Smith: Consumers have been extraordinarily resilient this year

Market Trends & Consumer Behavior - US consumers have shown extraordinary resilience this year [1] - 50% of US consumers are in the top 10% of income earners, contributing to sustained consumer spending [2] - $10 trillion is currently held in money market cash [3] Investment Strategies & Sector Focus - The market is looking for certainty from Washington, particularly regarding tariffs, to encourage investment [4] - Large-cap financials are favored in low interest rate environments [5] - Banks are considered a good investment, also as a tech play due to AI adoption [6] - Communication services are attractive due to their lower tariff sensitivity [7] - Utilities, especially nuclear companies servicing data and AI expansion, are being considered [7] Semiconductor Industry - SMH, the semiconductor sector, is up 32% year-to-date, with strong demand and outperforming companies [8]