Projects
![]()
No projects found
Investors
New
DAO Treasuries
DATs
Lend / Borrow APRs
Chains
Categories
Spaces
STOCK MARKET TALK | The Themes driving the market with Themes ETFs
Recorded: Jan. 13, 2026 Duration: 2:47:02Space Recording
Short Summary
In a recent discussion, key players highlighted the growing importance of partnerships and trends in the tech and defense sectors, particularly focusing on Google's collaboration with Apple for AI integration and the implications of U.S. military strategies on rare earth materials. Analysts also noted a bearish sentiment towards Adobe, reflecting caution in the market, while discussions around tariffs and geopolitical tensions underscored the evolving landscape of regulatory scrutiny and resource security.
Full Transcription
Yo, yo.
What is up, people?
Shout out to J. Rue and Selena.
First two people in here.
We're going to give people a couple minutes to come in, but
this is pretty awesome. Shout out to J. Rue
and Selena for being here
instantly. Like
seconds.
Shout out to
you guys for coming in and hanging out with
us. I appreciate you all.
Happy Tuesday. Happy Taco
Tuesday to anyone who's going to be having some Mexican
food tonight or whatever there.
I appreciate you guys for coming and choosing to spend your Tuesday with us.
We appreciate you guys for letting us be a part of your daily routine.
Shout out Martin.
They were nice and quick as well.
A lot of regulars that I am seeing in here.
Honey, Bap, Marcus, Jeremy.
Shout out Peter, Alexander.
We got Steve and Josh.
Squad, I appreciate you guys all for joining us.
Last time I will say that, I promise.
I lied one more time.
Thank you guys for all joining us here on this wonderful, amazing Tuesday.
The stock market is a little bit red.
A little bit red.
Well, actually, let me go to a different place.
All of the names that are at the top of my list are a little red, but the portfolio itself is green. Yeah, the ETF portfolio
is down by like 0.2% today. QQQ down by 0.4%. VOO down by as well. Not a massive moving day there.
We did get CPI come out this morning, basically in line with expectations. The core CPI print
came in slightly, slightly below expectations, but still was not too far off of that there.
This has obviously been a wild start of the year.
I know Stock Talk's coming in the first.
This might be our first basis of the year.
Some of his names already have had their, in some other years, have had their year fill up like 10%, 20%, 30% or whatever it is.
So this has been a crazy start to the year.
And yeah, today been been itself a little
little interesting we had google got over the four trillion dollar market yesterday i checked a
little earlier was at 4.1 trillion it was less than 300 billion dollars behind nvidia so is google
about to be the next company to uh replace nvidia as the largest company in the world
uh we shall see obviously they had the story yesterday of them and apple doing their partnership
to make google's gemini the underlying tech for Siri. Something that we knew was going to happen
pretty much, but was kind of just waiting for the announcement. I'm curious how much Google
will be paying Apple, if it's going to just be kind of another replacement towards their previous
search relationship. So that was one of the big stories that came out today, or came out yesterday,
and Google kind of getting a reaction. There was a lot of analyst commentary around it. Speaking of analyst commentary,
I saw a story that analysts are the most bearish. They have been on Adobe stock,
A-D-B-E, Adobe stock since 2013, which is interesting. I said they have a rating one
out of five. It's a 3.91, which is still relatively high. I believe that might mean it's
I meant to give you co-host. I believe that might mean it's still kind of skewed
towards more of the bull side than the bear side.
But Adobe, being in a position with the analysts that it really has not been much.
There was another story that Mark Zuckerberg and Meta reportedly planned to increase the
production of their AI Ray-Ban glasses up to 20 million units this year, up from 10 million.
So that would be a double.
Obviously, we've talked about that a little bit on here.
Asor, Lixotica, and all the Oakleys, and Warby Parker might have been the one we actually
talked it through.
But we have talked about that theme a lot on here.
There was that story that came out this morning, and obviously kind of reactions from Powell
and Trump and all that stuff going on.
And the final story that I will say here, and then I will bring the awesome options
Mike into it was earnings season.
Earnings season is now officially back.
JP Morgan reported earnings this morning.
Delta reported earnings this morning.
I see four companies reported with a one plus billion dollar market cap.
All four of them came in with both EPS and revenue ahead of expectations.
That doesn't mean the stocks necessarily went up,
but earnings season off to a little bit of a nice start. Jamie Dimon came in, spoke this morning.
JP Morgan is down 4% following its earnings. But if you look at that one-year chart on the JP Morgan and most financials, they have had a good year. Tomorrow, we do have nothing. Oh,
Bank of America, Citi, Wells Fargo, fargo etc there was not much coming up after
the close today so bank of america city wells fargo we got a lot more banks coming tomorrow
and then thursday it should be also a fun one taiwan semiconductor goldman sachs black rock
morgan stanley all reporting earnings it picks up very very quickly this earnings season next week
we started to get into tech the week after that we have mag 7 so get excited we're
going to start to have these after hours earnings where we get to cover them live on spaces normally
we go to the panel first but uh obviously we were at ces last week and and stuff's been crazy and
going on in vegas stock talk i might bring you in earlier than i normally would and just hear how
you're doing, sir.
Okay.
Sounds good.
Yeah.
I mean,
you're going to go right now.
Don't have to go into the full rant,
but I mean,
obviously we've kind of missed entirely. I mean,
let's just save it for later then because it's hard for me to not go into
the full thing if I'm going to start.
So that is true.
All right.
We will go around stock talk this year today though.
Expect the stock talk rant in that second hour.
Shout out to him.
Mr. Options Mike, how are you doing, sir?
I'm doing well.
It's an interesting day in this market.
Crypto is moving higher, so someone who's a little over-indexed in that direction is doing good today.
Weren't doing so well over the last couple days and weeks.
Google and AMD are doing decent.
But overall, there's a little bit more red than green
on my radar today.
You know, this market is, again,
it's starting to frustrate everybody.
If you look at it, it's generally trending higher, right?
Generally the move is up.
It's lifting up ever so slowly.
But this, you know, you get a new all-time high
and then it immediately comes right back in and
you know today they like that cpi number this morning and then trump tweeted about
iran and the market came crashing back in or tweeted or so i don't know what you call it on
true social but you get the idea and uh you know i don't i mean it really shouldn't be bothering
the markets but it didn't it's just the way we're trading.
We're stuck in this rut of this trading pattern where, you know, it gets very quiet in the middle of the day.
It's choppy.
You watch names that Google had a beautiful open today on that price-hard increase, got to a new all-time high,
then yanked and went almost, you know, went lows in the day before coming all the way back up.
These swings are wild, they're not not what
we're used to we're used to stair steps right you know flag patterns you're just not getting that on
the five and 15 minute charts right now it's it's a very messy market um what was good today intel
new multi-year high amd had a nice move off an upgrade from key bank uh what did i do today i actually remember i i kind of uh boeing had a nice move i
what i do i traded the es off of the cpi number had a nice trade there took us had a nice win on
boeing put my stop in in the money and it got stopped out so far down i actually lost uh lost
about 30 bucks and then i took a nice trade on google which was really good for over a buck on it
um this market you know nothing seems particularly wrong here it's just it's not ready to really And then I took a nice trade on Google, which was really good for over a buck on it.
This market, you know, nothing seems particularly wrong here.
It's just it's not ready to release.
JP Morgan's earnings this morning were OK.
Jamie Dimon was brooding as usual lately, kind of a little bit.
I don't know what the right word for it.
He's just cautious on things.
So, you know, we didn't get much of a move off of that their banks are all down off of that there although there was nothing really not to like about that report to be honest with you uh nvidia tried to bounce today off of
news that china is going to limit to emergency special situation sales of nvidia's chips and it
launched up on that i'm not quite sure why that didn't
sound like good news to me quit having a beautiful day as you said crypto and bitcoin trying to break
to the upside uh what else i don't know you know that's kind of been my day here uh i you know i
think this market is still kind of just hanging in there this little stock called global foundry
solutions gfs it's not that little but unusual flow today you know that hasn't worked great all time but they they were all over the
um calls on that thing this morning and it took off and this thing had a nice big move off with
that flow so you know that actually got some traction you know to me there's nothing wrong
here there's nothing that doesn't look good the bank's weak that'll be watched we think you said
we have earnings there tomorrow i think i think tomorrow really is all about the Supreme Court.
Supreme Court is set to rule at 10 o'clock on tariffs,
and that's what everybody's going to be focused on and waiting for.
Outside of that, just another day here in the markets,
another day here in paradise.
Good day for me, but just not easy.
I'm just not digging the action intraday.
I am curious to see what will happen uh just for
the record last time it was expect so they don't tell you the supreme court rulings no they said
this time they said this time no they said they said this time yes okay maybe uh but normally they
don't tell you what's going to be released this is kind of what ended up happening last time so
it's a little it's a little interesting uh i I imagine people will be watching for it, but I think if you look at the prediction markets, they're pretty much saying
that this is not going to go in Trump's favor. So it will be a very interesting thing to watch.
I don't know how the market will react to it. I would have told you the headlines that we got
over the weekend with Trump going after Powell, or sorry, the DOJ going after the Federal Reserve,
would have made the market move lower, and we really didn't necessarily get that
so we shall see who knows how they'll react to this stuff GFS I think you want
to watch names like Lululemon and Nike and restoration hardware and Walmart
and Costco off of this because they're the ones that are gonna be most
effective what about an Amazon does Amazon pay these fees or is the
marketplace it's just paid for by the company selling with on
Amazon I think it's the latter but I'm not 100% sure Amazon sellers are able to
get better margins they can lower prices or sell more and that's probably good
for the company either way correct
nice I appreciate you for starting us out here sir obviously feel free to jump back in on the conversation that we end up having logical you got anything you
want to throw in here to start off
sorry I'm eating a quick lunch I'm to be on for very healthy during the week.
Chicken potatoes.
You a white meat type of guy or you a dark meat type of guy on the chicken?
I love dark meat, but right now it's healthy time, so it's white meat.
But, yeah, I mean, not too much to add today.
I think today was fine.
I don't think you should, should you know generally if you're swing
trading or investing you don't need to pay attention to every single day and every single
thing but like like in terms of making your long-term decisions so like if there's some
chop then that's fine i think choppy is fine um as long as things aren't breaking down it doesn't
matter i mean things are what we're hitting all time highs on like everything. So clearly it's a nice low vol market grinds to the
upside. Now, given that vol is pretty low, do you think that there could be, you know, like somebody
sat there and told me like, okay, you know, I might, you know, put a hedge on because vol is so
low and every, so they can knock it off. I mean, sure sure but that's a speculative um i'm not gonna
be mad at someone if they're like you know trying to just protect portfolio or whatever but um i
don't see a reason right now to be at all concerned i just look for good entries on good companies and
good stocks um some i mean some things that i've been noticing it's been an interesting market to trade because I have quite a few stocks that continue to just win and go to the upside.
But then, like, I keep trying to take positions in new companies that, like, you know, whether they're breaking out and it's like, OK, this is a good time or they come down to support.
But, you know, a lot of these times I've been trying to take these entries and they're just not working.
But, you know, a lot of these times I've been trying to take these entries and they're just not working.
Whether they like it's like a failed breakout and it reverses lower or, you know, something actually looks like a breakdown, but it ends up not becoming a breakdown.
And then it resolves and recovers back to the upside.
I mean, there is a lot of that for sure that I noticed in individual names.
I mean, there is a lot of that for sure that I noticed in individual names.
But besides that, overall, very good year so far.
I think everyone's probably doing very well, especially if you've been in a lot of these tech names.
They're doing really good and not like the Mag7.
But outside of that, like AI Infra names are doing the best.
Obviously, that's the highlight of the year.
I do think that, you know, I was probably saying
some of this yesterday, but a lot of these growth names that were winners last year,
they are leading the year again this year, which is good. But some of these have gone
straight vertical in a month's time. Some of that makes me feel like, you know, if you missed your
entry on it, I wouldn't be a chaser. I guess that's the only thing I would say. And, you know, it's tough to know where these things are going to end up. Like, maybe some of these end up pulling off like an iron move, what we saw like mid June, July last year. And then, you know, we saw what that did basically for the next three months. So I'm not saying it's not possible that some of these names resolve to the upside in a very meaningful way.
But you have missed kind of like some of these moves that are, you know, have happened so quickly.
Like when I was looking at Bloom Energy, for example, I was like at 80 something.
And I just looked at the math on like some of the valuation stuff.
And, you know, I was trading at the math on like some of the valuation stuff and, you know,
I was trading at like 30 times gross profit. And then it doubled. So it's like, you know,
30 times gross profit. I'm like, oh, you know, it's an interesting name. It's pulled back a good
amount. It's in the right theme, 30 times gross profit. It's a fairly large market cap. I don't
know. Do I want to buy this thing? It doesn't look that attractive valuation wise. And then it doubled. So it's like, you know, what I thought was pretty expensive has
gotten even more expensive. So, you know, if it felt like, eh, do I want to like long it then?
And I said, no, I definitely don't want to long it here. So I just think that's kind of my takeaway
for this market at this moment in time is like if you like a name probably don't chase it
wait to see if we get any sort of pullbacks and consolidations because they always do come at
some point especially when you get such vertical moves to the upside you actually want to as a
market like in participant you want to see these names pull back uh and consolidate because that
would be a lot healthier that you don't want to root for them to continue to go up and up and up. So yeah, so some of these moves have been pretty vertical. So I'm happy if
you've made money on that. I've definitely had my fair share of wins and I have a couple of names
that have went vertical and I continue to hold them. I'm not selling them, but I'm also, I
definitely would not be adding to them right now. So, um, you know, I always lean
on bios and I think, you know, the bios have been extremely weak to start the year, probably some
more consolidation, uh, cause it had, you know, XBI was up 36% last year. So, you know, not
unexpected. I did expect a little bit more exciting buyout news and things like that around
JP Morgan healthcare conference. Today's day two, uh, nothing
yet. So I think maybe some of that enthusiasm that was baked in is kind of, you know, the quick
momentum traders are probably leaving the sector. Uh, but that sets you up pretty nicely value wise.
So something in my portfolio specifically is like some point last year, maybe it was July,
I actually started leaning really heavily into biotechs and I got like 80, 90% exposure to biotechs. And, you know, it was around the time when people
probably thought I was crazy, but, you know, I saw the value there in the market. And then by
the end of the year, I got my exposure down closer to 40% in bios and then 40% in tech.
So it was very equal. But now I see myself shifting back over to biotechs. So I think
that ratio is now closer to 50-30. And then I have like a 20% bucket of other, like China,
I have exposure there. And obviously you saw Alibaba and KWeb and FXI have been doing very
good. I'm levered on that trade. CENX, which is my aluminum name has gone straight vertical.
Um, so, you know, I have exposures elsewhere.
Um, but you know, when I think about like the two main themes in my portfolio, outside
of some of that supplemental, uh, exposure in those other smaller buckets, it's really
just, you know, biotech healthcare and technology.
And so,
yeah, I got it to a point where I was leaning more into tech, still have a fairly good tech
allocation. But I think now I'm shifting more of my focus back into bios, because that's kind of
where we've already seen the consolidation, whereas tech has kind of gone straight up.
whereas tech has kind of gone straight up.
Yeah, that is fair.
And obviously with the tech conference,
the JP Morgan Tech, sorry,
the JP Morgan Healthcare Conference
that's been going on,
there's been a lot of healthcare headlines
over the last couple of days and weeks.
And obviously my perspective,
I see the large companies, the mega cap ones,
but obviously a lot of those specific headlines
will impact smaller companies.
And then there's a lot of smaller headlines that are also coming out of it as well so i think
it's interesting and honestly we're kind of in conference season right now so i put out that
catalyst each week you guys can just look around when you guys see a conference we talked about
this a little bit yesterday you should expect to see a lot of companies giving financial guidance
updates on a lot of times they're maintaining their full year ones there's another chipotle maintain their fit full year guidance i'm sure they were at a conference
somewhere uh so know that conferences we are in conference season and there should be a lot of
those coming up and they are important it's a four-day jp morgan health care conference
so we're in day two of it so there will be more there's a three-day needham growth conference
which is today a lot of smaller companies pager
duty surf surf air mobility i don't know that one bit farms and navitas are there um what else
detroit auto show is tomorrow all day tomorrow a lot of auto names i know there was a story that
ford had some announcement today i did not exactly see what the announcement was but i saw that they
were making announcement so there's Some car companies might end up getting
moved tomorrow.
I don't think anything's come out yet.
Trump's already left. I don't think they actually announced anything yet.
He didn't announce it yet. They're waiting.
Nice.
We're in conference season right now.
