Advises investors to lean into growth globally, citing fiscal stimulus, infrastructure, and defense spending. Notes global trade was up last year despite tariff machinations.

Tariffs complicate but don't endanger the economy. Ironically, tariff refunds could help small/mid-sized businesses soften prices, aiding inflation. Short-run confusion, but new 150-day tariffs are an opportunity for more sectoral clarity, leading to more certainty long-term.

Pushes back on 2005-2007 comparison, noting that era involved securitization and bad mortgage underwriting incentives. Current corporate system is very under-levered relative to the last 40-50 years.

Intermediate/long-term bond markets are behaving well; 10-year yields down, mortgage rates followed. Short-term Treasury market can absorb refund issues. Offsetting factor is accelerating US growth, but inflation will run cooler, leading to a Goldilocks market.