“My conviction call would be a structural barbell allocation with themes including tech names with high-end upgrading opportunities, among others.”

 “The pain trade is up.”

 “Without investors being fundamentally confident in future economic growth, Fed policy alone would not be enough to be pushing U.S. stocks near new highs and European small caps/Emerging markets past their 1-year highs.”

 “You’re not going to get some huge selloff to get back into the markets... If we get more data that is inflation friendly, we are going to be at new highs fast.”

 “Large cap balance sheets don’t have much leverage in the first place and debt rolls over slowly given a lot of it is fixed, meaning it takes a while to incorporate higher interest rates into the system.”

 “Analysts are expecting higher earnings for the current quarter, which is very unusual.”

 “This relief rally in equities is questionable at best... Our outlook calls for the SPX to fluctuate between 4,600 and 4,800 on the low end and around 5,100 on the upper end in the coming months.”

 “There’s a substantive level of optimism baked in, and subsequently, considerable downside if disappointments arise... Guidance is critically important this season.”

 “You have to substitute something else if you’re not going to get those rate cuts. And it had to be guidance because what else is there going to be?”

 “Incrementally cautious commentary on low-end consumers in recent restaurant earnings from McDonald’s Corp. and Darden Restaurants Inc., which highlighted declines in visits from that category in their reports.”