In November 2023, the Fed pivoted in its monetary stance that led to a huge rally in the markets. We had to sharply pivot our portfolio strategy as well given the change in market conditions as expectations of lower interest rates drove equities higher. While the shift in Fed's stance was unexpected, the speed and extent of the market reaction was even more extreme. As portfolio managers we must adopt to shifts in market sentiment, while not losing sight of fundamentals and valuation. We should not chase the market but allow our portfolio to participate without taking undue risks.