Hello, this is Keith Lerner, chief investment officer for Truist Wealth, and I'm excited to be able to share our annual outlook: the seventh inning stretch. So what I'll do today is I'll break this down into three sections one the big picture, two, the weight of the evidence, and three, our tactical positioning. So let's start off with that big picture as we're thinking about the seventh inning stretch we think is a good time in the market to take a pause and assess where we are. This economic expansion has been ongoing since 2020, and the stock market just had its third year anniversary. The good news is our work suggests both have room to run. So let's let's kind of dig into that weight of the evidence by starting off with the economy. On the economic front, we expect a modest uptick in US economic growth to 2.3% growth from 1.8% over the past year. And that's really predicated on, one, some tax relief for both consumers and businesses as we move early into next year, slightly lower interest rates as the fed, moves the fed funds rates lower. We we expect to see some more, stability around tariffs. And lastly, the large spending on CapEx from tech and AI should continue. We'll put that all together. That should help extend the cycle and have this modest uptick that we envision for the economy. So now let's move to history, and this is going to be more focused on on the stock market. As I mentioned earlier, we just had the third year anniversary of of the of the bull market. The good news is when we look back since 1950, all seven bull markets that have had a third year anniversary have seen gains in that fourth year. Also, we do expect the fed to cut rates, further over the next year. When we look back historically when the fed has cut rates as the stock market is close to a new all time highs, a year later, the market has been up, more than 90% of the time. So that's another good signal as far as when we look at history. The caveat I will say is we are moving into a mid year midterm election year. Those years relative to other years of the presidential election cycle, tend to have moderate returns and deeper inter year pullback. So be prepared for some curveballs along the way. So now let's move from from history to fundamentals. You know a big question that I'm getting as I speak with you and and investors throughout our company is that, you know, valuations for the market are rich. And that is true. I will say part of the reason why valuations are elevated is because we have profit margins that are or at all time highs. And as we look over the next year, we think the key for this bull market to extend is those profits to continue to support this market. The good news is we expect low double digit earnings growth over the next year. That should help. That should help aid this stock market, because we do expect valuations to remain relatively flat after the expansion that we've seen over recent years. Now let's talk about the last component of our weight of the evidence approach, which is market signals. The primary market trend in the US is still up. We are seeing some unevenness. So we still want to see better participation. But the the primary market trend in our view still deserves that benefit of the doubt. And I would also say globally, we're seeing more than 80% of stock markets around the globe in Uptrends. That's also a healthy side. So what does all this mean for a tactical position entering, 2026 from a from a house view perspective, we want to have a modest tilt towards equities relative to fixed income and cash. You know, within the equity bucket we are still winning with team USA. Yes. The US has underperformed somewhat over the last year. But the earnings trends and innovation still remains with the US. But as I mentioned already, we are finding ample opportunities globally. We think the first phase of diversification is key, and we are seeing more than 80% of countries around the globe in uptrend. So that's a good sign as well. Within the US we are focused on large caps and growth. We like sectors still like tech and communication services as well as healthcare. Now one thing we found in our work is that the leaders of a bull market tend to endure towards the end. The dominant theme of this bull market is still AI and tech. There is concentration risk though, and that's why you also want to have exposure to things like, small caps and mid-caps. So when we have these sharp rotations, you have other areas to help offset some of this concentration risk. Thinking about fixed income. You know, we still want to focus more on high quality. We think fixed income is more of that consistent hitter within a portfolio where you can have, you know, solid income. We all waiting for a better opportunity in credit to really lean in there. And then for those investors that are qualified, given that we expect, you know, more dispersion over the next year, we think things like hedge funds and private capital could really help to expand the playbook for investors. And after being positive last year, we remain positive on gold as a portfolio diversify. What we're seeing over the last years in days where the stock market and fixed income markets are down. Gold is holding up relatively well. So tying this all together, the seventh inning stretch outlook. Now the weight of the evidence in our work suggests that the the stock market uptrend should continue in 2026, not with standing some periodic, pullbacks and curveballs along the way. And also, you know, our outlook in our view is a starting point. Expect us to adjust along the way and make tactical shifts as we see opportunities and risk, as always. We’ll continue to follow the weight of the evidence and keep you informed as our view unfolds over the next year. Thanks so much.