earnings growth.