00:00Let's talk about that anchor. What is the anchor for you for 26?
00:03So, look, I think the anchor for us is maybe a little bit different than the consensus.
00:08I mean, this call for broadening of the economy, for a cyclical rally, for an almost disinflationary boom,
00:18while, you know, some of my colleagues like to talk about that as a non-consensus view,
00:23I think it is fundamentally a massively consensus view that is being priced every single day.
00:31I think, you know, from where we're sitting, the fundamental issue is really about earnings realization.
00:38We're sitting in a market where, you know, what's baked in is an expectation for 14, 15, 16 percent year over year earnings growth.
00:48Those are big numbers. They're ambitious in any historic context.
00:53For a single year. And to the extent that the MAG-7, which are, you know, as much as, you know, 30, 35 percent of the market cap of the market,
01:03are going to have just mathematically decelerating rates of growth.
01:08It puts the burden on everybody else to really, you know, deliver.
01:13And while I think that there's going to be some sectors, right, potentially like financials,
01:17which we think are going to continue to deliver health care, a handful of the industrials,
01:22I'm not sure that the whole market, X MAG-7, is going to be able to do those kind of numbers.
01:29So, Lisa, this raises big questions about how you play the story this year.
01:32Yeah.
01:32Passively at the index level or more actively?
01:35What are you advocating for?
01:36Absolutely. We're active stock pickers this year.
01:39Our view is that that passive index with that exposure to the concentration is at risk.
01:46So, JonahТons and we're going to have a new level of value.
01:47Okay.
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