Yesterday talk tech stocks they sold off. It was like oh man I was the New York Stock Exchange. It's ro it's a rotation out of tech and now this morning we're rotating right back into tech and we're also getting some headlines.What does that tell you about investors in the tech trade. Was yesterday a response to valuations. Was it overconentration.I mean what was yesterday and what's today. Why are we seeing such a quick bounce back. >> Well I think a lot of the narrative right now is that capital expenditu ...

Market Resilience & Economic Outlook - The market has shown resilience despite fears and earnings revisions, experiencing a V-shaped recovery after a 3% drop [1][2] - Tariff concerns are quickly absorbed by the markets and are not expected to derail the current trajectory [2] - Strong corporate earnings contribute to market resilience, even amidst skepticism about CPI numbers due to government shutdowns [3] - The market is engaged in a "juggling act," balancing strong earnings with concerns about economic data [3] - Concerns on the edges of the market are healthy, preventing a straight "rocket ship up" scenario and fostering a two-way conversation [6] Investment Strategy & Portfolio Allocation - A balanced portfolio, including alternative investments, is recommended for clients [4] - Alternative investments are crucial for protection in a down market, offering safe interest, low volatility, and absolute returns [14] - A sample allocation package includes 40-45% equities, 30-40% fixed income, and 25-35% alternative investments [14] - Focus is on market-neutral, uncorrelated asset classes within alternatives, targeting 4-6% volatility and 5-7% coupon [15] Technology & AI - AI is considered a potential global revolution, comparable to infrastructure developments like railroads, and is still in its early stages [5] - Companies are investing heavily in capex to stay ahead in AI, which may temporarily affect earnings but is seen as necessary for growth [11][12] Tech Earnings & Market Dynamics - Tech earnings expectations are relatively high, and the margin of beat may be lower than before [8] - Dispersion within the Mag 7 stocks is healthy, with some stocks up significantly while others are relatively flat year-to-date [8] - A 3% pullback in the market, despite challenges, indicates resilience but also suggests a lack of a significant reset [10] - Strong earnings and ongoing capex spending suggest positive market prospects for the next 6-12 months [12]