Robert Armstrong

You say, no, they won't, which is the reason that's kind of relevant is because last year, the S&P rose 16%, and then the rest of the world ripped higher than that.

So you say that's not going to happen.

Okay, I think that makes sense.

We also have here, you say that cyclical high volatility stocks will outperform defensive low volatility stocks.

Why do you say that?

And then also, what are cyclical stocks?

All bets are off.

Final prediction here.

Will the Fed funds rate end the year below 3%?

You say no.

No.

Why and also just what do you make of what's going to happen to the Fed in 2026?

We've got a new Fed chair who will come in.

We don't know yet, but someone's coming in in May.

Jerome Powell's out.

I think it's a really important point.

And I think it's sort of an important reminder of how the Fed actually works.

And for those who don't know, there is a committee and each person on the committee gets one vote, including the Fed chair.

So the question is, what power does

does the Fed chair really have?