Expect a lot of stuff over the next
couple of days and weeks or so.
Yeah. What about crypto free illogical crypto has been struggling over the last couple
days and weeks and today there we're seeing some signs of life going from
like 91 92 and Bitcoin up to 94 small wins small wins obviously we know how my
beam in our position has gone so far but so we take the small wins when it's going up, not down in the day.
But you got any thoughts on crypto?
Is there any exposure to that in the portfolio right now?
We're waiting for a little bit more follow through.
No exposure to crypto.
I just think that there's better things to own in the market.
I think every person just gets excited every time Bitcoin goes back to 92 or 94 or whatever.
I would say it is incrementally positive that it's been basing not going lower i mean those
are obviously signs that are good maybe it's trying to carve out a base and bottom over here
um but yeah i i think one thing i've learned from trading crypto is that you shouldn't just get
excited every single time you see a green candle because it just as quickly as it arrived, it will disappear. And, you know, I've been victim of that
constantly of like trying to chase like, okay, this is it. Now we're seeing the follow through
and then boom, just, you know, right back under all the moving averages. And so, you know, I hope
it will actually see a sustainable bid. I hope we will reverse back
to the upside. I think that would be great for risk on sentiment, but I'm not participating.
I just think that there are better opportunities. And, you know, you're seeing so many names in the
market right now that are basically breaking out of four year stage one basis since the 2021
highs.
You know, some things just never recovered, obviously.
And I don't necessarily think that they will recover back to those 2021 highs.
But, you know, we've been basing for three, four years on many names.
And, you know, now you're kind of starting to see a base breakout where the highs of that base over the last few years, you're starting to break above those.
And the volume
is there.
So yeah, I think that's a way better setup because, you know, these are companies and
they have fundamentals and you can look at the stock price and you can come up with a
valuation and say, yeah, I mean, I'd invest in that company at this valuation.
So I think that's the fun in what we do and I'd rather do that.
I hear you.
I hear you.
Options Mike, from a trader's perspective,
I've heard people kind of talk about crypto.
It respects the tech and close a little bit more.
People have said that to me before.
Is crypto something you enjoy trading at all?
Even if it's the iBits in the world?
I don't really trade it. I own it.
I own IBIT.
I've been talking about crypto a lot
because today's the first day. If you look at it on the
futures chart, you've got to look at it in different places. The 50 SMA on the futures chart,
it has been killed there for the last three months. Today, we're breaking above it. Now,
we break 95. It looks good. And that would be a nice little technical breakout. Above 95K,
I'm talking about looking at the futures chart.
Above there, that looks really good to me for a push-up on it
and we'll see if we can push up towards level 12.
We'll start at 90, I'll call it 99, the 100K area,
then see if we can get up a little higher towards that 200K.
But, you know, it's a nice little move there.
I honestly, I don't trade it as often as i should to be honest with you uh i kind of
always get lost and i always also find a lot of the moves on it tend to come overnight and after
hours so i'm just not paying attention yeah i'm looking at some of the the simple you know simple
in the moving average here it still looks like it has some work to do obviously it's just been going
down and struggling um but yeah it's been kind of using
the 100 EMA as a resistance
a little bit. We'll see if that continues.
It actually hasn't even gotten the chance to go up and test
at 100 EMA.
This is the closest it's gotten a little bit.
Actually, a Therian did.
A Therian did test it a little bit
on the 6th, and a hard
and fat rejection on the 7th. We'll see if it can
come back on it. Knock once on the seventh. We'll see if it can come back on it.
Knock once, knock twice. We shall see. I have heard some people kind of, I was not hearing this for a little bit, but I've heard whispers that the technical setup is starting to improve
a tiny bit in those names, but I don't know. Still not the people I trust going and saying it.
I'm looking at my watch list right now intel
is a name that is flying again today you guys watching intel at all too big for you that's what
she said intel i hate the ceo now i love him we own it i'm so happy best company ever it's
eight percent today and it's obviously i can't even get a line here
Obviously, I can't even get a line here.
Intel from 24th to now is up 35% basically over the last little bit, over the last couple days.
That's had a big move.
Yeah, she's been moving.
We actually have a political tracker portfolio in the Trump portfolio.
Intel is in there.
The Trump administration portfolio we made is up 20% so far in 2026.
We got a full year of returns in the first eight trading days.
And that's fake news.
It's up 150%.
Yeah, I mean, things look good.
Logical.
I know you said you had to drop off.
Was there any other topics or news stories, top of mind,
that were really interesting for you today?
Oh, you already left. No it's our talk i might bring you into it i saw your post about year-to-date return so far and you might even be outperforming that trump administration
portfolio that we created it which is up 20 so far this year so yeah i am outperforming it there
we go what's what's driving that i know amcor has been doing well. One-stop systems. Yeah, several stocks are driving that. It's largely my aerospace and defense picks that have been big contributors this year.
OSS, obviously, is up 58%, 60% year-to-date. That's my only small cap that I currently own.
I did own D-Pro as of yesterday. I closed that, though. So now OSS is the only small cap that i currently own uh i did own d pro as of yesterday i closed that
though but so now oss is the only small cap i own it is a core position so uh not really a trading
position but it's nice to see this move in this last week or so i actually went to their booth at
ces um i sat down for like 45 minutes and talked to the guy there. So, I mean, the stock was trading like, what was it trading at when I was at CES?
It was trading at like seven bucks.
I sat down and talked to him, um, seven, eight bucks.
And, you know, now it's like 1150 today.
I put that post while I was there in our Discord community.
Just the fact that I had a conversation with him.
I asked him a lot about the sale of Bresner,
which was their value-add business in Europe.
I liked the decision they made to sell that business for $22 million
and then focus on the U.S. side of the business
and the OSS side of the business.
I think it makes it more of a pure play,
and I think it leads to some multiple expansion,
and that's what we're seeing here in the last couple of sessions with these big moves to
the upside on extremely high volume.
Yeah, I mean, no complaints about that.
I mean, I'm up 150%-ish now on shares since we entered in November at 471.
I'm not selling you know we'll we'll see this is my favorite small cap on the market so um we'll see where it goes from here but i have a
very very deep cost base advantage now obviously which makes it a lot easier to hold and potentially
even add to on any major pullbacks but i do think at some point you're going to see the stock come back down
and retest that 950 area that it recently broke out of.
But for now, very, very impressive action from that name,
and it's up another 10% today as well.
So that's great to see.
Outside of OSS, pretty much all the aerospace and defense names I own
have done very well.
So to kick off the year, the two positions I'd opened were D-Pro shares and then AVAV calls, air environment calls.
Air environment just went nuts.
I had opened the 245 calls expiring January 9th, the week before the year ended.
And those ended up running like 1,200, 1,300% into XBRE.
I closed them for about 1,000%. But that was a big win because that was a 0.8, 0.9% position
and then it 10X'd. So that moves your portfolio. That goes from a 0.8% position to a 9% or 10% position. So I closed that one too.
D-Pro went up 58%, 53%, something like that from our entry.
So I closed that one as well. So I'm out of those two drone exposures.
I will be picking up more drone exposure, but those are just trades for me.
And then Kratos, which I've owned for a while, is up 55% year-to-date already.
So that's been a big contributor as well.
My 2027 leaps for Kratos are now up.
Today they're up a pretty insane amount.
Let me see.
Yeah, 1,700%.
So those are 40 calls for 2027 that I bought. I didn't buy many of them, but I bought
a couple hundred of them and I bought them back in 2020, beginning of 2025, January of 2025. And
though I bought those at $4.60 each, the Kratos $40 calls.
They are now worth $83 each.
So, yeah, that's obviously a big, big move. But Kratos isn't a huge position for me in terms of overall weighting
because the dollar amount of those calls isn't as big as it is for some of my other positions.
But it's still nice to see that name name up and it certainly has contributed to performance because being up 55 percent
year-to-date on that name is uh is still a big move um huntington ingles which is a uh
pretty decent sized position for me now it increased in waiting last year when i exercised
some of my calls um so now it's a pretty decent waiting for me but that stock
has also done very well up 20 year-to-date and amcor obviously which is uh my largest position
uh well it it i can't say amcor is my largest position because amcor and ens like trade spots
pretty frequently uh but amcor and ens are my top two positions so you know it goes back and forth
between one or the other depending on you know how they perform on a given week or whatever.
But Amcor is also up 27% year-to-date.
ENS up 12% year-to-date.
We still have a decent amount of options leverage on that one.
So that 12% move gets exacerbated a little bit.
exacerbated a little bit, but probably those seven names that have contributed the most so far. OSS,
But probably those seven names that have contributed the most so far.
Kratos, Amcor, Huntington Ingles, ENS, the drone trade with D-Pro and AVAV, even though I don't own
those anymore. Those did contribute a lot in the past couple of weeks. So yeah, that's
kind of the story this year so far. Very, very good performance from a lot of names that I carried into the year.
When we were talking about what I expected to work well this year,
I think you asked me that about a week before the year ended.
One of the areas I mentioned was that I thought aerospace and defense
would do very well again.
And it is doing very well to start the year here,
And it is doing very well to start the year here.
and I think it will continue to.
And I think it will continue to.
Huntington also demonstrated a new autonomous vehicle deployment platform this morning, which is also contributing to that stock's relative strength today.
That name's up three and a half percent today.
But they demonstrated their new sea launcher, their Remus autonomous underwater vehicle sea launcher.
And it was successful successful
demonstration so um that's i think pretty important you know it's a proven technology
being applied and uh a highly relevant and widely used shipboard configuration so you know it's
meaningful you know usually when you have these kind of autonomous systems testings it's on
meaningful you know usually when you have these kind of autonomous systems testings it's on
you know prototypes and stuff like that not on you know actually you know uh ships that are being
used currently and that's what they did this morning so i thought that was pretty nice to see
uh you all saw price target upgrade from deutsche on huntington this morning as well so uh yeah
that's my ship building exposure and it's been doing pretty well so far so yep that's um those are the those are the seven stocks really that
have been driving the most for me so far um what i'm looking at now is i'm looking at a couple of
drone supply chain names i'm also looking at a couple of more edge compute names i won't be
selling oss but i'd like to add some additional layers to that edge compute exposure
I'd like to get some drone supply chain names because I think the OEMs are just overpriced and like I don't feel like holding them in perpetuity
I want some more reasonably priced supply chain exposure there
Outside of that. I am also looking at some on-device compute
Exposures That's going to be done
through semiconductor stock there's two of them i'm looking at right now there might be a third
one i add to my research but that's it's been hard to decide on that for a number of reasons
largely because a lot of these on-device compute exposed semiconductor stocks have
other exposures that I don't want.
And that's what I'm struggling with right now. Like I don't want automotive, I don't want
automotive, automotive exposure. Um, so, you know, some of these names have that. I don't want like
legacy smartphone exposure unless it's directly intended to increase on device compute. And so,
unless it's directly intended to increase on-device compute.
And so I have to brush that off as well, but I'll figure it out.
It's just going to take a little bit more research to navigate that.
But those are a couple of things.
Stock chart?
Can I ask, why don't you want some of that exposure to help everybody out here?
Yeah, it's not that I'm bearish on automobiles or that I'm bearish on any of those things.
It's just that when I have a a thesis this is just the way I operate
when I have a thesis on something like very specific like for example with on
device compute what I'm looking for is I am looking for chip makers who are
actively trying to fill the gap of on-device compute. In other words, I think eventually most local LLMs will not be run through remote data centers.
They'll just be run on your phone when they get small enough.
And so I want to play that specifically.
I want to play the idea of people increasing compute on laptops and phones specifically so that you can locally run LLMs.
That's a thing I think is going to be a really big thing.
And so I want to find as pure of an exposure to that as possible.
And it's not just true with this idea.
It's true with all my ideas.
It's true with all my ideas.
Like, I like pure plays.
It's part of the reason why I liked OSS selling that unit when they sold their Bresner unit, because it made them more of a pure play on edge compute.
I actually wonder if with the price of going on with just all your computer components are going through the roof, right?
Whether it's memory or, you know, the GPUs, you know, now we're seeing that storages.
So the GPUs, you know, now we're seeing that storages.
I'm wondering if people are going to just be keeping their computers,
and they're going to be doing remote computing on servers at this point.
I just wonder if that's where everybody's going to try to push them,
where you pay a monthly fee and you have a dumb terminal.
I kind of feel like that's where everybody wants to take you.
Yeah, I mean, that's kind of a separate thing from what I'm talking about.
But, yeah, that's true, too. But, yeah, what I'm talking about. But yeah, that's true too.
But yeah, what I'm referring to is like two specific themes.
So edge compute being the idea of having inference compute in places where clean servers can't be built.
And the most obvious application of that is aerospace and defense.
Right. Like you can't build a clean room server on a battlefield. You just can't do it. So
what's the alternative? Well, edge compute, right? Ruggedized servers that are deployed in tanks and airplanes and, you know, at, you know, on site, on battlefield
camps and military bases, that's Edge Compute, or that's, in my view, one of the immediate
applications for Edge Compute. Now, outside of that, there are also mission-critical applications where you may not want to rely on communicating with a server in Ohio or in Arizona because of the fact that they are mission-critical.
You can't afford to have...
Let's say you were doing AI air traffic control.
This isn't a thing, but I'm just imagining a future. You're doing AI- like AI air traffic control. This isn't a thing, but I'm just like imagining a future.
You're doing AI enabled air traffic control.
You can't have that fail.
You can't have the communication to the server in the data center in wherever it is fail or be overloaded or whatever.
And then you can't do your air traffic control.
Right. Like that's not a you can't do your air traffic control right like that's not a uh
you can't open up the possibility for that happening and so you need to have compute
on site in those scenarios you need to have compute where the mission mission critical
activities are occurring and so i think again kind of tying it back the most immediate application
for that is aerospace and defense and i think that's where you'll see the contracts initially
like if you look at the contracts that oss has received recently they're
mostly around um u.s military programs and that's by design i think because the u.s military is
looking at this like okay when we have autonomous uh you know we have uavs other autonomous vehicles
you know we want to have inference on the battlefield.
And that is going to, I think, drive this to be a big theme.
So that's the edge compute side.
The on-device compute side, although they sound similar, is an entirely different thing,
which is putting enough compute power on your personal devices, phones and your computers, so that you can run large
language models locally without having to inference with a data center. That's the on-device compute
part. So those two themes, I think, are going to be, in my view, some of the biggest themes
of the next few years. So I'm trying to build baskets of exposure to those themes.
So that's kind of a simple way to explain.
How does that second theme kind of shift?
Like my mind goes to what happens to NVIDIA and this whole data center build out.
Is this just like where the trips are different and the same technology will have to kind of be modified and changed
and probably still similar-ish companies?
Or is it really a full-step change?
Like right now, there is such a huge build-out in data centers.
And are we going to a world where a lot of that stuff is built on device?
I would imagine self-driving cars kind of needs to be built on device.
The latency could literally kill people.
Yeah, I mean, it's a complicated question because there are applications where, and by the way, with cars or like autonomous cars or trucks, I would refer to that more as edge compute than on-device compute because ai transportables so like if you have a moving object that needs compute on board the i i would categorize that under edge compute not on-device
compute now you know maybe we're playing semantics at a certain point but that to me is more edge
compute so i'll make that distinction first but secondly no i don't think it's i don't think it's an immediate threat
to players who are building data centers you still need data centers i mean data centers i
think are still going to do the vast majority of inference in terms of volume but
i do think that there is, it's really hard to make the argument that, like, eventually, I mean, look, if you look at the cost, like, I mean, we were at Jensen's speech at CES, this is one of the things he went over.
The cost of, like, tokens is going down dramatically, right?
And the cost of what were previously expensive GPUs are now, you know, much cheaper.
And the GPUs are getting better and better
and will continue to get better and better.
And so eventually you will have open source models, right,
like DeepSeq or Meta's open source models
that don't need an enormous amount of compute to be run, right?
And when you get to that point you can
effectively run them locally on your iPhone right sorry I'm filling up a cup of water um so that
that's that's kind of what I'm looking looking towards I don't think it's an immediate threat
to Nvidia are going to take away an enormous amount of market share. You still need a ton of clean room servers. That's not something that's going away.
But I think there's a new opportunity. I think I'd more so
envision there's a new opportunity, not a competitive opportunity, in
who's going to provide or focus on on-device compute
and focus on that transition,
if you will. And that's what I'm trying to find right now,
is this semiconductor player that is going to give me access to on-device compute.
It seems kind of bullish for Amcor either way,
as you're still going to need to package that stuff.
Or even if it's not Amcor names like that.
