Andrew, it's great to see you. And I wanna talk about that rotation that we're seeing because whether you're looking at the equal weight S and P 500, whether you're looking at the small caps, it seems like you are seeing that broadening out. And it's interesting that you have the S and P 500 pretty much at record highs even though it's been kind of patchy performance when it comes to the magnificent seven.So what do you make of the market action so far this year. Do you think that this is sustainable. It's ...

Core Insights - The current market environment is characterized by a focus on high-quality companies with strong balance sheets, as there are concerns about economic acceleration and earnings growth [1][4][6] - There is a notable interest in the bond issuance from companies like Oracle, which alleviates fears regarding funding in the hyperscale sector [3] - The expectation for equity returns this year is projected to be in the high single digits, with potential for a market pop later in the year due to ongoing monetary policy accommodation [8][12] Company and Sector Analysis - Companies with positive price momentum are believed to have better fundamentals, and there is a focus on marrying high-quality firms with those already rewarded by the market [2] - The tax rate changes between hardware and software sectors are significant, indicating a divergence in performance among tech stocks [5] - Credit spreads have reached lows not seen since 1997, indicating significant issuance activity typical of later economic cycles, suggesting continued economic expansion [7] Market Dynamics - There are mixed sentiments regarding the impact of midterm elections on the market, with some anticipating a potential market melt-up while others foresee risks in specific sectors like artificial intelligence [10] - The first half of the year may experience bouts of risk aversion, but underlying fundamentals remain strong, with opportunities to buy on pullbacks [11] - Expectations for earnings acceleration are not being met, which could impact the broader economic outlook and investment strategies [4][6]