00:00 Speaker A
We are constantly worried about losing focus. Big tech companies have too much money and poor performance. Uh, but at the end of the year, we didn’t really see that. We’re actually seeing the scope of things expand. You look at the equal weighted index. We saw a lot of participation. So, what big initiatives do you think will happen next year?
00:20 Speaker B
Well, Jared, I guess just to back it up a little bit. I think it’s good to see some money flowing out of some high valuations and maybe spread good luck throughout the market. But heading into next year, this setup is very good for some of the AI and tech companies that are turning a profit. We have a lower interest rate environment, the economy is doing well, and leaders will continue to provide leadership. So Jared, you know we own Google, you know we own Tesla, you know we own some of the big tech companies and we have for a long time. Well, these fluctuations don’t change the narrative. We’re just going to buy the Big Dipper.
00:48 Speaker A
Well, buy a spoon. I like this. By 2025, the results are pretty good. Even in the day after liberation, uh, there was a recession, almost a bear market.
00:58 Speaker A
Let’s talk about the Fed because that’s a big variable and I noticed here that you said a rate cut is possible in January. This goes against consensus. So tell me a little bit about your expectations for the Fed this year.
01:06 Speaker B
This is. So we saw the unemployment rate rise slightly to 4.6, which I think is important as we do analyze what inflation looks like in the coming months. Inflation data was slightly better than expected and unemployment is rising. So this really puts the Fed in a difficult position. But consider some of the risks here. Jerome Powell is stepping down. Well, President Trump has not decided who will be the next Fed chair and we think the consensus is changing. The minutes of the Federal Open Market Committee (FOMC) meeting were released yesterday, and there was a lot of potential for a rate cut in 2026 or even in January.