We also had the Taiwan Semiconductor news,
that they're kind of closing in on a possible
trade deal and that would involve Taiwan Semiconductor vastly increasing their capacity
in Arizona, which I saw one of people tagging you in that saying bullish for Amcor.
Yep. Part of the thesis. Part of the thesis there for sure. With TSM sort of being tied to TSM Arizona.
TSM Arizona is like a very important thing for the United States.
Extremely, extremely important thing for the United States.
And as more and more people realize that, they'll want to get exposure to that site.
Whether you get it through TSM or whether you get it through a partner like Amcor, but yeah,
Arizona is becoming and will become the hub of semiconductors in the United
States. So, yeah.
Did you have any thoughts on any of the, the Trump truths,
Trump posts over the last little bit,
there was a couple of interesting ones kind of an areas you're watching.
There was a defense sector one saying it's,
you have to get approval for all this stuff,
but saying that he wants to spend 1.5 trillion instead of 1 trillion for 2027 there was another one around uh data
centers that they're gonna have to pay for their electricity and stuff like that there was a couple
truth posts whatever we want to call them coming out over the last couple days or so uh since we
were in ces were there any ones that were more interesting for you than others or was it all
kind of just you know we're getting close to midterms.
We'll see if it will.
Yeah, I think he's just being more vocal as we get closer to elections.
I did think the $1.5 trillion where he's like, hey, I want to spend $1.5 trillion in the military next year.
That was interesting, although that's congressionally dictated.
So you have to take that with a grain of salt.
Congress wants to do that
then they'll do it but um yeah there's nothing particular that stood out i mean i do think
the geopolitical environment is accelerating again and that is probably conducive for aerospace and
defense stocks to perform and they have performed very well so far this year i think they'll probably
continue to perform um it doesn't look very well so far this year. I think they'll probably continue to perform.
It doesn't look like geopolitical tensions are going anywhere.
In that kind of environment, aerospace and defense stocks
are going to trade at premiums.
And so, yeah, I think it's important to keep exposure there because of that.
But, no, there's nothing that Trump said recently
that's made me, like, wide-eyed or anything,
if that's what you're asking.
Also, maybe there's some opportunity in some of those names it is really interesting what's going on with
greenland obviously we're not a political space we're not going to talk about that
but for the defense sector obviously europe buys a lot of u.s defense stuff and there's also been
you know the deals with them buying equipment for Ukraine and paying for that.
I do wonder what happens with that type of thing.
Obviously, we are very far from any pullback in spend or anything like that.
But I've been kind of, that's been one thing I've heard people talk about
and is a little bit in the back of my mind on these defense names.
But overall, defense is, for me, a very interesting area that, you know,
you want to live in a world where the stuff isn't important
and isn't the part that we're investing aggressively in,
but that clearly is not the world that we're in,
as you see what's been happening over the last couple weeks
and months and years and everything like that.
Yeah, people are stupid and overdramatic.
We're not going to war with Europe.
But the question is,
would there be a pullback in them spending
on U.S. defense companies?
I don't think so. Europe does not have
the depth of technology anywhere close to the depth of technology that American defense
companies have. Not even close. So, I mean, Europe has some nice defense companies.
I'm not saying Europe has no defense companies.
They have Ryan Mattel, Elbit Systems, so on and so forth.
There's nice exposures there.
You know, outside of the United States, there's nice defense companies.
But the depth of U.S. military technology, I mean, it's not even remotely comparable.
So, no, we're not going to war with Europe over Greenland.
I mean, people who are saying that are stupid people.
That's a dumb thing to say.
Like, you think British troops are going to land on Greenland shores and fire at American
troops, even if we were to land there?
Of course not.
Of course not like of course not we think Denmark is gonna like fire at US
troops like does anyone actually believe that no it's not gonna happen I don't know how the
Greenland situation will be resolved I don't know what the intention is or we're gonna try to buy it
or what or if we're just gonna land troops there I don't know what the resolution is or we're going to try to buy it or what or if we're just going to land troops there i don't know um what the resolution is with the greenland thing but we are not going to war
with europe and for people who are like reading twitter feeds and are convinced that this is like
a possible outcome it is not it's not going to happen united states and europe are not going to
war so let's just put that away and after after putting that nonsense away, yeah, we can talk about the idea of like.
What benefits could there be or what stocks could benefit if we were to move into Greenland?
There are critical mineral stocks that have direct exposure to that.
There are U.S. military stocks that have direct exposure to that.
So, yeah, I mean, do I think we are going to do something with Greenland?
Yes. Do I think we're going to do something with Greenland? Yes.
Do I think we're going to go to war with Europe as a consequence of that?
So I'll make both of those distinctions clear.
I do think we're going to do something with Greenland.
I don't think we're going to go to war with Europe over it.
So that's my two cents on that.
Yeah, I think that is a fair take.
Snappy, you got your hand up?
Stock talk pretty much covered it.
But I mean, I was going to say like,
there is nothing but misleading posts all over my defense feed.
I couldn't emphasize enough.
We're not going to war with Europe.
I absolutely agree with that take.
And I think that there's a lot of people saying that
that is a possibility for engagement or whatever kind of deal it is.
But I mean, yeah, that's pretty dramatic.
And I don't really see any scenario where that happens. I'm going to go ahead and put it out
there and just say my two cents on it. And my take is I think that there's going to be some
kind of offer or some kind of acquisition, just to guess. Again, no real emphasis behind it.
But Stock Talk covered that pretty well. You know, I guess that maybe this is just the art
of the deal and they're playing it along.
I feel like something's not going to happen.
I feel like we're going to end this term, same place we started.
Maybe the U.S. amends the sort of treaties that we have there and there's something else, but I tend to not think.
And I like to ask questions on prodding the what-if scenarios.
I'm not going to fearmonger in what-if the war with Europe.
That's clearly not going to happen.
There would be no support for that.
I mean, you have to think about it. Trump likes deals, right?
I mean, we saw what happened with the China stuff.
There were big threats to start, and it became a lot quieter and calmer in the tail end of that conversation with China.
And if you look at Greenland right now, like, you know, he's saying
we're going to get it either way we do the easy way or the hard way. My view, what's much, much
more likely to happen is that Denmark and other European nations agree to increase Arctic security,
agree to move more assets into the region and allow the American military to build four or
five additional bases on the Greenlandic coast. That to me is a much
more likely and reasonable game-theoried scenario. Then Trump can go to a press conference and say,
look, we got a deal done. They're increasing their spending in the Arctic, and we get five
more military bases. And we now effectively control the entire Greenlandic coast.
And Chinese and Russian destroyers can't operate off the Greenlandic coast if U.S. military bases are all along it.
So, I mean, I don't, I'm spitballing here.
I don't know exactly what's going to happen.
along the lines of that, is far more probabilistic than American and British troops shooting at each other over,
or American and Denmark troops shooting at each other over Greenland.
Like, that's just a joke. That's not going to happen.
Yep. I think that is some fair points there.
Amazon pressure suppliers for price cuts ahead of Supreme Court tariff ruling Financial
Times headline. Interesting. Has sought some discounts from suppliers ranging from low single
digits to its highest 30%. I don't know if that's a crazy headline in there. I'm looking at my 52
week high list. One or two names that I would not expect. There's a lot of defense names on this.
Lockheed Martin, Raytheon, Kratos, obviously.
Huntington Ingalls, also on this 52-week high list.
Caterpillar, been on there a little bit.
Boeing, Boeing on the 52-week high list.
Now, it's not the all-time high list, not even close.
But the ADHD kicking in, I was looking at.
But yeah, a little interesting there.
One of the headlines that came out, and we'll feel bringing it in after this.
Here's some thoughts on it.
One of the headlines that came out, and we'll feel bringing it after this, here's some thoughts on it. One of the headlines that came out today was around meta and the
reportedly increasing the amount of Ray-Ban glasses that they are planning to sell this
year or planning to order this year. It looked like the old number was 10 million, and they
seek to double that up to 20 million units, and there was an option to buy another 10 million
up to 30 million. There was also a story last week
or so that they are delaying the rollout of their red meta ray-ban displays into europe and other
countries due to what they said was high demand and low supply i think it might be more of the
low supply part than the high demand like i do want the ray-bans but they literally to the ray-ban
displays but to go in and get them you had to like book a uh in-person thing
and then i heard they weren't that amazing obviously the demo didn't go so well uh obviously
the theme that we've talked about here was around the glasses themselves warby parker was that the
name that we've uh we've talked about in the past i know yeah i won't i've owned it in the past yeah
it sold a little too early but yeah it's still a good exposure did very well today on that news
it did do very well today but when i'm'm looking at the one-year, three-month,
it really hasn't had that aggressive run.
Obviously, from September to November, it had a nice drop.
Yeah, because the glasses aren't out yet.
Yeah, but $10 million to $20 million number,
that seems like this is going to be the type of thing that's going forward
that could be pretty decent.
Is there any interest in this team, or obviously we're not going to chase the up 8% day, up 9% day?
No, yeah, I mean, I do, I am still interested in Warby from a distance,
but it's not, like, super compelling to me because I don't find their business extremely compelling,
like the actual business.
You know, I just don't know what component of the business, the Google glasses is going to become, you know? Uh,
I think there's obviously a lot of hype around it right now.
It's a good momentum trade just to play off the hype. The chart is nice,
et cetera, et cetera. But, um, in terms of like, you know,
actually swinging it as a longer term position,
I'm still trying to figure out what the math is there on how much the glasses
will actually contribute to the bottom line.
So we'll have to see how that pans out.
But what I do want to know is, will there be a concerted effort from Google and Meta and maybe even Apple to focus on the same type of device here?
Or is Google going to take a varied approach from Meta
and is Apple going to take an even more varied approach from the other two
in terms of downpacking the original Vision Pro,
which is what they seem to be intending to do.
The original vision pro was
a failure at launch and you know now they're pivoting and i don't know if apple intends to
pivot to where meta is or somewhere in between the two products in other other words, like, is it going to be a sunglass variant that is extremely
sleek and, you know, looks relatively normal, like the meta Ray-Bans do, or is it going to be
somewhere in between that and what the last Vision Pro rendition is? So I think that I'm
more interested in that and figuring out where Google's going with it as well. I mean, some
people probably remember Google Glass from, what was that,
10, 12 years ago? I don't remember. It might've been over a decade ago. I feel like I was a kid when that came out. So maybe like 15, 20 years ago, 30 years ago. I don't know when it was,
but it was a long time ago when Google Glass came out. Google Glass was first released to
early adopters in 2013 and public release was 2014.
OK, so 12 years ago.
Yeah.
That was a failure and it was a failure because it was too early, not because it was a bad idea.
And so I don't know if Google is going to go back to that rendition or if they're just going to let Warby Parker handle it the way that meta does
and,
you know,
go from there.
And somebody said,
why don't you talk about the snap AR glasses,
snap glasses look like a joke to your point that you're able to stand by.
Yeah.
Um, yeah um what was i just saying also i'm trying to thought yeah yeah the form factor matters um
like what what the products are going to look like matters and i'm trying to navigate that
and you know decide where i want to get exposure in that industry but yeah i i do want to get
exposure to the ai glasses thing eventually.
I'm not sure it'll be through Warby.
It may just be through Meta, honestly.
But we'll have to see.
But I am very interested in that theme,
eventually getting exposure to it.
I feel like I could hear people saying,
like, you know, we're talking about these themes that are so important, shipbuilding and defense and semiconductor bringing back to the U.S.
Why is this a theme that you think is at least worth interesting for you, being interesting for you, if that makes sense?
Why the glasses theme is interesting?
Yeah, why do you think this is important?
I feel like the rest of the themes in your portfolio,
we kind of talk about the importance in this one,
and I could see someone saying Warby Parker.
I have no interest in that.
I don't own Warby Parker, so let's not keep it clear.
I don't own it.
And that may not be the stock that I choose to play this with.
So I want to make both of those things clear.
I have owned Warby Parker in the past.
It was a nice trade.
Overall theme is interesting to me
because I think it's the next generation of compute.
Now, I don't know how long it's going to take.
It'll probably take a decade for it to really penetrate.
Maybe six or seven years.
But I do think it's the next generation of computer.
I think the next generation of computer is just a wearable, whether it's a glass or a pin.
I mean, we had that company, QMain or whatever they were called, that tried the pin thing that failed miserably.
They just had a bad rendition of it. I think somebody like apple could do that a lot better you know
like a little apple pin that seamlessly engages with all your devices i think would be a very
smart idea maybe apple's working on something like that already i don't know but some kind of
wearable device that you can well a couple a couple of things, I'm going to rewind here and just
give my whole opinion on this. So in my view, this is what you need. I think you need a wearable
device that has the ability to perceive. So it has a camera on it and has the ability to
has the ability to interact with audio.
Those three things I think are necessary.
Now, there is a lot of room for design interpretation
based on those three principles, right?
Wearable, has a camera, can interpret audio.
It doesn't have to be a pair of glasses.
I mean, it can be.
And right now there seems to be a,
these big tech companies are leaning into that form factor, right?
Meta, especially with Esselor or Luxottica.
But it doesn't have to be a pair of glasses.
It could be a pin.
It could be like a, I don't know, something you, I don't know, pin to your shirt or pin to your pants or I don't know, or maybe like a singular lens that you wear over one of your eyes.
And that way your other eye is still capable of engaging with the environment normally. form factor we're going to end on, end on, but I do firmly believe that those three
principles, if you will, will be what informs the next generation of compute wearable,
has a camera, can engage with audio. That's all you really need. Like if we're purporting to have
LLMs control the next generation of compute, which I think is the smart thing to set ourselves up for, then you don't need anything else.
You don't need buttons.
You know, I mean, maybe an on and off button or like a volume button or something, like maybe a couple of little buttons.
But you don't need a keyboard.
You don't need a really sophisticated screen.
I mean, maybe you'd have, like, in the form factor of, like, the pin, for example, maybe you'd have a optional, like, viewing screen that you'd carry in your pocket or something.
And if you needed to engage with something or view something, you know, you could pull it out of your pocket and it would sync with
your pin and you could view, you know, the message or whatever. But some elements of the phone,
some elements are becoming less relevant with AI. Now, the phone is still a very, very hard form factor to compete with
because it's lightweight, it's small, it's highly capable.
It's also a mature product.
We kind of complain about it not updating,
but that's because it's been updated so much.
From 1 to 2 was such a big update.
We're on 16, 17 now.
So it's a mature product as well.
Yeah, and the fact that it's a mature product gives it a lot of
inertia.
Elon talks about this
or talked about this in a recent interview. I think he
just did this interview like two days ago. I was watching a clip
of it yesterday, but
he talks about this idea of inertia
with AI. And
he was like, look, today's AI models, if used in a sophisticated fashion, are already capable of doing about 30 to 40 percent of all white collar labor on Earth.
They're already capable of it.
of it. In fact, Claude Anthropic just dropped a folder access AI that can go through folders
of information. So for example, you can give it a folder with thousands of images,
and it will go through and create a spreadsheet with data based on those images. Or you can give
it a folder with thousands of columns of data, and it can go and
create useful insights from those data. This is what some people are doing for their full-time
jobs, right? Anybody sitting in a cubicle that is clicking buttons on a digital device is replaceable.
Everyone. And when you ask yourself, well, why aren't they being replaced? The answer
is just inertia. That is the answer. It's a combination of inertia and ignorance, right?
There are companies that know AI exists. They just don't know how to deploy the current forms of ai to replace those employees and over time that education
gap will narrow that information gap will narrow that competency gap will narrow and then
you'll have certain companies that through competitive force force adoption. For example, if you are a law firm and you have a staff of 250 paralegals
and you're competing with another law firm and they have no paralegals and all of their
paralegal work is done through an in-house customized LLM, eventually that firm is going to force you to do the same, right, through competition.
And this applies through to every industry.
And so that is, to me, the driver of AI, the real driver of AI adoption,
will be the real driver of AI adoption, which is just competition.
And the early adopters will force the late adopters.
That's how it generally works.
