Bailey Lipschitz

Well, we are seeing some of the uncertainties, and we're seeing that play out in real time.

The big debate really around a lot of this AI trade, and we saw this play out throughout November, is how much of this spend is going to be realized?

Are the dollars going to make sense at the end of the day?

And if you're seeing companies dial back their spending, what does that ultimately mean for the bottom lines?

When you see a report like we've been seeing, whether they're conflicting or not with Microsoft, it's a lot for investors to chew on.

Yeah, if you look, so last time we hit an all-time higher, looking back to October 28th, best performers, healthcare, communications, energy.

As you mentioned, worst performing group is tech.

One thing to keep in mind, when you look at that S&P 500 infotech, the big names, NVIDIA, Apple, Microsoft, are in there.

Missing?

Tesla.

Alphabet and other names.

So a little bit of a grain of salt to take it with that.

But we are certainly seeing investors diversifying, flocking to health care.

Eli Lilly, Cardinal Health, Biogen all outperforming.

When I talk to portfolio managers, part of the debate is we've come so far so fast in a lot of these names.

And as much as we like to think that things only go up, eventually the question is, can you outperform and is there alpha generation?

And that's why we see some of that repositioning.

They're under pressure.

There's just a lot of volatility.

You look at the moves that we saw, whether it was in nuclear power or as you mentioned in quantum,