 Morgan Stanley recommended investors avoid the high-priced tech stocks and instead focus on defensive growth stocks, typically found in the healthcare, utilities, and consumer staple sectors, as well as late-cycle cyclical stocks, typically found in the industrials and energy sectors. Here, Ms. Schneider shares her own selection of sectors and stocks she has her eye on in the new year. Let's assume now that everything is just hunky-dory and we go into the year and Americans are right and we have nothing to worry about. Well, there is a YOLO effect, obviously. People are certainly buying and there was a tremendous amount of liquidity into the stock market because people are figuring, hey, you only live once, right? Things are not as bad as people think. Here we are still alive. We've survived COVID. We've survived wars. We've survived inflation. If that's the case, going back to the idea of what would make people feel good is something that I'm very focused on in terms of stock investments for 2024. Fashion, beauty, even banking could actually turn out to be good, although we're really more interested in Bitcoin at this point. And then as far as health care, we're really looking at a lot of the areas like a stock, for example, e-health would be one where people get to have competitive shopping in terms of what type of health plan they have. Going back to beauty, we like stocks like Elf and Cody and Estee Lauder. In fashion, we're looking at things like Ralph Lauren. Also, just in terms of media, that's still very much a thing. A live nation, people coming back out to party, essentially, which could also bring us into a dating situation. Although we have been very, very much loners and a home over the last few years. We're also hoping that that is an area to be looking at like a match.com, for example. As far as what could happen in the United States, 5% interest rates would actually be sort of a healthy normalization compared to the rate of inflation if we stay there. So again, if we can stay in terms of a normalization, it's also possible that we'll see a lot of rebounding in manufacturing, machinery and engineering. That's another place we've been looking at. One stock that's done very well in 2023, that can continue in 2024 would be floor construction. And another interesting thing is if we are going to be looking at value as opposed to growth, which obviously growth right now is been supreme, although not the only participant in this latest rally, but assuming that we can see some money coming into some of these areas that have been beat up that I just talked about and others. There's been on the political agenda for so long now, the whole idea of hemp. Now, I'm not necessarily saying cannabis is the way to go, but I did read a very interesting story. And this is exactly what I've been waiting for, which is big farmer to get involved in not only the medical space of cannabis, but being able to promote cannabis as a way for better health. And there's one company that I just read about, Abbey Pharmaceuticals that is involved in that and spending a lot of money. I'm sure there are others, but that one came to the surface. So I do believe that if we look at companies like Budweiser or Molson Coors or Altria, which is the symbol MO, or even Abbey is probably my top pick, that could be they haven't done poorly, but they certainly haven't done as well as the rest of the market. That could be another real area that picks up. So I guess, in summation, the thing is this, be careful. Don't be complacent. Obviously, watch monetary policy. Watch risk factors, particularly the junk bonds here in the U.S. are a really good way to assess how much risk appetite investors have. But also think that if things stay OK, people are going to want to continue to feel good. And that's why we're looking at some of these areas we just talked about, fashion, media, getting out, dating, et cetera. And also because the government here will want to put its best face forward in terms of manufacturing and industry. We do like that engineering space in particular and also even in the non-commercial. But we do feel it would be remiss to not keep your eye on commodities as a potential supercycle because we still have this historical ratio that has been somewhat aberrant and continues to be aberrant, along with emerging markets, by the way, also aberrant compared to spy. So that's why we like to keep our eye here again.