And so, yeah, that's what I think is going to happen. But there's a lot of stuff to decode on this, you know, what the form
factor of the next generation of computers is going to be, and all these things are all relevant
to this. So, yeah, there's a lot to think through and think about. I mean, I spent most of this year
just thinking about these things and trying to start preliminary research on a lot of these things, but it's quite complicated to try to
make assumptions and, you know, make conclusions about these things because you don't know what's
going to happen. You don't know how quickly it's going to happen. You don't know what
wrenches might get thrown into the mix. So it's tough to make speculations five six seven years out
yeah you can kind of see what direction's going but it's hard to see what players and what segments
are going to be and i feel like oftentimes you think what what where we're going some sort of
new technology comes out and that you didn't think was possible so it can change pretty quickly i
imagine we need some new technologies to get to that point
yeah i don't even think i imagine that i bring you we know we need more technology different
technology to get what is possible what you can do on the the vision pro in the form factor of
just glasses and then that's when this thing is probably it but we're at the point right now we're
not only is the the vision pro clunky and big and
stuff like that the battery was literally on the outside so i think we're still yeah as i said a
couple years away from it but it's definitely one we're watching in uh i saw a couple of your guys
comments i see a couple of you guys requesting we might even do something here at some point where
it's like a request on stage and you guys come into the line of fire uh and answer some stuff not quite
today but maybe you guys send this account dm a dm with what questions you'd want to ask
and then maybe later this week or something like that we'll let you guys come up i appreciate all
of you and if you enjoy these type of conversations you should make sure you're following the speakers
up here this account we're hosting this live pretty much every single month through thursday
3 to 5 p.m eastern at least you. If you guys enjoy what Stock Talk is saying,
I saw someone ask where you can find what he's doing.
Check the link in his bio.
Yeah, Mr. Wolfie,
I know you've been up here for a little bit.
I wonder if you have any.
We've kind of gone through one or two topics.
I wonder if there was any interesting ones for you in there.
We're talking a little defense,
talking a little AI wearables maybe in the future.
We talked a little
Greenland as well. Do you think we're
going to end this term with
Greenland part of the US?
Obviously not by force. I'll zag on you.
What if the Greenland thing
is so that he makes sure Europe
gets their house in order?
Right? What if that's
the driving force?
I don't know is the answer I'll give you,
but I'd like to think that we are not going
to just steamroll our partners like that,
our partners being NATO,
but maybe this is just like a,
hey, get your house in order, NATO.
Let's see how fast you mobilize,
see how fast you get shit done
on that front
yeah the defense
trade is on the drone
shit's on the
Boeing is back
is it actually back though I think
Boeing is on everybody's don't trade list
no it's back
Boeing's back
yeah Boeing's back that's don't trade list. No, it's back. Boeing's back.
Boeing's back.
Yeah, Boeing's back.
That's one of the trades for 2026.
It has to reset.
You'll get a tape bomb at some point, but I feel like it's back for the next couple of years.
But outside of that,
you guys were talking about a bunch of stuff.
I think a lot of the stuff you guys were talking about
is beneficial for some of these uh second third
order ai stuff um you know i think the gpu stuff was order one order two is uh all of the bottlenecks
so kind of go down the line with that the warby thing yeah i agree stock talk that's the next
iteration form factor is going to be interesting um And how people interact with stuff is going to be interesting.
You see, I got my goon goggles on.
But I think that sometimes you'll get disconnects and you'll get discounts and things like that.
And you just got to take advantage of them.
Currently, I'm just kind of like sitting still.
The space stuff kind of worked out. the space stuff kind of worked out the
drone stuff kind of worked out i was dming with stock talk last week there was a a reset on uh
crdo credo and it was uh uh basically uh you know, the, the, the fear was that because the
cable color was different, that Amazon dropped them. Um, then some analysts did some work and
realized that's not the case. So it kind of gave you an opportunity, but that's kind of it. Um,
I, I'm paying attention on the short term to
Netflix, very short term, just to see if they can kind of squeeze it ahead of earnings.
I think that headline that they put out today here at the end
was in part to do something like that.
I'm not really interested in some of these mega caps. I think if they trade down the
levels and hold,
you can kind of rally off the back of support.
But I'm more in tune with trying to find some of these
boring, cyclical, non-dynamic companies,
which brings me to the next one for you. Honeywell. Honeywell has been looking pretty good. cyclical, you know, dynamic, non-dynamic companies,
which brings me to the next one for you.
Honeywell. Honeywell has been looking pretty good,
traded down off to the weekly support.
They've got the spin out.
They've got some sort of tailwind potential in the better part of 2026.
So I'm kind of like wait for that.
But yeah, I don't really have too much to add.
I'm just kind of hopped on.
I don't think this year is the year that you chase stuff like we were able to chase stuff last year.
I think it's kind of, you know, be a little bit more cautiously optimistic,
be a little bit more boring.
Some of your grandpa's favorite themes and your grandpa's favorite stocks
and kind of go from there.
Yeah, there's some interesting points.
Honeywell is a name that obviously I'm watching a little bit i'm hoping that split can give me a little ge action the solstice uh advanced materials which
was the one they spun out already uh was up five percent today and it struggled a little bit but
starting to to move above so souls is one that i am watching hopefully i can do well stock talk
did you get the chance to look into Solstice advanced materials yet?
I'm familiar with them.
Do you have any thoughts on this one?
It's obviously a newer one.
Deep thoughts.
It's a nice advanced materials stock.
No, I don't want to give any deep thoughts
because I don't want to bullshit any deep thoughts because i don't want to you know
bullshit but yeah i mean i've looked into them it wasn't particularly interesting to me for the
areas that i was looking at but it is an interesting name yeah that makes sense i'm
seeing a story now uh wolfie kind of around that netflix netflix is considering switching to an
all-cash bid for warner bros Studios and streaming assets to speed up the deal,
avoid share value risk after its stock fell 25% and shut down Paramount Rival,
Tender, and Board Challenge. A lot of words there, but all cash offer.
Correct. 34% sell off on the stock. There was a pushback from Paramount saying,
our deal's better, it's more cash. From trading from a trading side all cash deal kind of forces whoever shorted the stock to to cover got earnings
coming up has like a weekly resistance just above so if they're able to kind of like reclaim this
level on options front options one month out are, you know, somewhat cheap, especially relative to historical.
So you can kind of get a situation where you can front run some any kind of possible move, kind of set a stop below recent lows and, you know, basically risk, let's say a quarter or two and potentially make dollars.
And that's kind of like that's kind of like the mantra for how to trade some of these tech favorites, in
my opinion, in the next couple of months, outside of a couple.
So I think Amazon is kind of in the sweet spot for this year, and Amazon's trading on
a relative basis.
It's outperforming in the last couple of weeks relative to its peers, where it underperformed
um, relative to its peers were underperformed for the last couple of years. So, um, yeah,
for the last couple of years.
I think, I think that's kind of how you have to think of some of these names. And I think, uh,
Netflix, who knows, maybe it doesn't work out, but you'll, you basically get an opportunity to
kind of take that asymmetric bet, um, and, and put a little, put less risk on the table to
potentially make more should things play out
especially leading up into earnings season next week
yeah earnings season is back for anyone who doesn't know we had jp morgan report earnings
this morning so we're getting into the thick of it we are getting into the thick of it stock talk
can i bring it back to you uh and ask you a little bit about how you approach earnings? Now, I imagine a lot of your companies aren't reporting for a couple
weeks, but this is obviously a time where you get a lot of information coming out.
A lot of in between earnings, froth can move stocks, anything can move stocks,
hype can move stocks, but you get the numbers come out. I know you've called earnings the
froth remover in the past. Do you have any thoughts of how you approach your earnings? Obviously, last time was the first time
we really ever came in and took some earnings trades. It was that part of the market and went
three for three. So I don't know if that's quite what's going to be happening here. That was more
of the exception than the rule. But just how you approach these things. Obviously, there's some
days where there's 20, 30 companies reporting reporting earnings some days you might have two or three of your own companies uh that are reporting on that day and
that can be pretty crazy so like maybe it's throwing the stuff through ai and making sure
you have the insights i'm just curious on how you generally approach earning season with the
companies that you own and then also maybe with the companies that you're looking into if there's
any thoughts nuances there yeah i'm not i'm not an earnings
trader so for me i view it differently from where from what a lot of people on twitter do which is
like you know people are looking for um what calls they can take into an earnings or where the ivy is
suppressed or you know so on and so forth and there's people that's very good at are very good at that about knocking them or anything but it's just not what I do
what I do is I do deep thematic research on small and mid caps mid caps mostly
but occasionally small caps I've won in my one small cap in my portfolio currently
OSS but mostly mid caps what I do is I try to find names that I think are at an inflection point.
Now, earnings can be relevant to that because they can often be the catalyst when the broader
market realizes that the company's at an inflection point. But they're not the reason
that I get into a name. Now, what you're referring to last year with, or late last year, I should say, just really a month or so ago with P-Lab and Path and those earnings plays that I hit.
The reason I traded those as earnings trades, like I don't own P-Lab or Path anymore.
I traded them both for 500% on earnings and sold them.
But the reason I did trade those on earnings was because those were names that I owned before
had gotten shaken out of. And then I saw the earnings were coming up and I'd realized the
thesis hadn't changed. And so I expected there could be an inflection reaction on those earnings.
And so I got back long those names prior to their reports. P-Lab, like two days before that report,
I got long. Stock went up 40% on the earnings.
Calls were up five, 600%, sold them.
Path, same thing.
Got long like three days before the report.
Stock went up 26% or whatever it was on earnings.
Calls were up 500%, sold them.
So I don't do that traditionally.
That's not how I trade.
I don't look for stocks that I think are gonna gap up in earnings, then buy them and then sell them. That's not how I trade. I don't look for stocks that I think are going to gap up in earnings, then buy them and then sell them.
That's not what I do traditionally.
But if I have a stock that I let go of for any number of given reasons, either I got shaken out of it technically or maybe I needed to generate more buying power.
So I sold it for that reason.
Or maybe, you know, I can sell stock for any number of reasons.
But if I get out of a name that I like and then I see the reports coming up, I very often will get back in because
I might be like, Hey, look, this is going to be the inflection point. And then I don't want to
miss that move. So I occasionally do do that, but for the most part, uh, no, I don't really worry
about, you know, what the earnings reactions are going to be.
Now, sometimes I might own a name and it has a really bad report. And that report
does the opposite of corroborate my thesis, right? It negates my thesis or it changes my thinking,
or I see something in the report and I go, oh, that's not what I wanted to see.
In those cases, I will sell a stock post earnings.
I'll be like, hey, I went through a report.
I liked this name.
I have a little bit of a cushion on it, but I'm getting out here because of X, Y, and Z
reasons of something I saw in the report.
So I do pay attention to the reports.
I do listen to earnings calls.
I do look at the top and bottom line numbers, so on and so forth.
It's not that I ignore earnings season, but it's not a huge factor in my process.
A lot of the big gains that I get last year, this year, the year before,
I mean, even so far this year, the first 12 days of the year,
I mean, my portfolio is up almost 36% in 13 days, which is crazy.
I think this is the hottest start to year I've ever had.
But the gains for me generally come from intra-quarter performance.
So like between earnings reports,
because I'm often speculating,
right?
I mean, I'm in the small and mid-cap, market cap range.
You're speculating.
And speculation is generally rewarded
when you're in an intra-quarter period, right?
Because there's no, it's not a quiet period,
but you're in an intra-quarter period
where there's no immediate binary catalyst.
You know, there's no yes or no moment where, oh, stock missed earnings, dump it, stock
beat earnings, you know, skyrocketed.
It's just sort of the stock trading in a relatively neutral environment, barring any news catalyst
or whatever.
And that allows you to find names that can see multiple expansion intra-quarter for any
given number of reasons,
either they're thematically relevant or there's some policy comments made by Trump to which they
can fit in, or there's some, you know, comments made, industry-specific comments made by an
industry leader like NVIDIA or whatever that lend themselves to multiple expansion for that name.
So there's, stocks go up for two reasons, you know, they either go up to multiple expansion for that name. So there's stocks go up for two reasons.
They either go up from multiple expansion or they go up from earnings growth. And when you look at
earnings reports, it's generally the second one, right? It's the earnings growth that you're
looking for or the revenue growth that you're looking for. And when you look at intracorder
performance, it's generally the former, which is just multiple expansion for any number of given reasons.
It can be thematically or catalyst-driven or industry-related or whatever.
So I like to play multiple expansion more than I like to play earnings growth.
And I feel like I have a pretty good knack for identifying stocks that are ripe for multiple expansion.
And a lot of the names I picked in the back half of last year, Amcor, P-Lab, ENS, HII, even OSS, which is a small cap,
all of those, my intention was that I'm going to see multiple expansion
because of their relevance to a particular industry.
Even for LEU, that was also the story.
So pretty much for all of my big winners in the back half of last year,
the story was, hey, this stock is really unique.
This stock is really relevant to a very specific thing
that's happening in the economy or thematically. And as a result of that, the multiple is going
to expand. And it did for all of those names. And so, yeah, long story short, I prefer to play
multiple expansion over earnings growth. Earnings are more related to
earnings growth. I will occasionally play earnings if it's a stock that I've liked previously,
that I let go of, and it has an upcoming earnings report. So that's a three-sentence summary of
everything I just said. Yeah, there's some interesting stuff there. Question off of that is
this feels like it would be a decent time
where some of the names that have ripped a lot
and they're heading into the earnings season
to maybe take a profit on some of them.
Obviously, in your portfolio, they can see that.
I did.
I took profits on two positions.
D-Pro and what was the other one?
D-Pro and Arrow of Ironman.
Yeah, they both.
A-V-A-V, okay.
Yeah, D-Pro, I got in $6.50.
It hit the $10s tens yesterday so i sold it sold like 1003 yesterday 58 gain or whatever that was um on shares and then avav i bought the 245 calls at the
start of this year very short term actually i generally don't buy short term calls, but I bought the January 9th,
245 calls at AVAV. That stock is $360 now. When I bought those in the last week of December,
the stock was 238, testing the 200 day moving average. So those ran about 1200%. I sold both
those positions. So I did lock some big profits very early this year.
So yeah, I have some wiggle room to deal with now,
but I just saw how much the portfolio was up in 12 days.
I mean, portfolio being up 30% in 12 days is ridiculous.
That should not happen.
Does that make you change?
Obviously we were talking last year,
like when we were up four or 500%, whatever it is,
you kind of, we changed the style a little bit. then obviously got us into the enses the amp cores of
the world does having 30 gains or whatever it is in the first couple days of the year like
i don't know if scares you the right or is the right word like forces you to change how you're
kind of planning to do over the next couple weeks maybe scares is the right word does it take you back yeah it doesn't scare me it's just like
sometimes for the sake of my sanity when i'm up that much money in that short of a period of time
i just want to take profits sometimes it's that simple like there's nothing wrong with either of
those charts like i think dpro was green again today and avav still has a great looking chart
the charts still great i so you know sometimes a lot of members ask me they go like I think D-Pro was green again today, and AVAV still has a great-looking chart.
The chart's still great.
Sometimes a lot of members ask me, they go,
why are you selling? The chart isn't broken down.
I thought that was your exit signal.
It's like, not always.
Sometimes you're just up a lot on a position in a very short period of time,
and you nail the short-term trade, and you're just like, I'm going to close it.
Sometimes it's that simple. You don't have to hold everything in perpetuity until it breaks down. I like to do
that. Like with my core positions, I do that. You know, my core positions, I don't sell them unless
there's severe breakdowns on the monthly charts. So I'll just ride them until, you know, sort of,
I take the, you know, don't fix it if it ain't broke mentality when it comes to my core positions.
If they keep trending up, I mean, I'm not selling them.
You know, like ENS, for example, which is balances between being my largest and second largest position.
That stock doesn't move much on a day-to-day basis.
But over the course of a month or two months, it does.
Right?
I mean, that stock's trading 164 today.
I bought it at 113 late last year.
It just keeps going up.
And there's no severe breakdowns of the chart.
It's a core position.
I have a high amount of conviction in it.
And so I stay in it.
On the contrary, there are other positions in my portfolio that are intended to be trades.
In other words, I don't have some emotional connection or some deep long-term thesis on the stock.
I just want to make money.
And if it's a position like that, then I'm a very willing seller.
I'm an unwilling seller on my core positions,
and I'm a willing seller on my trading positions.
That's a very simple way to put it.
I want to take profits on my trading positions.
That is the point.
You know, I have a trading position,
and it's up an options position that I'm trading,
and it's up 100%.
I instantly sell half.
I don't care if the chart looks superb.
It's up 100%, sell half.
Risk is gone.
Keep the other half.
And then if that's up 300%, 400%, 500%, I'm going to sell the rest.
I manage positions very differently based on the intention of the position
from the beginning.
If the intention of the position is to play some
longer term theme, that thing is going to play out over five years. No, I'm not going to sell it,
even if it does run a lot. But if the intention of the position is, oh, I see this quick opportunity
developing here and I want to seize that opportunity, I am going to take profits.
