Market Sentiment & Economic Outlook - The market values certainty, and the end of the government shutdown, coupled with the holiday season, creates positive momentum [2] - Despite the unknown economic impacts of the government shutdown, markets are near record highs [1] - Alternative data sources, such as Door Dash data, are being used to understand market trends [4] - Expect volatility to remain a constant factor in the market, similar to the 20% bare market correction earlier in the year [5] AI & Technology Sector - The AI trade has been a significant driver for the markets [7] - There's an insatiable appetite and unlimited spending to build the infrastructure for AI [9] - Discrepancies between investor expectations and the realities of AI infrastructure spending can lead to volatility [9] - Long-term growth is expected in the AI sector, despite potential volatility [10] Client Expectations - Setting realistic expectations for clients is crucial, acknowledging the potential for both great and flat years [4][7] - Controlling expectations regarding volatility is important when managing client funds [6]

Core Argument - The presentation argues that in a world emphasizing predictability and productivity, music and other "unproductive" hobbies are essential, not distractions, as they remind us of the value of things beyond utility [3][4] - It challenges the notion that success is solely tied to certainty, highlighting the inherent uncertainty of life and the limitations of rigid structures [6][7] - The presentation advocates for embracing uncertainty through creative pursuits like music, which offer meaning, connection, and beauty, serving as an antidote to the pressures of a performance-driven society [8][19] Critique of Traditional Success Models - The presentation critiques the linear path to success (school, degree, job, retirement) as overly simplistic and disconnected from the emotional and unpredictable aspects of life [2] - It questions Maslow's hierarchy of needs, suggesting that self-actualization (pursuing passions) can sometimes take precedence over basic needs, especially for artists and individuals with strong ideals [15][17] - The presentation suggests that over-reliance on predictable paths can lead to regret, emphasizing that even seemingly secure choices offer no guarantee of future success [20] Value of Music and Creative Pursuits - Music is presented as the antithesis of certainty, offering spontaneity, irrationality, and emotional expression, which are essential to the human experience [8] - Engaging in music and art allows individuals to disconnect from external pressures, reconnect with their inner selves, and experience a state of "flow," enhancing focus and mental well-being [10][11] - The presentation concludes that music and creative pursuits are not detours from real life but integral parts of it, offering priceless value that cannot be quantified [22]

"It provides certainty, and that's important for any business."Philips CEO Roy Jakob says the 15% tariff on EU goods entering the US allows European businesses to "plan on certainty" https://t.co/j2EWFKi9uG https://t.co/Vp3gB1cKoD ...

Um, speaking of sector impacts, BFA out with a note today looking at the impact of retailers of tariffs on Vietnam. While the levies announced last week put pressure on profits, analysts say the announcement provides some certainty ahead of the holiday order season. Joining us all here on set is the analyst behind the note, Lorine Hutchinson.Lorine, great to have you with us. Hi, thanks for having me. Thanks for coming down the block.Welcome you. It's humid outside, so it's it's a trek. Um, in terms of, you ...