Hello Friends,

I am sending this one a couple days early so you have the weekend to peruse the note rather than the busy upcoming Monday morning.

We finally got some sanity set into markets in November, though markets rallied back later in the month. Pullbacks are never fun, but you have to know that markets don’t just scream higher into oblivion forever. One of the smartest PMs over the last couple decades has been someone named Marc Weiss, who succinctly wrote that, "The AI Honeymoon is Over. Welcome to the AI Marriage". We are moving from the heady times to the daily work it takes to make a marriage work. Most of you know that story.

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Source: Haver

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