I'm going to be ready and willing going to be, I'm going to be wet,
ready and willing and, and, and taking profits frequently on those positions. So yeah, it's,
it may sound complicated, but it really is relatively simple. What is the purpose of the
position? And based on the purpose of the position, how are you going to manage it? And what's going
to be your level of conviction and your, your desire to hold. And that's kind of how I operate. But the big money I make,
the real money I make, the money that moves my portfolio is from those core positions,
because those core positions are sized much larger. They tend to be 8%, 9%, 10%, 11%, 12%
positions. I mean, in the case of Amcor and ENS, they're both nearly 20% positions. So
those are huge positions for me. But for the rest of my core positions, you know, eight, nine, 10,
12%. And the goal is, is to let them carry the portfolio, because I tend to have a large amount
of conviction, I tend to have done a large amount of research on those names. And so I don't get
shaken out of them easily. You know, and a lot of times they're very unique companies.
You know, Centrist, for example, Energy, which has had a very, very volatile last couple of months back to whatever, $290, $300-ish now.
But very, very volatile last couple of months.
I was not a seller of that name either because on the monthly chart, it continued to defend structure.
I was not a seller of that name either because on the monthly chart, it continued to defend structure.
It never broke its structure on the monthly chart, even though there was a dramatic amount of volatility on the daily and weekly charts.
It never broke its monthly structure.
And so I stayed in it.
And now you've seen it recover quite nicely, actually.
Now the daily is shaping up actually beautifully on that name.
So, yeah, for me, position management is a function of position, intention, conviction, level of research.
And underneath that all, there is an element of how quickly up 30% in 12 days is not normal and probably is heating some sort of pullback at some point.
So I did want to lock a little bit of profits, but I haven't sold anything on any of my core positions.
Like, I mean, OSS, which has been the best performer of the year so far for me, which is my small cap, I haven't sold a share.
So, yeah, treated very differently from D-Pro or AVAV, for example.
So, yeah, that's a little bit of summary on how I tackle that.
Thank you, sir.
Wolfie, can I come over to you and ask you around how you approach the earnings season?
I know we're talking about trades and investments and different stuff like that. Maybe it's going into it. Maybe it's kind of the next day after
how you're reviewing the names, what you really focus on. We're getting to that time. JP Morgan
reported earnings today. We got Bank of America, et cetera, et cetera. I don't imagine anyone here
is really too deep into bank stocks, especially because I feel like they're kind of meant to be
a black box, but that's a conversation for a different day
but as we get into more of the interesting names
the fin twit favorites, the traders, everything like that
I'd be curious if you have any thoughts
as we head into another earning season
the Q4 earning season for 2025
That was over to you Mr. Wolfie
I noticed on other spaces, you're just Wolf.
But it kind of just happens.
It's all right.
He may not be there.
Sometimes my questions can be a little bit long.
There's a lot of people asking around Amcor what the ticker was.
AMKR.
Someone asked and tagged us like three times after i responded
must be a new listener because they don't know what amcord is by now yeah you're a new listener
let's uh we haven't touched on ens really at all on this one the grid is a interesting theme which
i know that you are passionate about that we've talked in these spaces a bunch and we'll probably talk about again later um before i i prompt you on anything with it is there any thoughts on the grid and
stuff that that's that has come up in a new position i am looking at it in your portfolio
by the way at the link in his bio we got two names in there one name being 20 as you kind
of said there or whatever it is, double digits, higher numbers.
The grid, ENS, why battery storage is something you're interested in?
I know we've actually talked about this a lot through Tesla.
Why is this the part of that
that you kind of saw the opportunity in?
Yeah, ENS is, I mean, it's my highest conviction position.
It's my biggest position. So it's my highest conviction position is my biggest position so it's 20 of my
portfolio i've i've never had a position uh with that much waiting um ever oh well
let me think and we i think it's pretty much there do we yeah amcor is pretty close too yeah
um i mean amcor is up the thing with amcor is i have so much options waiting on
that position most of my positions are mostly equity and what i do is i add a little juice
with options so like i'll add you know some leaps or some calls three months out or whatever
depends on the position and of course of course we never roll those positions. Sorry.
Yeah. I don't, I don't roll my calls almost never sometimes,
but I just generally just hold them. Um,
that, so that position, when it moves a little bit,
it moves in waiting a lot because you know,
the calls go up a lot more than the equity, obviously on a move like that.
So I mean, that stocks up up 27% year-to-date, Amcor.
And so, it's jumped in waiting.
Because those March and June calls that I own have, you know, jumped in value significantly because of that.
So, Amcor functions differently in the portfolio a little bit.
ENS does have some options exposure for my March calls.
The 115s I have there, but it moves a
little bit slower. But it's done nothing but gone up since we bought it. And so it's just
increase in weighting, increase in weighting, increase in weighting. I think it started as a
7% weighting or something, you know, and now it's become a 20% weighting so it's moved a lot but inersis is my like favorite energy related stock in the entire market period um
and i obviously still like it i mean it's up a lot from where i bought it in the 113s but i
obviously still like it i mean it trades at roughly and these are the trailing numbers, roughly a 15 P and roughly 1.5 times sales.
It's profitable, little to no debt, two segments growing high double digits.
Their aerospace and defense segment is growing 16%.
Their related energy storage segment is growing 18%.
When you see high double digit growth, extremely reasonable trailing valuation,
extremely reasonable forward valuation, very, very good earnings reports for the last three
quarters in a row, beats and raises across the board. I mean, the company's beat EPS estimates
15 times in the last 17 quarters. They beat revenue estimates 16 times in the last 17 quarters. They beat earnings, they beat revenue estimates 16 times in the last 17 quarters.
The company is just firing on all cylinders and it's very cheap.
And it fits a niche that I'm trying to play, which is twofold, which is military batteries,
which Inersis is one of the longest standing partners of the U.S. Marine Corps for provision of batteries.
is one of the longest standing partners of the U.S. Marine Corps for provision of batteries.
The standard issue U.S. Marine Corps battery pack, which is deployed with almost every battalion of Marines
that's ever deployed in the world, that's built by Brentronics, which is owned by nurses.
And that's when I say longstanding, I really mean longstanding.
That contract has been in place since 1994 for Brentronics
to supply the U.S. Marine Corps with batteries for the use on the battlefield.
And I find that application particularly interesting.
And deeper than that, I think that their energy storage segment
is probably the only one in the country that's competitive with Tesla's.
And I find that compelling as well, especially when the company trades at a 5.9 billion market cap.
And when you look at Tesla's business, just that's relevant, this is relevant to this.
But when you look at Tesla's energy storage business, it is the brightest spot of their entire business.
Like Tesla's energy storage business is very impressive.
The growth is impressive.
The growth and profitability top and bottom line is impressive. The adoption from existing
customers, the increased adoption from existing customers, I think is a huge tailwind. You don't
see that in industries that are dying. In industries that are dying, you don't see customers
who made $10 or $12 million in energy storage orders doubling their cadence for the next year.
That's not what you see in a dying industry.
That's what you see in an industry that's headed for a major acceleration.
So I'm a big believer in energy storage.
I think the variety of applications that it can suit are very compelling.
It's not just about grid stabilization.
People talk about gas peaker plants,
which is what we've traditionally used to stabilize the grid
and to offset grid demand.
Energy storage can play a very, very critical role
in that exact same process.
I'm not saying you need to replace peaker plants,
but it can play a very, very critical role
in the exact same process of grid stabilization.
But beyond that, there are data center applications as well.
I mean, if you look at XAI's earliest data centers, what did they do?
You go look at the back of them, the pictures that were released last year, middle of last
year, what's the first thing Elon did?
He ordered Tesla Megapacks and had them in the back in case there was any issues with
the power that was being delivered to those data centers, right? Like, it's a very, very good, compelling source of backup power and grid stabilization that is now becoming more and more mainstream.
And in the last couple of years, this has finally begun to happen.
to 2016, 2017, when energy storage was really starting to hit the wire, if you will, in terms
of like getting news coverage, more and more people in the industry were starting to talk
about it.
But that was basically a decade ago.
That, you know, that was basically a decade ago.
And it took, I would say, until like 21, 22.
So it took five, six years after that before you really started seeing momentum.
And then Tesla came out and they were like, oh, our energy storage deployments are up nine quarters in a row.
And then people were like, oh, OK.
And then all of a sudden, it was the best business under the Tesla umbrella. And it is the best
business under the Tesla umbrella today. It's far better business than their car business.
And so I look at that and I was like, you know, I wanted to get mid cap exposure to that. And so
that's really where my research into inertia started. And then when I found out about the
Brentronics component
um and and keep in mind while i'm talking about this one everyone to know i mean i bought the stock a while ago you know i bought it at 113 bucks in in september or october of last year
i can't remember exactly what it was but um yeah i've owned it for a while so i want people to be
clear about that i'm buying it today but but it is still my highest conviction position by virtue
of the waiting. But when I found out about the Brentronics component, that made me even more
compelled by it. And I think that segment's going to grow very, very rapidly. You know,
the U.S. military now at the stage that we're at with this whole domesticate everything theme
is very conscious of reliance on China. And one of the major areas
that the U.S. military relies on China is lithium ion batteries. And so we need OEMs in the United
States who can make batteries for the United States military so that in a wartime scenario,
counterparties like China can't choke us, right? Like that is an important thing. And
that idea, this idea of like domestic production reshoring is like a huge theme across my portfolio,
not just in a nurses, but Amcor also is very, very relevant to that, right? Like TSM Arizona as a whole is relevant to the idea of shrugging off
international reliance on critical materials and products.
And again, this year, that will be a big focus of mine,
shrugging off the United States,
shrugging off international dependence for these types of products and
materials.
And if you believe that that trend is going to continue, which I do,
then you want U.S. players who will benefit from it.
And Inersus is one of those players.
Amcor is one of those players.
Huntington Ingalls is one of those players.
Centris Energy is one of those players.
I go down my portfolio and I would say out of the 15 positions,
probably 11 of my positions are relevant to that broader umbrella theme.
Now, the companies have nothing to do with each other.
And Nurses has nothing to do with Amcor, which has nothing to do with Centris, which has nothing to do with Huntington, which has nothing to do with Kratos and so on and so forth.
But they all benefit from this idea of bringing back not only manufacturing, because sometimes when I say that, people are like,
we're never bringing manufacturing back here.
It's not the idea of bringing manufacturing back here.
It's the idea of shrugging off international reliance
for the sake of national security.
And there are tailwinds to that for a variety of companies.
So that's what I am playing in a broader theme.
And then when you break it down and look at the simplicity of it, you look at those baskets
in my portfolio that I share, that's what it's relevant to.
And in the aerospace and defense class as well, even when you look past nurses and look
past Amcor, you look through my aerospace and defense names, it's relevant to all of
those as well.
So, yeah, that's my thinking on those lines.
Yeah, that definitely does make some sense there.
Before I go into the next part of this question,
I do want to say I got a tweet pinned up in the nest above.
It is a little jot form.
We are planning on doing an in-person event.
I would love to have StockDoc there. He probably will be there. I'm going to make him be in-person event i would love to have stock talk there he probably will be there i'm gonna make him be there we'll
pay for everything i'll be there i'll be there stock talk will be there new york city august
or very early august we want to get some insights and just like what you would want to see there
what the type of things you guys would want to learn like we want to do an in-person event we
want to make it as valuable as possible, let you guys get selfies with everyone,
but also learn a lot of stuff.
So that tweet pinned up in the nest above
is a form that you could fill out.
And that would be some really great insights for us.
And I would appreciate that.
We're trying to nail this as best we can,
create as much value for you guys.
So there might even be some whispers
of some people being able to go to the NASDAQ
and New York Stock Exchange, possibly.
A nice cocktail hour the day before.
Some cool stuff coming.
So that tweet pinned up in the nest above is a little jot form asking for some information
as we do an in-person event on some of the stuff that you guys would want to see there.
If you really want Stock Talk there and you want Stock Talk to have a suite, just go in
and say, I will only attend if Stock Talk is there.
If we get enough of that, then a guy might get upgraded to a suite.
So you sold some of the
d pro you sold one or two of the other ones i'm just looking through the portfolio and again if
you guys want to see stocktalk's portfolio he has it in in his discord that's the link in his bio
uh when you go on the never mind won't say the next part but yeah um yeah you it's the link in
his bio go check it out everything's updated here he gives you the percentages and cost bases as well i'm just doing some math if d pro is taken out of here that cash position
would be a little bit higher where is your cash pie yes sitting around right now uh math says
around 10 but i didn't want to just say a number but it sounded like you were actually going to
start and calculate it it's close to 10 yeah close to 10. So like is that a waiting for other opportunities and kind of you know you wanted to have the dry
powder to go in and do that is it kind of where you think we're at that money's going to be used
very quickly I'm not defensive here at all so that money's going to be used very quickly I mean
I've been operating with like a five plus percent cash pile for the last
month plus. And the portfolio has done very, very well in spite of that. Like
my long exposure has not been muted. You know, I mean, what's my P&L as of today?
yes i closed today at 34.3 percent year today um i've spent 13 days but that's you know a lot
and so i don't know i'm not saying like a pullback is coming but i'm just trying to be
prudent by just like locking some profits and that's what that's what the sales on D-Pro and AVAV were about. But what was your other question?
Cash position, basically.
Is it getting defensive?
Is it waiting for an opportunity?
No, no, no, no.
That cash is going to be thrown out here in the next week or two weeks here.
I have a lot of stuff I want to buy.
So, no, I wouldn't treat that cash position as a lot of stuff I want to buy. So, um, no, yeah, I wouldn't, I wouldn't
treat that cash position as a sign of defensiveness at all. Um, it's just, I just happen to have cash
right now. Yep. That's fair. Is there, do we, I don't know if you want to talk about this at this
point in time, but is there a basket you're looking to add more into? I know you have a
couple of things. Yeah. I'm looking right now. I'm looking at, I have like seven names in the drone supply chain.
I'm just doing some more work. I have some prompts
I need to
look into.
I have like seven prompts running now on
GBT. So we'll
see. I'm trying to,
there's some things I'm confused about that I need
to figure out. I don't like buying stuff
if there's stuff that I don't understand.
So sometimes what
ends up happening is i have to like learn about something really boring to try to understand
something and that's kind of where i'm at right now with the drone supply chain there's a couple of
nuanced things that i don't really understand i'm also looking at dredging which just sounds
like a thing is it rare earth materials in the bottom of the ocean no dredging, which sounds like a weird thing.
Is it rare earth materials in the bottom of the ocean?
No, dredging is about sediment removal to build ports and expand ship access and so on and so forth.
So I am looking at potentially getting some exposure to dredging.
I think it's going to be a good
place to have exposure to.
I think with all of this talk of, you know, bringing battleships back into the equation,
the Trump class battleship that they're talking about, the allocation that was made last year
for 15 new Navy ships, the reopening of the Philadelphia infrastructure, the talk about Greenland,
the talk about Venezuela, all of these things I think are relevant to increased U.S. naval
activity, which I think is a tailwind for U.S. dredging activity. But that's going to
sound weird to people
because people are going to be like,
why don't you just play it through shipbuilding?
Well, I have shipbuilding exposure through HII.
But this is the way I think about themes.
I try to look for the overlooked component of the theme.
Even with Amcor, when I got along Amcor at 24,
no one was really looking at the U.S. packagers.
They just were not receiving the premium they deserve.
Now, obviously, Amcor's more than doubled since then.
You know, same thing with the nurses. Like people really weren't looking at the energy storage segment at that time.
That stock is, you know, up 65 percent now since we entered it.
And so what I try to do is I look for. Like not necessarily supply chain beneficiaries, although sometimes I do,
sometimes it is, is supply chain.
That's the easiest place to find these overlooked companies, but sometimes it's just like the second order impact, right?
Like, okay,
if you believe shipbuilding and U S naval activity is picking up, then yes,
you can play it through shipbuilding directly,
which is what I initially did with Huntington. But then you can also it through shipbuilding directly,
which is what I initially did with Huntington.
But then you can also look for the second order impacts. Like, for example, oh, well, I imagine U.S. dredging activity will also pick up.
So how do I play dredging?
And so that's, I don't know, that's kind of the way I think about these things.
And that's where I find these sort of undercover or like, you know,
overlooked beneficiaries of these themes.
So that's another area I'm looking at. Drone supply chain, dredging.
I'm also looking at a couple of fintech plays,
although I'm not super gung ho about any of the ones that are currently on my radar.
And then obviously edge compute and on-device compute,
which I mentioned at the beginning of this space.
Those are the two big themes for me for the next two years.
I'd like to layer some exposures onto that.
Right now on the edge compute side, I really only have OSS,
which is a small cap.
