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Tells him (as we're often taught) that event-driven market moves tend to resolve themselves fairy quickly. The market's forward-looking and expecting some type of resolution. Out of that comes a V-bottom.

What we've seen on the surface is not  structural. It could morph into that if the Iran conflict goes on a long time, has an effect on economic growth, or impacts inflation. But we're a long way from that.

It's part of the process of digesting big numbers of capex spend on something, like AI, that doesn't guarantee an adequate return. People were nervous.

Now starting to see the beginnings of the effects of AI. As a percentage of GDP, corporate profits are at record levels. A new productivity is beginning. Implementation of AI is just starting to take hold. It'll have an enormous effect on ability of companies to generate profits and be productive.

It'll have some ancillary issues, which won't all be good, and we'll have to deal with them. But good things happening on the surface. As an investor, we want to defend against the bad and embrace the good.

Some sectors of North America will be affected. This is an ideal time for corporations to take cover. If they have any bad news or are feeling a bit skittish about their own operations, it's the perfect time to say, "Oh, it's the war. It's not our fault." We haven't seen a lot of that.

We've seen a lot of beat and raise. Contrary to what we think might happen, companies are confident. 

Investors aren't loving the new CEO announcement because they're seeing it as a safe bet. NKE had significant problems while this CEO was there. Cultural and management issues with the company. Fashion is completely fickle. Look elsewhere.

He owns GIL.

Interesting. Very well run. Just bought Hanes, which wasn't well run; big opportunity to stamp it with the GIL management. His retail choice in Canada.

His retail holding in the US. Calvin Klein, Tommy Hilfiger. Very well managed. Inexpensive valuation.

Housing is difficult, and there have been a couple of head fakes. Interest rates were expected to fall, but look where we are right now. Short term we'll probably see lower rates (and housing will benefit), but we'll have to see what happens longer term.

Used to own. Sold on its messy reorganization. Still likes both it and the space. Instead, he owns PHM and TPH.

Still deserves a full position, but investor's right not to get too greedy. Keep your eye on the impact of interest rates.