Core Viewpoint - The market is believed to have entered a new cycle, as indicated by recent Federal Reserve interest rate cuts, which historically signal the start of a new market phase [2][5]. Market Performance - Emerging markets have risen by 27%, while developed international markets have also increased by 27% [2]. - Gold has surged by 54%, and the PPI ETF, which focuses on real assets, is up 24% [3]. - U.S. banking sectors have benefited from higher interest rates, showing a 19% increase, while the industrial sector (XLI) is up 17% [3]. Portfolio Strategy - Investors are encouraged to evolve their portfolios, moving away from a focus on large-cap tech and growth stocks, which have dominated the market for the past five years [4]. - There is a belief that the current economic environment will be characterized by structurally higher inflation, with inflation rates still 50% above the Federal Reserve's target [5].