Michael Contopoulos

We maintain overweight positions in cyclical international markets, emerging markets ex China, and U.S. sectors like industrials, energy, and materials, based on the view that the macro outlook hasn't significantly deteriorated and these positions will benefit if the Middle East conflict resolves, as the landscape from January and February could reemerge.

We maintain overweight positions in cyclical international markets, emerging markets ex China, and U.S. sectors like industrials, energy, and materials, based on the view that the macro outlook hasn't significantly deteriorated and these positions will benefit if the Middle East conflict resolves, as the landscape from January and February could reemerge.

We maintain overweight positions in cyclical international markets, emerging markets ex China, and U.S. sectors like industrials, energy, and materials, based on the view that the macro outlook hasn't significantly deteriorated and these positions will benefit if the Middle East conflict resolves, as the landscape from January and February could reemerge.

Earnings estimate revision ratios remain strong globally, including in emerging markets. The economy entered the conflict from a healthy position, and earnings are delivering. There is a broadening of market leadership beyond just U.S. tech.

Earnings estimate revision ratios remain strong globally, including in emerging markets. The economy entered the conflict from a healthy position, and earnings are delivering. There is a broadening of market leadership beyond just U.S. tech.

We maintain overweight positions in cyclical international markets, emerging markets ex China, and U.S. sectors like industrials, energy, and materials, based on the view that the macro outlook hasn't significantly deteriorated and these positions will benefit if the Middle East conflict resolves, as the landscape from January and February could reemerge.

Contopoulos advises investors to be "Overweight shorter-duration assets, companies that pay dividends, value." With the 10-Year yield rising (prices falling) due to war-induced inflation, long-duration assets get crushed. Short duration (SHV) removes interest rate risk. Dividend growers (VIG) provide equity exposure with a cash-flow buffer that acts as an inflation hedge, unlike speculative growth stocks which rely on distant future cash flows. LONG Short-Duration Cash & Dividend Growth. Yields plummeting (bond rally) would cause short-duration cash to underperform long-duration bonds.

Contopoulos advises investors to be "Overweight shorter-duration assets, companies that pay dividends, value." With the 10-Year yield rising (prices falling) due to war-induced inflation, long-duration assets get crushed. Short duration (SHV) removes interest rate risk. Dividend growers (VIG) provide equity exposure with a cash-flow buffer that acts as an inflation hedge, unlike speculative growth stocks which rely on distant future cash flows. LONG Short-Duration Cash & Dividend Growth. Yields plummeting (bond rally) would cause short-duration cash to underperform long-duration bonds.

"Profit growth throughout the world is quite strong... I'd rather own an area of the market that is growing earnings from 2% to 5% to 10% than own something with 12% steady state [US Tech]." The US market is priced for perfection with declining growth rates. International markets (Europe, Japan, EM ex-China) are seeing *accelerating* earnings growth and trade at cheaper valuations. The "Great Rotation" is driven by a search for accelerating fundamentals, not just value. LONG International Equities (specifically Europe, Japan, and EM ex-China). A sudden resurgence in US Tech earnings growth or a global recession dampening cyclical recovery.

"Profit growth throughout the world is quite strong... I'd rather own an area of the market that is growing earnings from 2% to 5% to 10% than own something with 12% steady state [US Tech]." The US market is priced for perfection with declining growth rates. International markets (Europe, Japan, EM ex-China) are seeing *accelerating* earnings growth and trade at cheaper valuations. The "Great Rotation" is driven by a search for accelerating fundamentals, not just value. LONG International Equities (specifically Europe, Japan, and EM ex-China). A sudden resurgence in US Tech earnings growth or a global recession dampening cyclical recovery.