Good Wednesday morning. Important, revolutionary changes bring with them volatility and surprise. We saw that yesterday in the sharp reversal lower in tech stocks, following the run-up into CES in Las Vegas and NVDA’s CEO Jensen Huangs remarkable presentation. It proved to be a bit of a "buy the rumor sell the news” event, as rates have continued to spike higher on the high likelihood that economic growth will flourish under Trump 2.0 and the Innovation Revolution.

Know this: we will continue to play this market from the long side. Over the next 5 years (and very likely >10 to 20) medium-long term investors will crush short term traders that attempt to time each (minor) market shakeout. Here at the VRA we’ll continue to stay focused on the primary trends. Counter trend moves will continue to be merely a distraction.

The Innovation Revolution will create never-before-seen levels of economic growth and wealth creation. The recipe for success? It’s the same as the 1995-2000 melt-...