Marta Norton discusses the “massive reversal” in markets from 2025 to 2026. She sees a “rare opportunity” in software’s pullback since it hit the entire sector. Marta discusses how to pick the winners from the losers along the axes of horizontal and vertical integration. She is also increasing exposure in the “Mag 5” amid the AI capex concerns, arguing that the companies continue to deliver on their financials. She thinks investors should be careful around gold and stresses the unpredictability of Bitcoin.