Well, my first guest has been very bullish on the economy and today he replied to the doubters and the yeah but crowd. Let's bring in Fisher Investments executive and chairman also co-CIO Ken Fischer. Ken, it's great to see you particularly on a day like today.Uh you noted that you said 2026 we would see miracles for those with patience. I got to tell you the data might be ahead of your schedule, but why I want to get back to why you were so confident about the economy this year. So, first, there's so many ...

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]

Group 1 - Insider buying has spiked across the market, indicating strong confidence from executives in their own companies, with the insider buy/sell ratio reaching its highest level since May [2] - A notable example includes an insider at IonQ making a large stock purchase, leading to a more than 20% increase in the stock price [2] - The trend of insider buying can serve as a positive signal for individual stocks, as insiders typically aim to profit from their investments [2] Group 2 - Commodity Trading Advisors (CTAs) have shifted their positions significantly, being short $34 billion on U.S. equities while being long $52 billion on European equities, marking the largest spread ever recorded [4] - Year-to-date, global markets, including the iShares MSCI Emerging Markets ETF and the iShares Core MSCI Europe ETF, have outperformed the S&P 500 Index ETF [3] - The rapid rotation towards European stocks suggests a potential misalignment in CTA strategies, as they may have moved too quickly to favor European equities over U.S. stocks [4] Group 3 - Economic uncertainty has been a major topic in the media, primarily driven by fluctuations in trade policy from the Trump administration, which has negatively impacted business planning and stock market performance [4] - Historical data indicates that when the uncertainty index reaches similar levels, market losses have typically already occurred, followed by a recovery phase [6] - The sentiment surrounding economic uncertainty may create opportunities for market growth, as stock markets often rise despite prevailing worries [8]