I will share an idea that I believe is going to be very important to markets in 2026. 2025 taught the Trump administration a huge lesson - publicly touting "it's Main Street's turn" and a message of "taking pain" backfired bigly. It caused a record sell off that forced a walk back of rhetoric and delay/reversal of policy objectives. 2026 will demonstrate they've learned that lesson and will act accordingly. 2026 is about "Main Street's turn" because if it's not, they will lose the midterms and Trump's safety, wealth and legacy will come under attack. It HAS to be "Main Street's turn" this year or else. However, they are going to adapt to the mistakes of 2025. They will be more subtle and less blatant in their communications as to what parts of the market this is a negative for. They can't have a wealthy/corporate tantrum like they did after Liberation Day or their agenda will be stopped in its tracks once again. You can already see this in how the market is trading. While they were touting "Main Street's turn" in early 2025, the market knew that wouldn't be the case as small caps topped in November while Nasdaq continued to make new highs into February. Most of 2025 was an anti-growth/countercyclical policy agenda. Today we have the exact opposite setup from a policy perspective and once again the market is sniffing out this changing of the guard.