"We’ve seen this movie before—the headlines hit, the market reacts, then it settles down and refocuses on fundamentals."
"The greatest danger in this environment is not the volatility itself. It is the behavioural trap that volatility sets. With each dramatic headline, markets move. And with each market move, we feel the pull to reposition our portfolios to reflect the new reality. This impulse is entirely natural. It is also, in most cases, precisely wrong. Each individual reaction may feel rational in the moment. The cumulative effect is mounting trading costs, an increasingly short-term focus, and a portfolio that reflects the last headline rather than a considered long-term view."
"The narratives are far too convenient and probably wrong [regarding AI disruption of software]"
"You need to keep on dancing as long as the music is playing. And to some extent, because the market is so narrow it means the music is playing, which is being driven by the capital spending by the large hyperscalers."
"We’ve seen this movie before—the headlines hit, the market reacts, then it settles down and refocuses on fundamentals."
"The greatest danger in this environment is not the volatility itself. It is the behavioural trap that volatility sets. With each dramatic headline, markets move. And with each market move, we feel the pull to reposition our portfolios to reflect the new reality. This impulse is entirely natural. It is also, in most cases, precisely wrong. Each individual reaction may feel rational in the moment. The cumulative effect is mounting trading costs, an increasingly short-term focus, and a portfolio that reflects the last headline rather than a considered long-term view."
"The narratives are far too convenient and probably wrong [regarding AI disruption of software]"
"You need to keep on dancing as long as the music is playing. And to some extent, because the market is so narrow it means the music is playing, which is being driven by the capital spending by the large hyperscalers."