$QUALITY - High-quality companies with strong ROE and consistent cash flow have underperformed by one of their widest margins ever, creating an attractive investment opportunity as unprofitable tech companies have been driven by liquidity rather than fundamentals
$INTL - International markets are up nearly 30% in dollar terms, closing the performance gap with the US as American exceptionalism ends, presenting a multi-year opportunity for international outperformance
$INDIA - India offers compelling investment opportunity with 10% nominal GDP growth translating to earnings, potential currency appreciation, and a deep market with 600 stocks having $1B+ market cap
$GREECE - Greece has transformed from Europe's biggest basket case to a strong performer through necessary reforms, with its stock market going gangbusters particularly in the last 3-4 years
$CHINA - After years of bearishness, China presents opportunity due to impressive AI advances achieved with less spending than the US, government support for equities, and renewed friendliness to private sector
$BTC - Bitcoin has defied skeptics with strong performance and declining volatility, gaining mainstream adoption as an investment asset despite disappointing transaction adoption
Bearish:
$USD - The dollar faces weakness as 'there is no alternative' (TINA) narrative ends, with gold and Bitcoin performing well as dollar debasement trades amid sanctions concerns post-2022
$TECH - Unprofitable tech companies driven by liquidity and AI hype rather than fundamentals are vulnerable when conditions tighten, having significantly outperformed quality companies recently
$AI - America has become dangerously concentrated in AI with 40% of economic growth from AI spending, creating significant risk if this 'big bet on AI' doesn't work out
$GOLD - Gold has become a liquidity-fueled rally that will likely decline with equities in a tightening cycle, no longer providing the hedge protection investors expect