Market broadening is very healthy, says Richard Bernstein Advisors CEO Richard Bernstein

Market Overview - The market has been broadening since the end of October, which is seen as a healthy development for the economy [2][3] - The nominal GDP for the last quarter was over 8%, a level not seen in the U.S. since 2006, indicating strong economic performance [2][3] Investment Opportunities - There are many companies in the U.S. and globally that are growing as fast or faster than the "Magnificent Seven" tech companies, often at lower valuations [5][6] - Non-U.S. investments are recommended, as U.S. investors typically have less than 10% exposure to non-U.S. markets, despite these markets representing 35-40% of the global equity market [9] Economic Indicators - U.S. earnings growth is leveling off, while profit cycles in non-U.S. markets are on the rise, suggesting opportunities outside the U.S. [8] - The potential for the dollar to weaken is acknowledged, but it is not expected to significantly impact investment returns, especially if the Fed continues a rate-cutting course [12][14] Macro Narratives - Concerns about dollar debasement are considered somewhat exaggerated, with various strategies available to mitigate risks, including investing in non-U.S. stocks [14][15] - The liquidity-driven speculation in markets, particularly around the "Magnificent Seven," may be affected if the Fed adopts a more hawkish stance [16]