$EQUITIES - US equities remain attractive due to American dynamism and innovation, with most productive and innovative companies still based in the US despite institutional decay concerns
$HOMEBUILD - Homebuilders should benefit from policy focus on building where land is expensive to address housing crisis and land value concentration
$GLD - Gold continues to see strong demand from central banks redeploying reserves from treasuries, with potential for further institutional allocation
$LANDTAX - Companies involved in land value assessment and tax collection could benefit from coming policy changes to tax expensive land more heavily
Bearish:
$AIDEBT - Debt investments in AI infrastructure are problematic with lenders potentially overleveraged, as returns difficult to justify against short and medium term technology returns
$CHINARE - Chinese real estate remains a half-deflated government-managed bubble with no clear resolution path, after peaking at $52 trillion valuation