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Exiting Union Pacific after recent strength; slightly trimming Palo Alto Networks; and re-entering Alphabet/Google.

AI advancements are accelerating and starting to disrupt - but the net benefits are likely to outweigh the disruptions. In fact, AI buildout is the greatest infrastructure investment in human history.

This week there were notable developments on all three of these fronts.

Let's acknowledge what we all know - President Trump will continue to roil markets through the remainder of his term. However, economic and corporate fundamentals remain sound. Stay the course.

The DOJ criminal investigation of Fed Chair Jerome Powell seems to finally have crossed a red line for Trump detractors and supporters alike.

After 3 years of very strong market returns, the 2026 outlook likely depends, more than ever, upon corporate earnings sustaining their upward trend.

Let's take a look at employment and inflation, as well as what may be in store for the year ahead.

The Fed announced a 0.25% cut while suggesting the bar for future cuts was high. Yet despite this high bar, the Fed also reinstituted a bond buying program akin to previous iterations of quantitative easing.

It looks to be a no-hire/no-fire labor market.