And we have a news alert [music] here on the Fed. The board of governors has voted unanimously to reappoint the regional bank presidents for five-year terms beginning on March 1st, 2026. Typically a routine vote.There have been speculation about whether the administration would try to influence the reappoint process, but today's announcement was unanimous, meaning even my on loan from the administration was in favor of these appointments. Now, in recent years, reappointments have taken place in January or F ...

Market Trends & Shifts - Market leadership is shifting from US equities towards international equities [1] - Capital is moving away from cash towards dividend-paying companies [1] - China's policy is changing from control towards supporting growth [1] - Investors are shifting focus away from the $77 trillion sitting in money markets [8] Investment Opportunities & Strategies - International markets offer broader exposure and attractive valuations from a risk-adjusted return perspective [6] - US markets are trading at premium valuations, suggesting a potential pivot towards relative value areas [3] - Consider USUS ETF, which excludes America, with top holdings outside of the tech trade, showing year-to-date outperformance of 25% compared to the S&P's 14% [4] Macroeconomic Factors - Low rates and less regulation create a strong macro tailwind [3] - Bonus depreciation is reducing the effective corporate tax rate to approximately 15% [3] - Rate cuts are anticipated, potentially leading to a pivot in market focus [3] - Lower rates are expected to be a tailwind for the housing market, which has a high GDP multiplier [8] AI & Tech Sector - Momentum in the market is heavily influenced by the AI and tech trade [2] - Gains in the US market are concentrated in a handful of tech companies [6]