- The author remains cautiously bullish: government and Big Tech investment should keep funding strategic industries, making a dot-com-style collapse less likely, though deep corrections remain possible.
- Rising long-term rates and inflation make capital scarce, favoring companies with near-term cash flow, ROIC above funding costs, pricing power, and visible growth over narrative-driven businesses.
- The author kept spot and long exposure but closed Nasdaq futures, while maintaining cash and favoring commodities and gold. Unprofitable biotech, space, and robotics face dilution risk; AI spending must prove productivity and cash flow.
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