Well, our next guest has a Jackson Hole playbook. Joining me now is Venu Krishna, head of US equity strategy at Barclays. Uh Barclays is maintaining its contrarian view in that kind of minority of hawkish camp that the Fed won't cut rates in September.If that happens, how do you expect the equity market to react. I think you uh thank you first for having me, Leslie. I think you look at the pockets of the market where most of the enthusiasm has centered uh and which have reacted to this increased probability ...

Welcome back. From Palunteer to Bitcoin to the mega cap, several high-flying parts of this market have lagged lately, leading some to wonder whether a broadening is in fact in the early stages. Let's bring in Bill Miller IV.He's chairman and CIO of Miller Value Partners. Welcome back. It's good to see you. >> Great to see you, Scott.Thanks for having me. >> You you're a believer in that premise, aren't you. >> In the broadening of the market, absolutely.I think what's really interesting is if you look at la ...

sharply lower in the probability of a fed rate cut next month markedly higher. So to today's data, give the all clear for the central bank and for the markets to give the all clear on the economy in terms of the impact from tariffs. Guy, what do you think.>> I'm not convinced they gave the all clear to the central bank. I don't think anything changed. I mean there was something in that inflation number for everybody.The headline number. People got very excited about. Then they looked at and said, well, wait ...

Defensive Sectors & Investment Strategy - Defensive sectors are gaining attention as the back half of the year approaches [1] - Healthcare sector ETFs have experienced significant outflows, with healthcare's performance versus the S&P 500 in its bottom decile over the last 50 years [3] - Investors should consider going global and employing long/short strategies, as most investors are long-only and focused on US assets [6] - Opportunities exist in exchange rate markets, which few investors include in their portfolios [7] - Global macro managers are building long bond positions as yields have risen [8] Market Dynamics & Fund Flows - Crypto is a leading category with investors latching onto the movement, with Bitcoin prices hitting $123,000+ [13] - Investors are allocating money to cash, attracted by the 425% (4 and a quarter) returns in money market funds [14] - Small caps are experiencing outflows despite a rally, potentially presenting a contrarian play [15] Portfolio Adjustments & ETF Management - ETF managers are adjusting positioning based on how they're seeing managers shift their positions on a daily basis [10] - In times of rapid policy and market changes, managers may shift positions from long to short over weeks [11] - ETFs can bring in strategies that navigate policy changes for investors [12] Investment Opportunities - Building portfolios that can perform well in a falling growth environment, including long bonds, long gold, and short the US dollar, is a non-consensus view favored by some hedge funds [16] - Bitcoin momentum presents a significant opportunity [17]