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The US economy is in fairly good shape. Labour looks good, though there's lingering inflation with the tariff impact yet to hit. Longer term, he's construction. AI will be deflationary in the long run, and the tariffs will be temporary. Valuations: markets are fully valued, though could rise on organic growth or greater expectations of future growth. He expected volatility this year, though not as deep as last April. Last quarter, the market didn't hold CEOs' feet to the fire when they said that they don't know what's happening because of tariffs, so they pulled guidance; normally, that hurts stock prices, but not last quarter. This time, investors want to know guidance. Last quarter was good, and he hopes this will be.

Has owned it in the past. When he held this at $180, the market was ignoring IBM's AI business and saw low growth. So, he bought it. IBM teamed up with Meta to enhance their Watson franchise. He made good money. Then, he started to see the PE rising into the 20s, and Accenture and other peers reported weak results. So, he exited and wouldn't re-enter.

Has few very large customers, big telcos and cable companies. They are laying fibre optics across North America to get rural America wired (most of America has poor connectivity). Enjoys a sales backlog, but the risk lies in a company deferring sales, say, out of poor weather.

Is not effected by tariffs, unless tariffs impact the broader economy strongly. BAC reports tomorrow and he expects good numbers. (Bank earnings today sees improving net interest income, which bodes well for BAC.)

Shares have been flat the last four year vs. the S&P up 65% and GM 68%. I positioned on tariffs better than their peers, because their production is in the US, but the problem is their production is expensive. That's why there was gloabalization--to reduce input costs.

Is very mispriced. The market feels that if Tesla succeeds in self-driving cars, it will put Uber out of business. No, won't happen. Nearly 20% of Uber's fleeting is autonomous now. Uber is outgrowing their valuation (the PE is dropping). They recently joined the S&P. They have a fantastic future.

The fear about them was that AI will eat into GOOG's search market share. Yes, AI will, but the overall search market will likely grow. So, GOOG's market share could shrink, but it's search business could still grow. He's bullish. Also, GOOG has a partnership with Uber in self-driving cars, an exciting, growing business. Third, GOOG owns YouTube which dominates the streaming market by far, bigger than Netflix.

AWS is growing again, AI is taking share and their e-commerce is humming along. Firing on all cylinders. Like Uber, they are growing into their numbers (PE) after investing in their future.