Shannon Saccocia, CIO, Boston Private

Non-tech companies that will integrate AI are used to using their existing software. They want AI to enhance their software as opposed to tucking in something entirely new. The software rebound is real.

There will be earnings growth. 

Likes China, given the massive investment in AI there, though less confident in India over energy concerns. Given the weak dollar and the weaker tone in the second half of this year, EEM is a good diversifyer.

It reports today. You can't replace CWRD with Anthropic for most companies.

Gas prices will spike because of the war which will dampen dining out. It will be temporary, so you can buy it now.

There are a number of levels of stimulus this year.

Still likes industrials because we're in a cyclical economic rebound. Emerging markets, Europe and Japan all offer opportunity in industrials.

To start 2026, they projected positive free cash flow, but already they expected negative free cash flow. We need to re-rate this name.

In logistics and wealth management, for example, these services businesses are deeply entwined with other products that won't be disrupted by AI. The story has switched overnight from companies that can use AI to grow productivity and earnings to being disrupted by AI. This is really inaccurate.

There are improvements in MLR (Medical Loss Ratio) expectations for managed-care companies, and potential clarity around Medicare Advantage.

Likes biotech. As investors remain concerned about the Fed not being accommodative, XBI could unwind short-term which would be an opportunity.

We're seeing a pick-up in deal-making.

Search is 57% of their revenue. If such revenues decline, Google won't be able to invest in anything else but search.