Manthey: This is a perfect environment for a broader set of equities to do well

Group 1 - The Federal Reserve's recent rate cut is perceived as less hawkish than the market anticipated, providing a constructive backdrop for equity investing into the next year [2][4] - The Fed's guidance indicates only one rate cut next year and another in 2027, suggesting a favorable environment for equities, particularly in a soft landing scenario [4][6] - The European economy is showing resilience, with expectations of fiscal easing and monetary easing from the ECB, making it an attractive region for investment [6][9] Group 2 - The US market is viewed as expensive, leading to a preference for investments outside the US, where similar growth prospects can be found at cheaper valuations [8][9] - Emerging markets and continental Europe are highlighted as the best cyclical diversifiers, with anticipated fiscal stimulus contributing to their attractiveness [9] - The AI sector remains a focus for investment in the US, despite concerns over valuations and potential setbacks in the broader AI narrative [10][11]