Macroeconomic Shift - The research indicates a shift from a debt deflation mindset, prevalent since the 2008-2009 Great Financial Crisis (GFC), to a currency debasement mindset marked by large procyclical fiscal deficits [1] - The debasement mindset prioritizes protecting purchasing power against asset and monetary debasement, and asset inflation [1] - The research suggests this shift is a secular change lasting over a decade, with investors gradually recognizing its implications [1] Investment Strategy - The research favors equities, gold, Bitcoin, and real estate as preferred assets in the debasement era, viewing them as inflation hedges [1] - Dips in these assets are expected to be short-lived as investors prioritize protecting purchasing power [1] - Equities are considered inflation hedges because S&P earnings have generally tracked above inflation over the past couple of decades [1] - The S&P 500 is projected to reach 7,000 by 2026, based on anticipated earnings, margins, and reasonable multiples on sales and earnings [1] Bond Market - The research suggests bonds will have a place in portfolios, offering valuable diversification [1][6] - A cyclical period of disinflation is expected, driven by factors like weaker oil prices, a softening labor market, and lower shelter inflation [1][8] - The Federal Reserve's rate cuts are anticipated to influence bond yields, with potential for a bull steepening in the yield curve [1][10] Labor Market - The research suggests the weakening labor statistics may be both cyclical and structural, influenced by technology innovation like AI [1][25] - Immigration trends impact the labor market, affecting the break-even rate for job creation needed to maintain a constant unemployment rate [1][47] - The research describes a "malignant stasis" in the labor market, where the unemployment rate may not rise significantly, but underlying conditions could be fragile [1][50] Gold and Bitcoin - The fund is overweight both gold and Bitcoin, viewing them as positive assets in the debasement world [1][55] - Gold is expected to continue its secular bull market, with violent moves higher and longer-lasting trends than anticipated [1][58] - A rotation back into Bitcoin relative to gold is anticipated towards the year-end or in the next six months [1][60]

Well, joining us is Emily Roland, John Hancock, investment management co-chief uh investment strategist. Emily, what's going on. How are you.What what what what's caught your uh your interest. Like you we we've pointed out insurance companies have a whole different uh sort of a view of the world at times with because you the money has to be there, doesn't it. For a lot of people.That's true, Joe. And you know, today we're obviously focused on the Fed. Thank you for having me on on Fed Day.And I think, you k ...

Roger Ferguson. We got to get to him because he finally is can't wait to cut rates. That's a lie.That former for I I I thought I get someone's attention that way. Uh I would not have talked if I known Roger was former Fed vice chair as well as a CNBC contributor. If that ever does uh happen, Roger, you you let us know and and we'll cancel everything else we got going to put you on to say that.That's how surprising it was. So you did not say that. How are you feeling about the Fed's position right now. I thi ...