So I'd like to add maybe a mid cap there as well,
and then make that more of a
basket and then on the on-device compute side there's about three semiconductor names i'm
looking at so i'm looking at a lot right now i have a lot of research to do um in the next couple
of weeks so you know i'm glad i got a couple of weeks of downtime to just rest and get some r&r
but um yeah i'm gonna be deep in the weeds these next few
weeks because I have to narrow down. I mean, between those categories I just brought up,
there's probably 20 names. I have to narrow that down to like three or four that I'm going to
purchase. So yeah, I have a lot of work to do the next couple of weeks.
Thanks.
Sorry, I was looking at your group because I was like, you know,
there's some funny comments in here.
El Bandino with the funny thing about the in-person events.
But some very interesting themes there, a little specific too.
I was playing around with the AI, seeing what was coming up there,
but we won't talk too much deeper into it.
It makes a lot of sense to put these big ships in places.
To put these big ships in places, the water needs to be deep enough below it.
The water needs to be deep enough below it.
Imagine there's also some extra stuff around it as well with land reclamation and other themes that can play into this as well.
Maybe it's not the core of it, but could be another reason to get into it.
Stocksniper, you got your hand up?
I had a question for Stocktalk.
I also see another thing, somebody asking Stock Talk
something in the comments that I'm sure he would love to touch on. But I just wanted to ask,
I heard you talking earlier about taking some profits and you also mentioned not selling core
positions. Just out of curiosity, and if you do not want to discuss this, totally okay.
Did you end up trimming some Kratos after this crazy week?
No, not Kratos, but I did sell D- sell dpro and avav but i didn't sell any
kratos no and then the second thing i wanted to ask on behalf of one of the listeners is uh what's
the best way to track your portfolio link in my bio i share everything um you know i don't know
there's a lot of research services out there um obviously i'm gonna say that mine is the best, but there's bias there, but, um,
I don't share 200 positions at a time.
You know, I don't, um, share a hundred ideas a year.
I have like a tight portfolio, you know, 10 to 20 positions at a given time.
I tell you what the weightings are.
I tell you which positions are core positions and which positions are not.
That's an indication of conviction.
And I provide updates on when I'm selling them or buying more or trimming them or whatever.
So it's like it's very transparent.
And, you know, a lot of the people on X who like doubt the returns that we do, I always laugh because it's all logged.
It's all logged.
It's all there.
It's all timestamped for years, actually.
You can go back, in fact,
if you're a member of our community,
you can scroll back to 2021, 2022
and see what I did back then
and see us buying our K puts in 2022.
So everything is timestamped and recorded
and logged in there for years.
So I always find it funny when people are laughing or doubting performance that we do.
There's just no cause to do that because everything is there.
And thousands and thousands of people are witness to it as well.
So, yeah, if you're interested, I mean, obviously it's not cheap.
But I also don't think it's very expensive either for what you get.
And we obviously have a lot of satisfied members and our membership just goes up every month.
And I mean, we're not doing any sales.
I know Evan tries to get me to do a sale occasion.
We're not doing any sales.
The group's getting too big.
So don't expect there to be like a Valentine's's Day sale or start of the day year sale
or anything like that.
We're not going to do that.
But if you do want to join, come check it out.
We're definitely doing a Black Friday sale, though.
It's eight months away, but we're doing it.
I don't think so, no.
I'll break you over the next nine months.
The price between now and Black Friday
will be going up, actually, not down.
So, yeah, the prices will just be going up from here um not down so yeah
um come check it out if you want obviously you can wait for me to talk about stocks on spaces
but it's going to be delayed every time i mean because we don't do these spaces till 2 p.m
um so if you want to get those alerts live that's the only place
I post them and even when I post ideas on Twitter it is always delayed it's
always either a week later or days later or whatever if you want to know what I'm
buying when I'm buying it that's the only place you're gonna be able to find
that out which is discord and that link is in my bio the X sub some people sign
up for the X sub that does not have any premium content.
It's like $5 a month.
That's just to support the free content that we do and the free spaces that we do and stuff.
So don't X-Sub if you want the portfolio.
Go to WAP.com slash Doctalk and sign up for the Discord if you want access to the portfolio.
But it's very transparent.
It's not like these other services where there's 200 ideas and they just celebrate the ones that are good and ignore the
ones that are bad i tell you everything i own so you know you see you can see when my portfolio
is doing good and when it's doing bad you can make a watch list of it and see how it's doing so
um yeah it's very straightforward and um you're not going to be overwhelmed with ideas.
I'm not providing you with a new trade every single day or every single week.
You know, I just, I try to keep things pretty focused.
So there are other analysts in the server as well and a team of other analysts.
So, you know, if you're waiting for an idea and I don't have a new one, there's a lot
of skilled guys in there that are providing really great trades as well.
So, you know, some people will join and they'll be like, I don't know where to look.
Like, where's Stock Talk's portfolio?
They get all overwhelmed and confused.
If you're one of those people, I recommend you just take a deep breath, go read the instructions
channel.
Once you read the instructions channel, it'll be very clear to you what's going on.
And all of my posts go in one place. So I'm not posting in a bunch of different channels posting in
one channel my updates why I'm buying why I'm selling etc so very very easy to
follow but yeah that's uh if you want to follow my portfolio that's the place to
do it if you don't mind it being at a delay then you can wait for stocks on spaces or
wait for me to post on x or whatever but um i don't discuss everything on those platforms so
be mindful of that as well start that i have a random question for you
um what's up have you ever seen the kratos valkyrie in person
uh no i've not seen in, but I do have a connection at Kratos.
It's kind of become a friend of mine.
But I do have a connection at Kratos,
so I keep pretty intimately involved with all of the Valkyrie updates.
I'm a huge fan of the Valkyrie program, but no, I've not seen it in person.
Dude, I went out to Dayton, Ohio, maybe like two months ago or so,
just to see.
Well, that was the main objective or main thing I wanted to see.
Very cool side quest I would recommend to you.
Yeah, I mean, I would love to.
I would love to do that, actually.
It's probably something I should plan to do.
Ohio is a wonderful state as well.
Yeah, it is.
Nice state.
Good state. Good time.
Great school in the middle.
Yeah.
Although they did lose in the first round.
Besides the point, I did go to Ohio State.
Food could be better.
Besides that, I didn't go to Ohio State.
I did go to Ohio State.
Oh, interesting.
You don't randomly just give an Ohio compliments.
I figured you went to school in New York.
No, a lot of New York people leave
and go to big schools outside of it.
Don't tell anyone.
I probably would have gone to Michigan if I was better in school.
That's sacrilegious.
Maybe we make that trip out there.
I know at CES, they had the Jobs Ohio sign all over the place.
I know Joby Aviation is one of the companies that's built in there.
They're going to have a factory there.
They'll probably be able to get a good tour around that.
Yeah, I do want to do more in-person content this year and more in-person research.
So I will be expecting to do that.
One of the themes we're about to talk about, and I did see Paul just join us up here I'll get a little bit more into that
in a second one of the things I'm sure you saw a lot of at CES was robots robots was one of the
themes that were people that were everywhere stock talk I wonder if you had any any exciting
robots you saw I saw robots boxing I saw robots ping pong. I saw a lot of them dancing
and walking around. Was there any on the robotics names, plays that were interesting for you at CES?
Anything interesting that you saw? Man, there was a lot of interesting things. I remember we were
going to go again that next day and I ended up going, I don't know if it was after you guys left,
but I just walked around for two hours, talked to a bunch of people and a couple of things
stood out to me a drone stood out to me autonomous robots stood out to me and edge compute stood out
to me and i think that those are kind of the obvious ones or have been obvious but very often the obvious theme is the
one that you want to be involved in and um i think it's going to be the same thing again this year
like i think aerospace and defense is going to be maybe the best performing smid cap theme this year
i think those aerospace smid cap aerospace and events stocks are going to do very very well again after having a great year last year um i think the edge compute theme is going
to be great i think the on-device compute theme is going to be great um the focus really for me was
exploring the companies i currently own but also looking for some new opportunities there were no
specific robotics products that stood out to me but i think the idea that there was such a tremendous
robotics products that stood out to me. But I think the idea that there was such a tremendous,
broad focus on robotics, not just in the tech sense, but in so many industrial companies that
were there that were showcasing products like the Caterpillar booth. I talked to the guy for like
15 minutes at the Caterpillar booth. He was like, dude, you have no idea how focused everyone is on
autonomous mining, autonomous construction, autonomous industrialization broadly.
People have kind of forgotten about that, right?
Everyone's so focused on autonomous cars and autonomous weapon systems, which have been the real focus, right?
Autonomous weapon systems in the sense of missile platforms, drones, autonomous aircraft, autonomous boats.
That's been kind of the aerospace and defense side.
And then you've obviously seen autonomous vehicles, Waymo, Tesla, so on and so forth.
That's been a big theme.
But autonomy in the other transportables, right?
Mining, you know, construction, so on and so forth, where large vehicles are being used. We haven't really
thought about the applications there yet. And so I think that's another area. And I think once AI
penetrates industrial, I was going to say industrial industries, which sounds sort of like redundant, but it's not.
When AI penetrates industrials more,
I think you're going to see a sort of epiphany in the markets that there is a benefit here, an immediate benefit here.
And because once you start automating things like mining and transportation and construction and factories and warehouses, when AI begins to pour over from the LLM theme into these segments, then money is made, right? When efficiencies are increased,
money is made. So I think you're going to see that at some point this year, you're going to
start seeing that. And companies in the industrial segment are going to come out and say, hey,
we're thinking about deploying autonomous systems for our copper mining operations or for our,
you know, subsea inspections or for our, you know, intra port to port transport or
for port construction or for housing construction or I go on and on and on.
All of these segments have relevance to autonomy.
And they haven't really been recognized for it because everyone's been so focused on a handful of niche industries.
And so I think you're going to see a broadening this year in AI application beyond LLMs.
And I think that that's going to ignite multiple expansion and investment interest in a lot of industries that have been sort of neglected last year.
And they'll be realized to be AI beneficiaries on a year like this, I think.
So, yeah, those are a lot of my takeaways from CES, that AI is ready to spill over, I think.
Hello, Paul. I hear you joining us up here. I see you i see you uh you want to talk on that
hey no yeah i mean i i couldn't agree with stock talk anymore i mean you know anything that's dirty
robots will be doing it anything that's heavy robots will be doing it anything that's dangerous
robots will be doing it eventually like all the hard labor will be taken away from human beings, all the dangerous labor, everything that could
cause problems or is disgusting or is not something that you want to wake up in the
morning and do every day could be taken over by robots. And so I couldn't agree with them anymore.
I think they'll also be, besides industrial and manufacturing, I think there's going to be home use because think about all the things you have to do around your house that you could be doing other things or relaxing or watching a game or playing golf, mowing the lawn or doing certain things.
All of that stuff will be able to be handled by robots.
We're at such an early phase.
I was not at CES, but it's great
to get that feedback from somebody who was there. I've read a lot about what was going on there,
and we couldn't agree more. And we think it's no longer just about unmanned drones,
autonomous aircraft, and autonomous vehicles. That's a big component too,
and it shouldn't be ignored because just in the early stages of all of that build out too,
to make it more accessible for all the defense companies and things like that. But then also,
you know, who knows where that leads. But, you know, this is the future of robotics.
And what it shows to me is that this isn't a today
trade a tomorrow trade but a trade that's got you know a lot of uh legs into the future um we
haven't even scratched the surface of it so couldn't agree more with stock talk and um 100
percent uh agree with him, that is awesome.
I really appreciate Paul and the Leverage Shares teams
for coming in and joining us, supporting the team.
You know, we've been hosting the show for three, four years now,
every single Monday through Thursday, free, creating so much value.
And we appreciate people like the Leverage Shares teams
for coming in, working with us.
I do want to read out one or two quick disclosures before
so that we can
talk a little bit more of their tickers. Our goal with everything is just to have interesting
conversations, put interesting stuff on your radar so that you guys can go and do your own
research after. Investors should carefully consider a fund's investment objective, risk,
charges, and expenses before investing. A fund's prospectus and summary prospectus contain this and
other information about the themes ETFs from leverageus and Summary Prospectus contain this and other information about the Themes ETFs from Leverage Shares to obtain the Funds Prospectus and key information
documents. You can go over to their website, themeetfs.com. There's so much great information
over there. A Funds Prospectus and Key Information document should be read carefully before investing.
We are excited to be working with the Themes ETFs, the Lever the leverage shares team. I did pin up in the nest above a bunch of those ETFs up there.
We're just going to continue the conversation we've been having, just general different
themes and ETFs and stuff like that.
We were kind of talking a little bit there, but one of the themes that has been super
hot over the last couple of days and weeks and months, maybe even, is the rare earth
metals, the gold, the silver.
Obviously, you guys have a couple different ETFs that play around in that world, Paul.
If I can just hear your thoughts around what's happening in this kind of rare earth metals
area, we have silver miners ETF, AGMI.
We have a gold miners ETF, AUMI, copper miners ETF, COPA.
Actually, at CES, Jensen Huang came in and he was showing off
the Vera Rubin. And when he put it to the back end, I forget the exact number that he said,
but he was like, there's 500 feet or 5,000 feet of copper wire through that thing. And that doesn't
even talk about the uranium and nuclear ETF you guys have, U-R-A-N, which has been a really hot
theme this year. And also L-I-M-I, which is the lithium and battery
materials, metal materials ETF that you guys have. So much going on in this area, and you guys were
obviously prepared for it. Why don't you tell me a little bit more about your thoughts around
this theme, the commodities ones have been ripping. Yeah, look what's going on in the world.
I mean, you know, Venezuela wasn't just about liberating the people of Venezuela. That's a very good aspect of what potentially could happen if things go right from a political
standpoint.
But it was about rare earth minerals and about oil and commodities, right?
When you think about how we're positioning ourselves, using the Monroe Doctrine to assert
ourselves in the Western Hemisphere again, and we're looking at Greenland, that's about
rare earth minerals. And if you think about everything that Stock Talk just talked about with
robotics, all the AI, all the data centers and infrastructure, so much of that is built around
rare earth minerals. And so all of the ones that you just mentioned right now, with the exception
of gold, have an industrial application.
So if you look at silver taking off on a daily basis, going to new highs, it's a little parabolic right now.
But silver is a component of a lot of the electrification and things that are happening.
When you look at copper, same thing.
Lithium for batteries and other things that are going to be critically important when you talk about robotics and autonomous vehicles and various different things and
electric vehicles.
And the same thing with uranium, which is becoming safer and safer.
They're able to make microsites and they're able to move them around so they're mobile.
move them around so they're mobile. That is what is considered to be high-powered, clean energy
that's actually more efficient to power what we need for this technological revolution that's
underway. And so, yeah, we're very bullish on rare earth minerals. We're very bullish on the
commodity sector. And then if you take the other step back and just look at governments are buying up gold
and silver and copper reserves. When you talk about gold, gold is a store of value and central
banks have been buying it. So we're very bullish on this space. And then also when you devalue the currencies the way that our currencies globally
have been devalued, people are looking to store that in real hard assets. And so everything is
pointing in the direction that commodity prices will go up. When you look at these rare earth
minerals, they're considered commodities, right? And we just happen to like the miners a lot.
They're considered commodities, right?
And we just happen to like the miners a lot.
So when you look at lithium or copper, COPA, if you look at the silver miners and the gold miners, because A, it's a little bit of a juiced really puts the miners in a great position because
they can operate at a profit well below the levels of where the spot is trading right now.
And so we love those companies. We think they're going to be highly profitable and highly
productive. And they're going to also use that technology to become more efficient in their mining and so again just like everything else we think this is a way for the miners to you
know have both ends of the of the sword right like they're literally necessary for all of the build
out uh and then they're going to become more efficient operators by using the technology.
And so we're very positive on the space.
And yeah, we have a lot of options
inside of themes ETFs in our thematic
and sector-based ETFs for investors
to get exposure to that at a low cost.
Yep, those are the tweets pinned up in the list above.
You'll be able to dig in a little bit further.
StockTalk, I wanna bring it over to you. One of the names that we have talked about,
one of the themes or materials? I don't know. We're starting the word. Lithium. This was a
couple of years ago. We changed a little bit. Obviously, we were talking about batteries
back then. We're talking about batteries now. And lithium is a big part of those ones. Lithium
ion batteries, lithium lithium whatever in there.
I'm curious your updated take on that, on lithium. Is it a part that you're interested in?
Is it maybe, are we getting to new battery technologies and battery chemistries where maybe that is less used or is it still as used as it was in the past? I'd be curious
anything that's changed in the lithium thing in the last couple of months, years,
anything like that. That was over to you mr. stock talk yeah i mean look a couple years ago when i was
um trading lithium and looking at it the idea was around a lack of refining capacity and that was creating a bottleneck for pricing at the time that has
changed materially since then refining capacity has come online in droves over the last three
years and has changed the pricing dynamics of the thing i think it's harder now to expect spot price
surges in lithium the way that you could a couple of years ago.
