Steno Research founder Andreas Steno joins Raoul Pal to dissect a potential Goldilocks setup for technology, mid-caps, and commodities. Rather than a bubble, Raoul and Andreas argue that the AI-driven CapEx boom remains in the early innings of a productivity-led expansion, with strong earnings, low debt financing, and accelerating manufacturing driving further upside. From the business cycle and liquidity to Andreas's barbell approach to the market, they get into it all. Recorded on February 18, 2026.