Investment Strategy - Long-term holders should focus on the increasing digitalization trend [1] - The key question is whether tomorrow will be more digital than today [1] - For a time horizon of 5 years or more, short-term liquidity and business cycles are less relevant [1] Market Analysis - The need to finance $10 trillion in the next 12 months is a crucial factor [1] - The liquidity and business cycle should be monitored to assess market conditions [1]

Liquidity & Business Cycle - US government debt's weighted average maturity increased by 25% from 4 years to 5 years starting in 2022 [1] - Increased debt maturity suggests a potential extension of both the liquidity cycle and the business cycle [1] Financial Conditions - GMI's lead indicator work, specifically the GMI Fin Conditions Index, supports the idea of extended cycles [1]