Good Friday morning. With this one sentence…”with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance”….J Powell came out as full-on dovish at this mornings Jackson Hole confab. As bullish as we are, in the very short term, this could have gone another way. Thankfully, in this case, Powell did the right thing.

How much credit does Trump get for this pivot from Powell? We think a lot. “Get Trump” loses, again. And kudos to the excellent Rich Ross of Evercore, who made the big call that this weeks mini teck-wreck was "a head-fake buying opportunity”. Brilliant work from Ross.

Here at the VRA we’ve remained aggressively long US equities, not because rate cuts were needed, but because we’ve entered a generational bull market, driven by an Innovation Revolution, the Trump Economic Miracle and an ocean of liquidity in US and global economies. As crystal-ballish as this may sound, years from now we’ll look back ...