And so I don't have any lithium exposure currently.
I don't think it's a bad investment or anything.
I think lithium usage will pick up.
The issue with lithium is that it's just not a particularly rare resource.
It's a very, very abundant resource.
It's not like a metal that's hard to find.
What was lacking then was not just refining capacity, but also mining infrastructure,
both of which have been largely resolved. The Chinese market has also opened up access to
lithium dramatically, which has also helped settle spot prices. So my thesis back then was about spot
prices being in a choke because of lack of capacity.
That capacity has expanded, so I don't think that thesis really stands anymore.
But U.S. lithium infrastructure is probably going to pick up either way. I mean, you look at some of the deals that the Trump administration struck with companies like Lithium Americas,
you probably will see a pickup in U.S. lithium infrastructure.
So that is tradable.
It's just not an area where I have a tremendous amount of
interest right now. I'd rather be exposed to batteries directly.
Yep. Those are some fair, interesting
points. I'm curious
also, Stocktop, if I can keep it on you,
these silver and gold have been absolutely
ripping.
Like,
it's just a very interesting to watch like it's also a very
different market than some of these other ones like i'm just very curious on what's happening
there um like if it's like more mechanical or more use happening there do you have any thoughts on
kind of what's happening in the the silver and gold i actually if you guys don't know the leverage
shares team is putting out awesome graphics.
You're seeing me share them out.
You should follow that account
because the posts that are coming out from it
are absolutely amazing.
They made a post the other day
that this was the best year for silver since 1965.
Sorry, 2025 was the best year for silver since 1965.
Second best, damn.
Two corrections in one.
But it was the second best year since 1965.
I promise there's no more coming after that, no more corrections.
And we're also off to a really great start so far this year.
So like, it makes me think, okay,
maybe we're time to pull back a little bit.
But yeah, I'm curious your thoughts
as you're looking at some of these.
Like just precious metals in general?
Yeah, they've had quite
the run yeah quite the run i mean look the dollar's been weak um last year was a everything rally all
assets really you know gold up silver up stocks up speculation up um you know value stocks up
i mean everything was up so that's rare to have a year where all assets go up,
but dollar weakness does serve as a tailwind for them.
That's what we had.
And then to kick off this year, we had more dollar weakness,
which led to another big surge in precious metals.
So, I mean, I always say I don't have direct exposure in the portfolio
to precious metals because I don't own like SLB, GLD, those types of stocks,
but I do own gold
bars. So that's my proxy exposure to that, I guess. But I always have precious metals exposure
physically, just not always in the portfolio. I understand why they're up. I mean, geopolitical
tensions are also a tailwind for precious metals generally, as is international rules-based order kind of being in jeopardy, right?
I mean, we just kidnapped a head of state, and now we're talking about, you know, taking
sovereign territory.
Russia's in a war in sovereign territory.
There's a lot of sovereign territory clash in the Middle East happening.
That's been happening for decades, obviously, but continues China and Taiwan. There's a lot of tension around global borders and global
sovereignty, and that tends to be a tailwind for precious metals. Because when governments are in
turmoil, currencies are also in turmoil. And when currencies are in turmoil there tends to be reliance on
precious metals now you can see this happening in iran right now too right trump and it made
those announcements uh what yesterday the day before if you trade with iran we're gonna put
tariffs on you the day after he said that iranian currency markets were tanking and precious metals cut a bit.
And so there's a lot of factors contributing to it. Weakness of the dollar, an all asset rally,
geopolitical tensions, jeopardization of sovereignty in a variety of countries,
not just from the United States perspective, from China's perspective, Russia's perspective, the Middle East. And so all of these things, when you put them into a cocktail
is a very, very, very powerful catalyst for precious metals. And that's why precious metals
have done as well as they've done. And I don't think it should be surprising to anyone,
but it has been a historic run for precious metals. And I think there's good justification
for it. And I think even this year, there's continued justification for precious metals. And I think there's, there's good justification for it. And I think even this year, there's continued justification for precious metals to perform. I mean, assuming
that there's not going to be world peace three months from now, which I don't think is going to
happen. Uh, I would actually bet on the geopolitical situation getting worse into the end of this year,
if I had to guess from where we are right now. So, um, yeah, I don't think that that catalyst is going anywhere
and it's probably going to continue to serve precious metals well in the medium term.
Yeah, I would agree with stock talk. And I would say like, anytime you see a parabolic move in a
chart, just be careful about where your entry is. And so I've been talking about that with
the price of silver, it's really taken a parabolic move. And you have to be careful.
Entry point matters. So just be cautious when you're getting in. I think I was on one of these
streams and there was somebody who made a reference to one of the traders that was going all in on
shorting silver. And they asked my thoughts about that. And I was like, well, if they're going all in shorting silver, like I can't predict the top and paramount moves can go
higher than you could possibly imagine. So, um, you know, momentum is a real thing. I would never
go all in when I'm watching something go up like that. Cause I don't know when the elevator stops
and they hit the down button that said not only all the things that StockTalk just mentioned, because they're
critically important, but one other thing, we're in a race. Whether the race is real or not,
we're in a race and it's growth at all costs. And so all of this, these rare earth minerals,
the silver, the gold, the copper, it is necessary for the race. And so, you know, people are going to be buying
it up and demand is going to increase all around. You know, we have people that are always
apprehensive. They come to us and we don't make the recommendations, but they say, is this the
right time to get in? Is the wrong time to get in? We try to avoid saying when the right time is or
the wrong time is. We try to talk about the big picture. But if you look at like a lithium right now, it's up almost 13%, or our fund is almost up 13% year to date.
So I can't tell you how quick the move is going to happen. I can't tell you how high the move's
going to go. But I can tell you that demand is increasing for all the reasons that he said,
and because of the race. The race is on, and it's not stopping for a while.
And there's a big competition to win.
And so if you need all these components to win that race, you're going to be consumers of those components if you have an interest in it.
And so that's kind of where we're at as well.
We just, you know, it's been a historic run.
At some point, there'll be, there'll be some kind of correction.
But even when that correction happens, that might be a good time to start contemplating
another entry point. Because I'm like stock talker. I can't see this. Even if Iran regime
gets toppled, there's unrest. There's going to be unrest in a lot of places and a lot of positioning for, you know, you know, jockeying for position. And so all that just makes the race continue and go on and on and on. And people are going to be gobbling up on these things.
on and on and people are going to be gobbling up on these things.
One of the adjacent themes we're also talking about here is defense.
And we even talked about this a little earlier.
I brought up the NATO ETF too.
Because also all this stuff going on with Greenland.
We had this talk earlier.
There's no world where there's going to be kinetic action between the US and Europe over
Greenland.
I happen to be in the camp that I don't know if we end this term with Greenland
being a part of the US in any way,
shape, or form. I do know that I was
in the minority on
this one, actually. Obviously not with the kinetic
action. With
Greenland kind of becoming a part
of the US
or anything like that. You guys
have a transatlantic defense
ETF. Great ticker, ticker NATO.
That has been doing fantastic over the last little bit.
We seem to be in a world where defense is not going to be slowing down,
is only going to be picking up.
I'd be curious your thoughts on this theme here.
We kind of were talking about it there.
It's the same perspective.
It's the same theme.
It started the year so strong.
The NATO ETF is hurting up 11%.
For people who say etfs don't
move i mean i don't know what you guys are looking at especially also if you look at the ones on the
leverage share size but those are a little different this is a uh thematic etf that is up
11 so far this year um yeah i'm curious your thoughts on the on the uh on the defense side
of this i don't have that great of insights into the European side of it.
As we've talked more about this, I've tried to learn a little bit more
of the Rheinmetalls and the Saffrons and the base systems, etc.
But this is an area that's very interesting and has been doing well this year.
I'm curious your thoughts.
Yeah, let's start with Europe.
So Europe is now in charge of their own defense.
The United States has laid that down and said,
you know, we're no longer going to carry you. And just because you're a NATO member country
doesn't mean that we lead all of your defense. There's got to be a price that has to be paid
for that. And it's either to us or it's to our companies. So the first and foremost thing is,
you know, the commitment that has been made by NATO member countries to build their defense
from 2% of GDP, which they weren't even paying before, but now they're definitely paying that,
and they're upping that to 5% of their GDP over the next 10 years. So what does that mean? That
means that, number one, they have to obviously invest in the largest, most capable companies,
which happen to reside in the US. But Europe has a lot of great
companies as well. The ones that you mentioned, Rolls-Royce, Safran, Airbus. So they're going to
invest in their own countries too, because they have to increase those capabilities
in their own sovereign nations so that they don't just rely on the United States, but there's a gap there. So this ETF invests in some of the largest, most capable defense companies in the United
States and in Europe.
Right now, the portfolio is positioned close to 70% in the US, and that's just because
of how the growth is shaped out.
It'll get rebalanced.
And then about 30 plus percent in Europe.
And both are doing extremely well because the commitment to spend is there.
Now, the US, on the other hand, they're light years ahead of everybody.
But if you think they're stopping that investment, you're wrong.
The United States just came out and said they're going to increase spending.
I think the number was like $500 billion.
The White House just said that they're going to increase the spending, which is like, I think almost more than all of Europe is spending in general. So not only is Europe
increasing their spending, but the United States is increasing their spending based on their
ambitions, right? So their ambition is not going to stop as long as Donald Trump is in the White
House and this administration is running the show. And I don't know how Greenland's going to turn out, but I can tell you we're making a move for Greenland.
There's no doubt about that. He's not even very shy about it.
And so something's going to happen there.
We're going to reposition. That's going to be a strategic region for us.
And who knows if we ever take it on as territory,
I have no idea how these things are going to end or what's legal or what's not legal.
I'm just an observer in the markets and an observer of life. But that's definitely going
to happen at some point in the near future. There will be some kind of positioning. And in fact,
I just read an article before I came on here today of how like the the the whoever resides over
the sovereignty of greenland right now is saying like it's hard for me to even imagine that the
united states would take us over like another nato member country but something will be worked out
there'll be some kind of monetary uh situation that's laid out or some kind of business situation
or something that's laid out but if if i had to bet, I would say that the United States is going to make a big move
on Greenland. And I think that that's just the way that this thing's going to go. So
all that said, lots of dynamics happening in the world. And if Iran gets toppled,
there's going to be a whole need for security and defense there.
You already see what's happening in Venezuela.
Apparently, there's a lot of stuff going on in Cuba.
There'll be a lot of stuff that's happening there.
You've got Russia and Ukraine not resolved.
And even if it does get resolved, massive security that's going to have to happen on
any deal that happens there and NATO member countries will be involved.
So for us us it's
a pure play on defense we don't cross into technology plays because we want this to be
a pure play on defense and we think the category performs well on its own and complements those
portfolios that already have a lot of tech exposure and doesn't mean that these companies aren't using
tech. They're using massive amounts of tech, but they are designing their own software and
they're making investments into those technology companies and using their technology and their
software. So highly technical capabilities within those large defense companies but um as a standalone investment pure play on
defense that's kind of how our portfolio is structured and it's performed extraordinarily
well um you know not only in its category but just in general
all right so the tinfoil speculation hat puts us in uh that something will happen with greenland
there uh greenland we also were kind of talking there's definitely a lot of rare earth minerals
and materials at that part of the world as well so okay yeah i love how all these themes kind of
play into each other i was also thinking about the yeah well yeah just to just as uh just to
um give one point on that i mean that's one of the reasons why – like he knew what China was holding over him, which was the rare earth minerals.
And so expansion into Venezuela, expansion into Greenland, that is a strategic move on rare earth minerals and oil.
So, yeah, 100 percent that's part of the reason why we want to be there for sure, 100%.
Yeah, I was kind of getting there.
Another one of the ETFs, the Humanoid Robotic ETF, ticker BOTT.
I feel like a lot of these kind of play into it, whether it's the future of humanoid robotics and war.
But I was more thinking how important rare earth materials are in that one as well. And like we were saying at CES, there was a lot of really interesting stuff
going on. I saw a robot do a backflip. I saw them fight and stuff. There was some very
intriguing stuff. I even saw a headline yesterday from that company, 1X Neo. They are a private
company. They were the one a couple months ago who they did their release and there was
a lot of really good memes around it. But the robotics one is an area that seems to be picking up as well.
It's not even necessarily just human robotics, but robotics in general is a theme that is increasing over the next little bit.
Yeah, it's just interesting to see how all of these names kind of end up circling in and playing on each other.
Well, we're in high growth, right, highiction areas for the future growth of the world economy. That's how we think about our thematics. Because if we just threw out a bunch of broad-based ETFs, we're one of many. Then we have to compete with all these large guys. And it doesn't make a lot of sense for us since we started up in 2023.
started up in 2023. We had to be differentiated, and we wanted to be in those high growth areas
that sort of integrate with each other because that's where the future of the economies go.
As that changes somewhere down the line, you'll see us bring out new ETFs. It could be something
in space. It could be something in different areas of the marketplace where there's potential
for high growth. But it makes a lot of sense,
right? All of these things do tie together because they're major components of the new paradigm of
what the world is going to look like. And that's kind of where we try to be. We try to play on the
new frontier. We try to play in the high growth areas. And then we want, from a retail perspective, we know that that's what the retail investor wants.
They want to be in the high growth areas.
From an advisor perspective, for advisors that are using our funds inside of their portfolios, they want something that's differentiated.
I was just on a call with a major platform before I got on this call.
And when we start to go through it, like, oh, that's differentiated.
Oh, that's differentiated.
Oh, we need that.
Oh, and it's low cost. So that's what they're looking for because advisors
get their clients coming to them and they listen to Wolf and they go on CNBC and they read the
newspapers and they see people getting returns in specialized areas. And they look at their portfolio and they're in low cost, broad index ETFs.
And they're getting charged a half a percent, 75 basis points, sometimes 100 basis points
for the most overly diversified portfolios that are taking all the good stocks, but also
all the bad stocks. And they're getting
these well below average returns, but they're paying a lot of money for it. So they're going
to their advisors and they're saying like, how do I get specific exposure to this? How do I get
specific exposure to this? And the way that you do that is through a thematic ETF.
Yeah, those are some really good points there.
I do wonder, you know, let me back up and switch around to another point here.
I kind of like how all of these are playing off of each other.
And another way that this kind of playing off each other,
there's no way you can build out any infrastructure,
you can build out anything without having the infrastructure on the ground
to be able to get stuff from A to B. We've talked about the grid a lot, to be able to get electricity
and energy to those places. We talked about battery storage and peaker plants to kind of
keep that grid strong and stuff like that. Another one of the ETFs that you guys have,
which I don't know how many people come in and say, I want to invest in in highways and stuff and everything like that.
But when you look at the underlying things that no matter what you think about the AI boom bubble, whatever you want to call it, no matter what theme you're talking about, bringing industrialization, bringing manufacturing back to the U.S. is a major underlying thing here.
And infrastructure is a huge, huge part of that.
And one of the ETFs that you guys have is ticker H-W-A-Y, the highway ETF. Love the tickers as
always. I think I'm a ticker nerd. I don't know how much that gets across to other people,
but I would love to hear more about this theme in general from you, and maybe some other areas,
like Paterpillar is one that I think of right away. Deer is another one. Maybe the railroads
a little bit as well, but I'm sure there are some other interesting themes here within this highway, within this U.S. manufacturing, within this infrastructure theme here that could be intriguing.
or whether it's a person or the train or the plane, however it's getting there,
you have to have infrastructure in order to take off land, get from A to B,
deliver products, deliver services, so on and so forth.
And so infrastructure is critically important.
There's not a lot of bipartisan agreement in the United States government,
but one thing that is bipartisan is that we need to, you know, redo all of our infrastructure.
And so there's been bipartisan agreement and bipartisan spending bills on infrastructure that are continuing throughout 2026 and most likely will be up for a new vote.
And they'll continue that because we've only scratched the surface of what we need to rebuild in this country as far as infrastructure is concerned.
surface of what we need to rebuild in this country as far as infrastructure is concerned.
That includes rail, that includes airports, so on and so forth. And so at the end of the day,
the government is incented to continue to spend and spend and spend to get our infrastructure
redone. And again, that's also how they get votes. That puts people to work, that makes people feel
better when they're traveling, gets them from A to B quicker.
And so all of that is critically important.
And because that spending is guaranteed, again, I've said this, we don't know where the puck
is going, but we know where the investments are going.
And the investment, the dollars being spent are there.
And one thing I could tell you about government spending is they are never at or below what
they say they're going to spend.
