Closing Bell Closing Bell: Where to Invest at Highs 2/11/26
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Feb 11, 2026 
Nancy Davis, founder and CIO of Quadratic Capital, a specialist in volatility and rates. Tom Lee, managing partner at FundStrat, a macro and market strategist. They discuss where to invest amid record highs and laggards. Topics include interest-rate volatility and protective plays, TIPS and related ETFs, valuation debates, AI-driven sector rotations, and the split between cyclicals and mega caps.
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Industrials Breaking Out Relative To S&P
- Jonathan Krinsky says industrials have broken out relative to the S&P after a four-year range.
- He views cyclical sectors and industrials as beneficiaries of the current rotation away from megacaps.
Near-Term CapEx Focus Could Be Myopic
- Young Yu Ma says investors are focusing on near-term CapEx beneficiaries amid high uncertainty.
- He warns that this myopic focus could overdo the rotation and punish other durable names.
Tech Downturn May Mean-Revert
- Kevin Gordon warns technical divergence suggests mean reversion may favor tech recovery over time.
- He balances that with fundamentals showing positive earnings growth for the tech sector.