Greene: New highs beget new highs—we’re bullish into the second half

Market Sentiment & Strategy - The market can continue to climb higher despite worries, focusing on pushing for new highs [2] - "Dang the torpedoes full speed ahead" mentality is relevant, suggesting aggressive forward movement despite potential risks [2] - Overwhelming macro noise should be avoided, focusing on the market's potential to climb higher [2] Macroeconomic Concerns - Tariffs are a significant worry, specifically who is paying the $60 billion raised in the last 3 months and its potential impact on margins, PCE, and company earnings [6] - Manufacturing remains a weak point in the US economy, struggling to gain momentum [8][9] - Rising input costs are expected to lead to inflation [8] Policy & Regulation - One big beautiful bill is expected to pass, with confidence in vote alignment [4] - The debt ceiling is not expected to be a factor this summer [5] - The expectation is not for three Fed rate cuts, leaning towards a more bearish outlook on Fed actions [5] Company Specific Analysis (Netflix) - Netflix's forward PE of 50 times is not a major concern; valuations are not seen as a significant problem for the stock [9] - Linear TV is under pressure, and streaming is becoming the dominant form of viewership [10] - Netflix's ad revenue is projected to reach $3 billion and ramp up to nearly $10 billion [11] - Netflix will focus on monetizing users rather than reporting monthly user numbers [11]