Let's not bury the lead! I said it, "no Fed cut in September" - and you would have thought I said the world was ending. Simply put, the Fed is data driven, and any small bump in inflation will dash hopes. Plus, by what measure are financial conditions tight? Look at the NFCI from the Chicago Fed then let me know when it's actually tight. Now, back to the main body of the interview:
CSCO - mid single digit growth during the best backdrop in years? You have AI pushing up sales and that is all it can do? Don't tell me bedtime stories with the Splunk aquisition - but if that makes you feel better... notiable it's almost at all time highs - last seen in 2001. That is a long wait.
DE - we sold this week ahead of earnings, but the reality is the stock did well this year since 80% of the parts are sourced domestically - but the reality is forestry and construction customers are being hit by tariffs. you can execute perfectly, but if the customers pull back - you know the line: you can't escape the Macro!
DHI - I was dead in the water all year and all of a sudden it's beating the SP500 and up 30% in the last few months. Bottom line: investors can see future fed cuts (if they panic in September, I could buy more). Now it's about managing expectations between now and May, when we know Trump will install a dovish Fed Chair.