The market needs a 'Goldilocks' scenario for hyperscaler capex - it must increase to support growth narratives but not so much that it hurts cash flow, as seen with TSMC's positive guidance versus a hypothetical negative scenario from Microsoft.

Unlike the previous three years, I'm getting more cautious. Some of it's the sentiment. The penalty for missing estimates is a lot harsher than the reward for beating. Estimates are high right now... 30% earnings growth in tech, a lot of it's back half loaded.

I think the Fed part probably isn't as helpful going forward. I'm a little confused about how to interpret Fed... It's three years later now, maybe you're not as psyched if they keep cutting.

The part I won't ever fight is if they do balance sheet expansion... you see it from even tangentially exposed Lowe's and Home Depot... anything with housing is ripping.

I love the healthcare overweight I've been pushing... I need stuff that is diversified where the estimates are achievable.