Sources of Consternation

<p>Simon discusses the lay of the land and how there is much to make investors anxious: stretched valuations, all-time market highs, political changeover, and market rotations. He frames the backdrop and argues that investors should still have a positive outlook but should be prepared for both volatility and a more selective market. Simon also discusses how the Financials are attractive as is Defense from a contrarian perspective. He updates on the latest positive news flow from STZ and CAT.</p>