Aoifinn Devitt

Private credit is a long position because it offers contractual income that is not dependent on market movements. The sector is less concentrated in software than perceived, and broad-based selection across credit types provides a reliable income source in portfolios.

The speaker explicitly stated, "We would see energy stocks as a fairly good safety trade. Not just traditional fossil fuels... but also... green energy stocks have done well because we do know that the demand for electricity and power is insatiable." The current geopolitical conflict has caused an oil price shock, but demand for power is structural and predates the conflict. Energy stocks, broadly defined, are positioned as shock absorbers in a volatile environment where traditional safe havens have not worked. LONG because these stocks offer relative safety and exposure to a non-discretionary, essential demand base during a period of high uncertainty and supply disruption. A rapid de-escalation of the Iran conflict and reopening of the Strait of Hormuz, leading to a sharp normalization of oil prices and reduced risk premium.

Small caps are having one of their best years since 2003 with a rotation from large-cap tech underway. Every portfolio should have small-cap exposure as a sign of healthy risk appetite and market broadening.

Cyclical areas of the economy such as financials, health care, and industrials are great places to invest, offering diversification away from the crowded tech trade. The market is broadening into these sectors.

Gold remains a strong portfolio hedge because the core drivers—global fiscal budget concerns, debasement fears, and equity market volatility—are still in place; a small allocation up to 5% is recommended to stabilize portfolios as equities behave more erratically.

SpaceX stock is not yet peaked; forced demand from index inclusion will create buying pressure, AI- and space-based revenues are beginning to justify the multiple, and Elon Musk's leadership and the use of the stock as a transactions currency will sustain upward support, though the stock will be speculative and volatile when lockups expire.

Coinbase (COIN) shares rebounding despite a revenue miss; speaker identifies crypto infrastructure as a key "Picks and Shovels" trade. Regardless of Bitcoin's price action, the *need* to trade assets persists. COIN is the regulated infrastructure play (similar to the Grid for electricity). LONG. Betting on the casino (exchange), not the gambler (token price). Regulatory crackdown; prolonged "crypto winter" reducing volumes.