Highlights
- Our interpretation of the data leaves us with the same view despite the new year: we are in a bubble that will end badly but will also offer much opportunity along the way (both long and short, both before and after the peak).
- We are monitoring three things: 1) health of leading 'New Era' industries, 2) faltering performance of the MAG7, and 3) resurgent performance of quality companies that have been left for dead since 2021...until now. . .
