Cathie Wood

What do I mean by that?

We've got massive deregulation.

This government understands how much we have hurt ourselves relative to China with thickets of regulation, and they're trying to peel those away as quickly as possible.

We got a tax cut where for the first time in years,

our tax history, for the next three years, as long as the construction of a manufacturing facility starts by the end of 28, during its first full year of, or during its first year of service, the company building that facility will be able to depreciate it not over 30 to 40 years, but in the first year.

So massive tax refunds coming back to reinvest.

We are seeing tax cuts for the consumer to some extent, certainly at the margin in tips and overtime, Social Security and autos.

So I think we're going to see massive refunds here in the first quarter.

And I think that the rolling recession that we've been in for the last three years, PMI being down negative for saying manufacturing has been negative for the past three years.

We've seen housing and got a terrible number today, 3.9 million.

We're back to the lows in existing home sales.

I think we are going to shift from that to a rolling recovery into a productivity-driven boom.

And I think one of the things that is becoming obvious when you look at how they revised the employment numbers down by 860-something thousand over the last year,

In doing that, what they effectively said was, okay, given this level of GDP, and we're more sure about GDP because of national income accounts and so forth, it must mean that productivity was higher last year if we revised employment down like that, which in turn means that real GDP growth was higher

And inflation was lower.

They got the mix wrong in the GDP accounts.

I think we're going to start talking about deflation more and more.

And I believe interest rates are going to come down more than people expect until this productivity driven boom is obvious.

So I actually think the U.S., from an investment point of view, is going to do very well over the next few years.

You wouldn't know it from the last few weeks, but I think that we're in the flip side of the bubble.