IN THIS ISSUE

• Macro Strategy — The Best Alchemist Wins—America versus the World: We believe that the U.S. is primed to move toward a more “mixed economy" wherein public-private sector collaboration helps fuel greater economic growth.
  
  
• Market View — Reality Check On Tariff Revenues, Layoffs And AI Debt Financing: We reality check three dynamics that could challenge the path of least resistance: legality of the tariffs, concerns over Artificial Intelligence vendor financing, and, headline employment cooling.
  
  
• Thought of the Week — When it Comes to Fundamentals, Think U.S. Over the Rest of the World: We believe that earnings for the S&P 500 are expected to drive another uptrend in Equities in the coming years, supported by the Artificial Intelligence investment cycle and productivity gains.