Argues for owning longer-duration Treasuries (5-year) as 'revenge of diversification,' seeing opportunity after 10-year yields rose above 4.25% due to supply and tax refunds.

States the market is pushing back on AI capex hype, wanting to see proof of productive use, and that answers will come slowly during this 'generational transformation,' leading to a 'bumpy ride.'

Advises watching positioning and fundamentals, and owning hedges for when the market decides AI optimism was overdone.