Thomas: We're at peak 18-year-olds, and that will reshape the U.S. economy

Core Themes - The long-term investment outlook is driven by demographic changes rather than short-term interest rate cuts [2][3] - The aging population is a significant factor influencing market dynamics and consumer preferences [3][5] Demographic Trends - The peak number of 18-year-olds is expected to decline by a couple of million in the coming years, impacting consumer brands and market preferences [3][4] - The dominance of Generation X over younger cohorts will shift brand culture and consumer behavior [4][6] Healthcare Innovation - Healthcare is identified as a major beneficiary of AI advancements, which can reduce labor costs and improve margins [7] - The aging population is anticipated to drive a resurgence in healthcare innovation, supported by initiatives like the Genesis mission to leverage AI for innovation [8] Autonomous Vehicles - The older population is expected to create a tailwind for autonomous vehicles, as some individuals may lose the ability to drive [9][10] - Autonomous vehicles can enhance logistics and transportation for elder care, addressing the needs of an aging demographic [11] Investment Opportunities - Apollo Global Management is highlighted as a key investment due to its range of income-based products suited for an older population and its role in generational wealth transfer [12][13] - The company is positioned to benefit from broader wealth democratization through private credit and alternative investment solutions [14]