Russ Koesterich - Buzzberg

Date	Ticker	Direction	Thesis	Source
Feb 17, 2026	INDUSTRIALS /ENERGY /CONSUMER STAPLES	LONG	Koesterich notes BlackRock is "trimming tech exposure and adding to cyclicals like industrials." Yardeni observes investors moving from "virtual themes to physical themes." The market is experiencing "AI fatigue." Investors are seeking safety and value in the "analog world" (physical economy) which has been neglected during the tech boom. This rotation is not recessionary but a rebalancing of valuations. LONG physical economy sectors. A sharp economic downturn would hurt cyclicals (Industrials/Energy) regardless of the rotation.	Bloomberg Markets Bloomberg Surveillance 2/17/2026...
Feb 17, 2026	JAPANESE EQUITIES /KOREA /TAIWAN	LONG	Koesterich points to "better value opportunities outside the US," specifically citing Japan (fiscal stimulus) and Korea/Taiwan (semiconductor rally). Skelly mentions the "global reflation trade" where the US has ceded leadership to these regions. While the US struggles with high valuations and AI doubts, Asian markets offer the same tech/semi exposure (AI hardware) at lower multiples, plus idiosyncratic catalysts like Japan's corporate governance/fiscal shifts. LONG Asian developed/emerging markets. Global trade wars or US dollar strength reversing.	Bloomberg Markets Bloomberg Surveillance 2/17/2026...