We Are Back!

After a long hiatus we are back to comment on this extraordinary bull market!  Despite the sense that most everything is overvalued, the transformative nature of the technologies just beginning to be deployed will likely show in hindsight, earnings forecasts may have been too low.

There will be starts and stops, acceleration and deceleration in the pace of change, but the secular nature of this change will continue largely unabated.  Geopolitical events and policy miscues could be the governor on growth of economies around the world, however, our optimism remains undaunted.

New forms of intelligence will enable changes to most everything while ushering in opportunities like robotics and automated driving.  This intelligence will allow for interactive agents that help with most anything- call centers, healthcare diagnostics, drug discovery to name a few.  We are really entering the “jetson” age (for those of you old enough to remember the cartoon).

Infrastructure buildout to support all this transformation will become a very investable theme.  And as always, there will be winners and losers.  The stock market will ebb and flow around these fundamental changes.  But we are in the early stages of an amazing period of time!