Recent data indicates that "active equity investing" in financial services is outperforming benchmarks, with bank stocks rising on expectations of stable interest rates into early Vanguard’s prognosticators expect such a portfolio would have a 5.5% expected annualized return for the next 10 years, compared to a 5.2% average annual return for a benchmark 60/40 portfolio, and will outperform with much less volatility. The model goes further into which categories of bonds it recommends, suggesting more long-term Treasurys, which tend to appreciate more during rate declines, than short-term bonds in the portfolio, for example. So, it could be artificial intelligence, which is in an incredibly strong position right now. There's a lot of uncertainty about where that will be in three- or four-year’s time, but make no mistake, right now all of these companies are all in on the AI investment thematic. And even if they don't have immediate revenues to prove the return on that investment, that is not going to stop them from doing this investment so long as they believe that the large language models are going to continue to scale, this is an arms race and none of them are in a mood to give up on that and hand that opportunity set to somebody else. Active managers are overweighting midstream oil infrastructure stocks in "active equity investing" due to projected capacity expansions and favorable tariff adjustments through