Stephanie Link

If you sold on Liberation Day – you missed 34% recovery in $SPX If you sold on Silicon Valley collapse spring 2023 – you missed 78% in $SPX If you sold on Covid in spring 2020 – you missed 198% recovery in $SPX

Hightower Advisors piece on what is going on in private credit. @robpicard is the best in the business hightoweradvisors.com/blogs/well-th-…

Did some research today to find new and interesting information about great investors: Peter Lynch average return from 1977-1990 grew 29.2% beating out the great Warren Buffett at 20% - both incredible longevity. What strikes me about Lynch: fundamentals matter more than timing.

$NVDA says they have $1T in backlog through 2027. Mind boggling.

H.8 bank loans rose for the 18th week in 21 to a record high w C&I up for the 7th week in 8. Deposits up for 6 straight weeks for the 1st time since mid 2024 to a near record high. Trading revs are running +15% y/y to record high & IB fees = last 2Q trend. $XLF

For long term investors: If investors wait for certainty they will miss a lot of opportunities @CNBC cnbc.com/video/2026/03/…

Challenging week with the unknowns but pretty oversold according to S&P Ocillator at -8. By the time we have the knowns I think stocks will be higher. $NOW $SNPS $NFLX $COF $DKS - a few gems on sale. Always enjoyed Pure Prairie League's feel good music: Amie

$PANW: a new $1B buyback. From the old plan they bought $1B in 5 days in Feb. #Conviction.

10K @ banks: growth in NII and fees plus positive operating leverage w lower criticized assets, continued share buyback and potential V gains for some. Importantly loans to NDFIs are 17% and diversified by borrower+ tech sector is less than 3% of loans. $BAC $WFC $MS $TFC $COF

Back to the future with this team. Sigh. share.google/MSA67p0fSGri3b…

Not an owner $ORCL but for the industry - $29bn additional RPO Q/Q with no additional funding needs - is key imo.

$BAC conference notes no change to solid fundamentals: 1Q expects NII 7% y/y growth, WM DD, IB up 10% with loan growth "out of the gate strong" led by commercial & above H.8 data.

From my friend at Stategas @donrissmiller: Energy prices have been extreme - but several factors are keeping inflation down - rent, car prices and Quits not leading to higher comp. = inflation remains at 2-3% with a 10 yr bond yield range bound.

An excellent interview with great perspective. @CNBC @SquawkCNBC

Great to be on @SquawkCNBC this morning - if you wait until absolute certainty you will miss some great stocks on sale. Find quality companies with strong balance sheets, great mkt share and good TAMs to add on the uncertainty. $NFLX $AVGO $PANW $SNPS $TFC

Busy week with mixed data but still growth in the US (Atlanta Fed 2.1% - some weather, some not) and pretty negative sentiment which are long term opportunities. Did some buying this week. $NFLX $TGT $PANW Great song, meaning and perspective - enjoy: Billy Joel - This is the time

$EWZ: Industrial production rebounded in Jan up 1.8% m/m, Brazilian Services PMI up 1.8 pts to 53.1 vs 46 in June, & Brazilian Manufacturing PMI improved m/m but still in contraction.

Ugly NFP report with -revisions but a few one offs w/ Kaiser strike, weather, birth/death adj. Still bad. But other data solid this wk: 4Q productivity up 2.8% w 3Q revised to 5.2%, wages +3.8%, weekly jobless claims 215K, nonstore retail sales up 2% m/m, ISM Manufact 52.4%.

Amazing women at the Day with the Stars event at Hightower today. These are amazing ladies. @karencbc ⁦@karenfinerman⁩ and Jenny Harrington & Bryn Talkington.

Thanks for a great markets discussion today at our Day with the Stars event at Hightower. ⁦@DanGreenhaus⁩ ⁦@barryknapp⁩ and Neil Dutta and Shannon Sococcia.