Good Friday morning. Brief update from the road. Tyler's interview was moved, and he will be on the Schwab Financial Network at 2:30 EST Monday (https://schwabnetwork.com/). Hope you can join in.

Our melt-up bull market continues with all 4 major indexes (including Russell 2000) closing at an all-time high yesterday for the first time in 15 years. We think this is important; we’re in the worst 10 days of the year, while still in the worst 2 months of the year (August, September) yet the markets couldn’t care less. This is a significant tell. Next up, in 11 days we enter the 3 most bullish months of the year, meaning it’s entirely likely, if not probable, that this parabolic move higher continues.

Our view remains that the markets are front-running GDP growth rates that will soon surpass 5%. Then 7%. Then 10%. When we look back over the next 5 years we’ll realize that in late 2025 we were still in just the 1st inning of this innovation revolution. This is the highest confidence ca...