Rotation, Not Recession: A Broadening Market Emerges

» Market Rotation: Volatility seems the most concentrated in software businesses, while market leadership is broadening toward other sectors.» Economic Resilience: Ending 2025 with 4% growth, the economy remains strong and supported by U.S. Federal Reserve rate cuts, unlike the 2000’s Tech Bubble.» Private Sector Strength: Core economic health remains steady and quietly strong when excluding volatile trade data.» CapEx Growth: Rising corporate investment in property and equipment points toward sustained productivity and industrial gains in the coming years.» Labor Stability: After hitting a floor in late 2025, we expect jobs growth to stabilize around 100,000 per month, which approximates the labor force growth.