we have been discussing about uh big Tech here and there has been some increasing discussion as of late uh about the b word the bubble word right um and it seems as though the bulk of strategists are coming out and saying this is not a bubble we're not there yet that they're not seeing those characteristics how are you thinking about tech and whether we're there good afternoon Julie and Josh it's great to be here congratulations on your new show very exciting um so uh first things first I think that you know we think broadly about the growth and quality space so you know as you and I have discussed before obviously AI is huge it's a mega Trend that we are focusing on but really investors are much more thoughtful around adding quality in their portfolio so that's what we have seen gone a tremendous amount of inflows and again when we talk about quality what we do mean is some of those characteristics that AI companies tend to have which is very strong and stable earnings which is low leverage which is a lot of excess cash flows and I think all of those are in Vogue now I think even in a world where the fed and this is not the base case but even if we can Envision a world where the FED probably just goes a few less times than what is priced in the market right now I think that still vodes well for the quality as well as the large gap theme which is what we like and you also call out specifically gar you see opportunity what you call lovable laggards what is that what does that mean gar exactly which sectors fit that criteria yeah so uh you know when we came out with our year ahead Outlook which was back in December uh the two areas that we felt that were most likely to catch up to the rest of the market were financials and Healthcare and the reason that we chose each of them were were a little bit different for financials it was very much around that Pro Pro cyclical move it was around our expectation that the yield curve may steepen a little bit or at least not continue to flatten for healthcare it was very much about the expectations of growth obviously the first couple of months of the year we've seen Healthcare do very well keep up with the S&P financials as well uh we still do think actually there's a little bit more room to run there especially if we continue to believe that a steepening or at least a lack of flattening is in the stores for us for the next couple of months as well so The Lovable laggards areas that investors haven't really reached into in terms of flows or you know when we look at flows it what it's what reveals to us as really underr continue to be that health care and financials and the growth Dynamics uh earnings growth Dynamics especially for healthcare uh you know sort of beginning to turn in the second quarter or so of this year um gari how closely you know we were just talking about rate cuts and how many are happening and when they're happening one would have to think that one of the groups where it really does matter is in the financials or do you think that that relationship is less important than it used to be because the the financials have gotten somewhat more Diversified yeah number one they've gotten more Diversified I would argue that there are a lot more higher quality at least Banks and uh you know insurers are however having said all of that if there's any reason for us to believe and I I know um I think Brian was talking about this earlier in terms of what we may or may not get from the FED if there's any reason for us to believe that the next move from them is not a cut whenever that comes but if there's any reason for us to believe that the next move is not a cut I think that can certainly you know sort of hamper some um uh some excitement that we've had around financials but for now the two ways in which we can you know with quality being the core quality and large gap uh you know we look at the tickers Q L and iwy as the core of your portfolio I think the the satellite if you will can still be the healthcare and financial sectors based on our view of the fed and our view and earnings and G I get I get you out of here on this kind of a broader question G with rates steady and and you know corporate earning season it's largely behind us what do you think G potential catalyst is for the market in kind of just the near intermediate term here next next few months I think a couple of things number one I think we have we have so far seen growth expectations whether they come from sort of the strength we're seeing on the consumer side on the consumer balance Street side whether it comes to jobs all of that has been better than expected right so if that changes of the dynamic around if uh a dynamic around the labor market strength uh or the consumer strength begins to change I think that's certainly something that can be a catalyst for a pullback in the market another of course is what you guys were discussing in before which is around the reaction function from the Fed so far the market still expects that there's going to be approximately three Cuts I think if we get inflation data that questions that view if we get sustained inflation R it's not one print in January or one print in February but if we get sustained super core which is of course the corex shelter that continues to move higher I think that can be something that uh will take a little bit of time for the market to digest look so far higher yields have not hampered equities which is great because higher yields have come about because of an expectation of higher growth to the extent we move away from that and higher yields is an expect is as a result of expectation of inflation but not growth I think that does bring some concern to equity investors at least in the short term in the longer term I think the fundamentals look very solid especially for quality and growth companies