Given I believe both fiscal and monetary policy in 2026 will be focused on supporting main street and many other places besides tech, in addition to what I believe is a concentration problem, it’s not an area I am excited to invest in.

The last point to mention that’s separate but related to all of this is the US dollar which I expect to see another 5-10% decline in 2026. Liberation Day set in motion what was already a slowly melting ice cube of capital flows into the US peaking out.

a) the Trump administration’s domestic economic policies were and still are a levered bet on the power of capitalism to revitalize American manufacturing and enable American AI technology, which contributed to the market movements I described above,

b) its foreign policy has scared and turned off some foreign investors as fears of sanctions and... See more