, which supplies health-care information technology, also got off to a great start.

They have pricing power and sign long-term deals, allowing them to grow despite the trade conflict. Both companies beat earnings estimates in the first quarter. Demand for their software and hardware continues to accelerate as customers design more-complex chips and devices. We continue to own all the companies we recommended. You picked some good ones at the January Roundtable. But buying durable businesses that can generate intrinsic value through two full business cycles is what we’re trying to solve for. It is hard to paint a picture that is massively bullish on stocks, or at least the market indexes. German bunds yield negative 37 basis points. It could be a flattish environment for quite some time, as we see whether companies can meet earnings expectations and stocks can grow into their current valuations. Given the recent move in prices and valuations, we’ve pulled forward returns from the back half of the year. But these stimulants are being priced into stocks. The market expects the Fed to be pretty aggressive in the second half. Geopolitics and slowing economic growth have been headwinds, but the Federal Reserve’s dovish stance on monetary policy and hopes for a trade deal have overwhelmed the negative sentiment. Todd Ahlsten: Equity prices have surpassed all our expectations this year.

Small cap stocks nvda