Summary

• The AI story didn’t change. Investors’ interpretation did, and that shift has broadened the opportunity set beyond a handful of companies.
• Simultaneous peaks in oil prices, inflation expectations, and interest rates may create a good macro backdrop for markets - the kind that may help improve market breadth.
• Space as an investible theme is interesting - and it’s one that could have implications all across the market-cap spectrum beyond the SpaceX IPO.

By Brian Levitt

Every so often, life throws you a familiar moment, and it makes you more emotional than you’d expect. In 1994, the week I graduated high school, the New York Rangers ended a 54-year drought as captain