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US banks have done well. In a barbell approach, he owns the higher-quality JPM and GS as well as Citigroup, which is weaker but improving. Use this barbell approach: strong and established as well as improving banks.

The company is losing a fortune. 

Most people feel inflation when they pay for groceries and gas, but wages drive real inflation longer term. Wages are the cost of input for most, not all, industries. But wages matter in the North American economy which is 70% wages. Technology actually creates a lot of disinflation; machines, not people, work farms, which lowers costs. Wages troughed in 2011, the year the average Baby Boomer turned 65 (and retired). Since then, more have retired and now we have less immigration. The future of demand/supply in labour will tell us where inflation will go. More of his own staff has asked for raises beyond inflation, because of the sudden shock of inflation in recent years. Nothing wrong with asking that. But the new inflation base is unlikely to remain 2%. The population is shrinking, therefore is bad for the labour supply. Can AI replace those workers? Some. Some AI can replace those workers, but not all. During earners, what will companies say about wages and pass those costs to consumers?

There's roughly $1.4 trillion in margin debt in the US. Says Warren Buffett, "People aren't investing. They're not even speculating. They're outright gambling." Historically, then, we'll see markets in any month go up down 1-2%, but this year it's 5-10%. If investors hold a stock that's up 500-600% in one year, they need to remember that stocks historically move up or down 10% a year. So, the most prudent thing is to rebalance and sell half your position. In a few weeks, if the tech companies don't report that the billions they're spending aren't profitable, the market could correct. Rebalancing is important. He's holding 5-15% cash to buy beaten-down stocks. Not only tech, but banks and insurers have gone up fast and far, so take some profits.