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A single best idea on a really interesting Monday, The markets can shift on a dime. Literally, we had a very solid upfiel and then a set of headlines from Iran which really didn't move the market, and then a second set of headlines from Iran, and in a moment the market was gone with oil up three, four or five dollars. That's a vigilance. We need to thank you to Alexis Christophers for really driving all of our data check coverage and made all that was conversation Matt Miskan
with Manual Life and John Hancock Investment Management. Matt Michigan on the tectonic changes of your tech portfolio right now.
There's tectonic technology exposure shifts underneath these indices, you know. So if you're just there and you're like, all right, I'm going to buy the S and P five hundred, Okay, you're buying fifty percent technology, maybe you should have a plan B. And I know right now you cannot miss out on this text trade. If you're not allocated to AI right now, you're massively underperforming. And in this industry it's all about what have you done for me lately.
So it is hard, but we are trying to find out what is the second best idea, and it's more industrials, it's more looking for around the world for opportunities. It's moving down in market capitalization. It's trying to find stuff that is cheap, and there is stuff that's actually cheap outside of the US large gap space.
Matt Michigan with Emily Rowland, John Hancock. What a joy today to have a gentleman in from another time and place at Solomon years ago there was John Lipski and Nicholas Sergeant. Doctor Sargent came in today with all of us work with Lipsky at Stanford before Salomon Brothers, just a legend on the street. We talked to about that one off from the early nineteen fifties out to about nineteen seventy two. Robert Gordon at Northwestern says maybe that was a one off. Nicholas Sargeant disagrees.
I would say it certainly was the golden age in terms of high economic growth rates until nineteen seventies.
It was first across a broad middle class.
Yes, and so what I see that's different today is America is I buy into the K shaped economy that on one hand, some people are doing incredibly well. Those that have enough money to own a home or own stocks, what's to be unhappy with. But we got to remember that over half the country no one owns any stocks. They're the people that are hurting. So, you know, and again,
why have we overcome these shocks? The simple answer is we're seeing the biggest capital spending boom in my lifetime with the you know, the build out AI infrastructure, so actually that's boosting growth. Then you have the debate but are there longer term consequences And the answer is yes. But I'm on technology. I'm still a believer. Technology is the wave of the future.
Nicholas Sergeant, There Were the Global Shocks was a book of many years ago. Retired now, but wonderful to get his perspective and all of the academics of Stanford that he identifies with the middle twentieth century. On podcasts, We're at Apple, We're at Spotify. On the YouTube podcast it's single best idea