For the next 5-7 years, Jay Pelosky believes the U.S. will see a "gradual de-rating" of the nation's credit rating which could lower P/E multiples, raise interest rates and weaken the U.S. dollar. This is all part of his thesis that the U.S. is adopting former emerging markets policies in governance, which he calls "unsustainable." He continues to see opportunities in Asia, particularly China, and feels strongly that any pullbacks should be used as an opportunity to add. Jay adds "the entire commodity space" as a way to play the AI transformation, citing the extraordinary demand for water, metals and raw materials.

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