They're always spending more. In
fact, ask Jay Powell about that right now. I think he's under indictment because he might have spent
too much money on the redo of the Federal Reserve building, whether that's right or wrong.
The fact of the matter is that everything goes over budget when you're doing construction and
a lot of it is done by governments. And then on the side of that, there's a ton of private investment that's entering the market when
it comes to the infrastructure build out,
because they think they could do it more efficiently,
and they could do it better.
But also because whenever there's guaranteed money coming
from the government, private companies
will enter that arena.
They'll throw their hat in for contracts,
and then they know that they're going
to get the money from the government.
And so again, this was one of those trends where we – sorry, somebody called in while I was saying that.
But we've seen investment coming in.
We see continued investment.
And the buildout is going to continue for a long period of time.
So that's the reason why we created Highway
and the returns have been great.
And we think, again, that's part of the growth phase,
another growth phase in the United States.
And the companies that are involved in that
will be the beneficiaries of those bipartisan bills
and that bipartisan agreement to spend.
Love it.
Again, I'm running through the tweet pinned up
in the nest above.
That will kind of give you all these tickers here.
We really want to use this as a place
where you can start your research.
As I said earlier, company website,
summary prospectus,
that is all great places to find more.
And then you should follow that leverage shares account
that is up here.
Follow all the speakers.
Not only do they update you on the funds and everything like that but there are awesome charts infographics i steal them all the time so if you want to see them a couple hours
before i take them uh you should go in and make sure you are following that account i take with
credit i take with credit um stock talk i want to bring it back to you with a with another question
here uh we kind of prompted you on the grid a little bit before.
And U.S. reshoring and manufacturing,
U.S., all this stuff is kind of a major theme of your portfolio.
I wonder if on the infrastructure play,
if there's been other pockets along with the grid
that are interesting for you.
My guess is the guy is deep into
some prompts right now. Yeah, I'm reading
a lot of stuff right now. What was the
you're saying infrastructure
like broadly? Yeah, so we're
talking about US kind of reshoring
is a big theme of your portfolio
bringing manufacturing back.
I know you like to kind of play the
winner agnostic,
the underlying stuff, the plays underneath it.
And a part of it is the grid that you've gotten into.
I wonder if there's any other pockets of infrastructure
that have been more interesting for you.
You even brought up a wholly different theme earlier
that I would have never thought of around ships
and shipbuilding and ports and stuff like that.
I wonder if road building, if cybersecurity infrastructure, I don't know necessarily what it is, but I'm sure there's
a lot of these things that as we bring manufacturing back, railroad infrastructure, which is something
I probably would never invest in, but who, maybe there's some opportunities there. I don't know.
I'm curious if there's more pockets on the reshore and on the infrastructure theme that at least
you found.
I'm mainly focused on two things,
energy infrastructure and then military infrastructure.
Those are the two focuses I have.
So the energy infrastructure expands a little bit beyond energy storage.
You know,
I also own PLPC,
which is an energy hardware name.
Uh, that's more substations, line fittings, things like that.
But, um, energy storage, direct power grid hardware, uh, and on the military infrastructure
side, you know, port building, uh, ship building, um, on the nuclear side, I mean, you could
consider that infrastructure as well,
nuclear refinement infrastructure. Um, so like I own Centris Energy, it's the only nuclear
refiner in the country. American centrifuge plant in Ohio is the only licensed and permitted,
um, nuclear refinement infrastructure in the entire country. So that's in a way an
infrastructure play as well. Um. But no, I mean,
power grid is a very, very broad infrastructure theme. So in that sense, no, not really. The focus for me in the portfolio is mostly on electric infrastructure and military infrastructure.
There are other ways to play infrastructure. I mean, yeah, you could play, um, like you said, roads and, and, and,
and other industries, but just not where my focus is. My focus is mainly around military and energy.
Yep. That makes sense. I appreciate you for answering that question there. Um,
I got one or two more topics I want to go around and then we can
close this out. Always enjoy these conversations when we get to talk with Paul, the amazing Paul,
the smart Paul. Great guy. Wonderful guy. G said, the global systemic important banks,
globally systemic important banks. We are in earnings season right now. We had JP Morgan
reporting earnings this morning. And over the next couple next couple days it is going to pick up they've also obviously been doing so
fantastic over the last couple months and and that i'm just curious any updated thoughts around the
banks yeah again another sector that we really like and i i hate to keep saying that we like
but you're touching on a lot of the ones that we really really like i don't think i don't think you
would have made you would have put out the ets and products if you didn't like the sector.
Yeah.
I mean, so when you think about globally systemically important banks, it's a mouthful,
but these are the largest institutions in the world that are designated systemically important
by the Financial Stability Board and the Basel III Committee.
They are all integrated.
They have the highest deposits. They and the Basel III Committee. They are all integrated. They have the
highest deposits. They are the least interest rate sensitive. They are the ones that are
involved in all of the investment around every single thing that we're talking about today.
And they're positioned very, very well for growth moving forward. That said, that's just one part
of the equation. The other part of the equation is that they're evolving.
So traditionally, large institutions are traded at much lower valuations than some of the higher growth names.
But because they are transitioning their business from old stodgy financial institutions that are based on traditional methods of exchange, now they're moving towards a fintech model.
And not only do they have the capital to invest
in the best technology and in blockchain
and stablecoins and all of that stuff,
so they're going to be able to transition their business
very, very quickly from old financial institutions
to modern financial technology institutions,
which is going to, again, just like
AI is going to transform every other industry, make it more efficient, make it quicker, make it more
productive, that's going to happen with the banks. And what we think is going to happen is you're
going to see higher valuations, more like high growth tech stocks as you move forward. Maybe not
to the extreme, but most certainly you're going
to see their valuations increase. And so if they've already doing good with current valuations
and they're poised for growth, the current valuations, we just see that multiple increasing
and we see them doing even better and better. And the only thing that I, the analogy I can give you
is outside of the financial industry is Walmart.
Like, you know, seven years ago, Walmart was trading at like 20 bucks a share.
And I was looking at the revenue and I looked at the balance sheet and I was like, wow,
if you take this to compare it to Amazon, like you, you would think that Walmart was trading at a higher valuation, but it wasn't because it was considered an old strategy
an old stodgy retailer and Amazon was considered a tech company. And the interesting thing to me was
retailer and Amazon was considered a tech company.
at the time, Amazon was going all around the country, still doing it, building all of these
warehouses so that they can up their fulfillment and increase their operations. But Walmart already
had that in their stores. They had stores set up all around the country. So they already had
fulfillment. All they had to do was catch up on the country. So they already had fulfillment. All
they had to do was catch up on the tech. As they caught up on the tech, put into play Walmart Plus
and became more of an e-commerce, you saw the multiples start to go up, their valuations start
to go up, and they trade at a much higher multiple today. And that will continue as they get more
techie and more techie and more techie.
I think the same thing is going to happen with the banks. But only based on fintech and everything
that's going to happen and the way the transactions evolve over time. And I think it's going to happen
quicker than you think. So we like them just the way they are, but we think there's a transition
in the financial space that technology is going to evolve and make more efficient, more profitable, quicker transactions, all that stuff.
So they're going to be able to scale much, much quicker.
And I think that's going to impact their valuation and their long-term growth perspectives.
Yeah, I'm very interested in the financial and fintech area in general.
I am a believer in crypto.
I am not a believer in the weirdness that can happen on the edges of it.
But the underlying technology, I believe it will decrease fees, increase throughput, and I believe it will increase margins for these financial companies, for these fintechs, for these DSIBs, globally systemically important banks.
The amount they're charging comes down, but the amount that they are getting charged goes down even more.
And it can create a good system.
And if there's less fees, you should see throughput increase a little bit.
So it is an area that I find to be very interesting.
We're going to get a lot more information over the next couple of days around them. So I'm excited. I think we have
Bank of America tomorrow and Citi tomorrow. I don't know. Is Wells Fargo considered a G-Cib?
Yes, it is. And I think you're getting some noise in the marketplace right now because Trump has
come out and really starting to hammer the banks regarding credit card fees and things like that. So you're seeing a little bit of pressure on some of the names. I think
that's an excellent opportunity to evaluate your exposure and think about potentially looking at there's only 29 names in the portfolio because those are the the institutions that are designated
as globally systemically important banks and it is an uh an international portfolio
very nice very nice um you know what we don't there There's one or two themes that I am very excited to talk more about. Cybersecurity is a really interesting one. Obviously, generative AI is super hot theme as well right now, but maybe we leave that for the next one. Paul, is there anything that on this space we didn't talk about that you were maybe excited to tell me you're talking about?
that you were maybe excited to come in here talking about?
You know, I think you guys really covered it all.
And this is where we're seeing a lot of the interest,
both on the retail side and the advisor side.
We're growing like crazy.
And, you know, there's a lot of good reasons
for some of the other names you mentioned,
and we could go through those whenever you feel it's appropriate.
I think we've talked about
enough today and we've given enough ideas for today. But I would agree with you on something
like cybersecurity. I always say it's interesting that a lot of people don't want to always look at
that as a direct theme to invest in, but it's such a great one because, again, if you follow
investment, even in tough times, you don't cut back on your defense,
and you definitely don't cut back on your cybersecurity efforts because that is one of
the most important things is the client information that you have.
And all of this is stored in the cloud.
And then there's got to be a way to protect that from all the malware and hackers and
things like that that are trying to get that information.
And that also leads into, you talk about integration, defense, and various different things like that.
The greatest wars in the future will most likely be fought in cyber.
And so we think that's a great one, and we can touch on that another time.
But outside of that, I just always want to thank you guys for being a great partner.
Thank the audience that joins your streams and your calls all the time because we really
appreciate their interest, their intellect, their prowess in the markets. And so it's great to always
have an opportunity to speak with an audience like this and with a great partner like you.
So that's where I'll leave it for today.
I really appreciate the time.
Thank you guys so much.
Thank you so much.
Like I was saying earlier, make sure you guys are going in, checking that tweet pinned
up in the nest above.
Our goal is just to put interesting stuff on your radar so that you can go in and do
your own research.
Investing is risky.
This is your money.
Your money is important.
There's nothing more important to me
than your money and making more.
So make sure you guys are digging into this stuff.
Our goal is to only work with very reputable companies,
SEC regulated and all that stuff.
I read disclosures before because, you know,
this is registered and regulated.
So know this is a legit company.
Make sure you guys are digging in.
The prospectus, all that stuff is a great place. Make sure you guys are digging in the prospectus.
All that stuff is a great place to start.
It's we pinned up in the nest above.
Well, how it has the link to the account, which you can then find the website there
has a link to all the tickers.
So you can dig in and find what's interesting for you and what's not.
You guys notice those expense ratios are going to be much lower than you'll see across the
board.
I cannot say that for a lot of other people.
And I, you never hear me say that because it's not true. But in leverage shares and themes, that is the case.
They're trying to make every single one of them. There is a theme that these all have super low
expense ratios compared to what the rest of the industry has. So yeah, you'll never definitely
don't have to go in and ask that question, but check that tweet pinned up in the nest above,
follow that leverage shares account. Please send me questions so that I can ask the team.
Like I said, we want you guys to be informed investors,
which means asking questions,
and we can get you the answer to any of those.
So yeah, Paul, thank you very much for coming in and joining us.
This was a fantastic 45 minutes.
Even a little longer, you joined a little early, and I love it.
Please feel free to join in whenever you want.
We love these conversations, but thank you very much for being here. Last thing I will say
is follow that LeverageShare account. Follow all of the speakers up here. It will improve
your experience on this app. This is the Ryan, Wolf Ryan. He is the host of the Wolf Trading Show.
If you are following him, you will get a lot of really great trading insights. You will also see
whenever the team is live. StockSniper, another awesome guy.
He's talking about defense and everything like that.
You'll get a lot of really great posts from him.
He even helped us set up a space with Palantir today.
Shout out to that.
If you enjoy live free content, that Wolf account is a must follow.
The LeverageShares team, they are posting amazing graphics every single day.
They also have multiple accounts where they're doing it from.
The Theme ETFs account, the LeverageSha they're doing it from the theme ETFs account, the leverage shares account, the leverage ETFs account. It is fantastic. A must
follow. Obviously, Stock Talk, a lot of the reason that you guys are here. Really, really smart guy,
putting some great posts out, a lot of research, a lot of news, a lot of information.
Some also telling you about some of the wins. And I know he has some more stuff in the link in his bio but a must follow and then if you enjoy this type of live free content with this crew the host of the
space is the account that I am talking from is a is a must follow we are live every single Monday
through Thursday 3 to 5 p.m. Eastern at least when we are all not in person at CES or something like
that but I appreciate you guys for allowing us to become a part of your daily routine. Thank you guys. Thank you. Leverage Shares, everyone. And this was a long
outro for me. So I'm just going to shut up and close it. But thank you guys. Love you. Bye.
Insights
P
Google's partnership with Apple to integrate its Gemini technology into Siri marks a significant collaboration in the tech industry, potentially reshaping how AI assistants operate.
um calls on that thing this morning and it took off and this thing had a nice big move off with
that flow so you know that actually got some traction you know to me there's nothing wrong
here there's nothing that doesn't look good the bank's weak that'll be watched we think you said
The announcement of Google's Gemini technology being used in Siri indicates a trend towards integrating advanced AI capabilities into mainstream applications, highlighting the growing importance of AI in everyday technology.
that flow so you know that actually got some traction you know to me there's nothing wrong
here there's nothing that doesn't look good the bank's weak that'll be watched we think you said
we have earnings there tomorrow i think i think tomorrow really is all about the Supreme Court.
Analysts are reporting a significant bearish sentiment towards Adobe stock, the most since 2013, indicating a trend of caution among investors regarding the company's future performance.
Outside of that, just another day here in the markets,
another day here in paradise.
Good day for me, but just not easy.
The anticipation surrounding the Supreme Court's ruling on tariffs reflects a broader trend of regulatory scrutiny impacting the crypto and tech sectors, which could influence market dynamics.
I am curious to see what will happen uh just for
the record last time it was expect so they don't tell you the supreme court rulings no they said
this time they said this time no they said they said this time yes okay maybe uh but normally they
The prediction markets suggesting a negative outcome for Trump's Supreme Court ruling on tariffs indicates a trend of uncertainty in the market, which could affect investor sentiment.
the record last time it was expect so they don't tell you the supreme court rulings no they said
this time they said this time no they said they said this time yes okay maybe uh but normally they
don't tell you what's going to be released this is kind of what ended up happening last time so
The ongoing discussions about tariffs and their implications for companies like Amazon highlight a trend of increasing regulatory focus on e-commerce and its economic impact.
this time they said this time no they said they said this time yes okay maybe uh but normally they
don't tell you what's going to be released this is kind of what ended up happening last time so
it's a little it's a little interesting uh i I imagine people will be watching for it, but I think if you look at the prediction markets, they're pretty much saying
The conversation around the potential for U.S. military actions in Greenland underscores a trend of geopolitical tensions influencing market dynamics, particularly in defense and energy sectors.
don't tell you what's going to be released this is kind of what ended up happening last time so
it's a little it's a little interesting uh i I imagine people will be watching for it, but I think if you look at the prediction markets, they're pretty much saying
that this is not going to go in Trump's favor. So it will be a very interesting thing to watch.
The mention of the U.S. military's reliance on lithium-ion batteries for operations indicates a trend towards increased demand for rare earth materials, which are critical for technological advancements.
it's a little it's a little interesting uh i I imagine people will be watching for it, but I think if you look at the prediction markets, they're pretty much saying
that this is not going to go in Trump's favor. So it will be a very interesting thing to watch.
I don't know how the market will react to it. I would have told you the headlines that we got
The discussion about the U.S. military's need for domestic battery production reflects a trend of reshoring critical supply chains, particularly in the defense sector.
that this is not going to go in Trump's favor. So it will be a very interesting thing to watch.
I don't know how the market will react to it. I would have told you the headlines that we got
over the weekend with Trump going after Powell, or sorry, the DOJ going after the Federal Reserve,
The emphasis on the importance of rare earth minerals in the context of U.S. military strategy highlights a trend of increasing focus on resource security and domestic production.
I don't know how the market will react to it. I would have told you the headlines that we got
over the weekend with Trump going after Powell, or sorry, the DOJ going after the Federal Reserve,
would have made the market move lower, and we really didn't necessarily get that
The ongoing geopolitical tensions and their impact on resource allocation indicate a trend of heightened awareness and strategic planning in the defense sector.
over the weekend with Trump going after Powell, or sorry, the DOJ going after the Federal Reserve,
would have made the market move lower, and we really didn't necessarily get that
so we shall see who knows how they'll react to this stuff GFS I think you want
