Raj Patel thinks earnings growth can hit low double digits in 2025 as we see 4Q reports. He lays out his vision for markets in 2026 and compares the U.S. and international equities. He is strategically overweight U.S. but is “constructive” abroad. He looks at China’s “tactical fiscal stimulus” as a potential opportunity. Raj covers geopolitical risks, the gold trade, and a “secular theme” in industrial metals and electrification.