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Feb 17
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LONG
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Julie Biel
Portfolio Manager, Kayne Anderson Rudnick
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Biel states investors have "gotten a bit burned by long-standing software names" and are recognizing they "want to own hard assets, companies that make stuff." There is a capital rotation occurring away from digital/software assets (due to AI disruption fears) toward cyclical upswings in the real economy and "tools providers" in healthcare that are insulated from binary regulatory risks. Long "Hard Assets" and non-binary Healthcare. Economic slowdown dampening cyclical demand. |
Bloomberg Markets
Stocks Gain as Tech Holds Up; Bonds Steady | ...
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Feb 17
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WATCH
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Sarah London
CEO of Centene Corporation
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She calls 2025 "an incredibly challenging year for the industry as policy shifts and cost pressures reshape the American health care system." While the long-term thesis for efficiency is strong, the immediate macro environment for managed care is hostile due to government policy changes (likely referring to Medicaid redeterminations and Medicare Advantage rate pressures). This suggests near-term volatility for the broader sector before the efficiency gains materialize. WATCH. Wait for policy clarity before aggressive sector-wide allocation, though individual turnaround stories (like CNC) may outperform. adverse government rate setting, higher-than-expected medical utilization trends. |
CNBC
She's the youngest woman to have led a Fortun...
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Feb 16
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LONG
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Grace Peters
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Tech valuations are stretched, but earnings growth is broadening (13% growth). "Old Economy" sectors are the beneficiaries of the AI build-out (Industrials building data centers, power generation) and are seeing earnings inflections (Health Care). They offer operational leverage to AI without the valuation premium of the Mag-7. LONG Cyclicals and Defensives (Diversification away from pure Tech). Economic slowdown hits cyclicals hardest. |
Bloomberg Markets
'Shared Values' discussed in Munich; RAM Conc...
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Feb 15
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LONG
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David Autor
Professor of Economics, MIT
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"You could also use that capability to say we're going to make healthcare more accessible and less error-prone or we're going to make education more affordable and more engaging." While the "bad" scenario is pure automation, the "good" scenario (which may be supported by government grants/policy) involves AI-augmented services. Companies positioning themselves as "AI Tutors" (Duolingo) or "AI-assisted Diagnostics" (Healthcare) align with the social/political desire to improve services rather than just cut costs. Long sectors where AI improves outcomes (Education/Health) rather than just replacing workers, as they face less regulatory tail-risk. Public sector funding or adoption speeds in healthcare/education are notoriously slow. |
Bloomberg Markets
Who will survive and thrive in the new AI era...
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Feb 12
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LONG
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Richard Saperstein
Founding Principal and CIO of Hightower Treasury Partners
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Saperstein admits, "If we really want performance now and we own Oil, Pharma, Bank, we want to diversify Consumer into those sectors for more near-term performance." There is a "passing of the torch" rotation occurring. Capital is moving from Growth to Value/Cyclical. To capture *immediate* alpha while tech consolidates, one must own the sectors benefiting from this rotation. LONG (Tactical). Use these sectors for short-term hedging against tech volatility. The rotation reverses quickly if tech earnings surprise to the upside; economic slowdown hurting cyclicals. |
CNBC
Stock pullback presents opportunities for cli...
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Feb 12
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LONG
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Raj Subramaniam
CEO and President of FedEx
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"We are now heavily focused in on high value industry verticals... whether it is healthcare... whether it's the data center business... can you imagine you know when all this investments that is happening in data center there's a lot of supply chain elements involved in moving those goods." FedEx possesses real-time data on the physical economy. If they are aggressively pivoting resources to service Data Centers and Healthcare, it confirms that the AI capex cycle (moving GPUs, servers, cooling units) and medical logistics are not just digital narratives but are generating sustained physical volumes. This validates the "picks and shovels" thesis for these sectors. LONG. Follow the logistics capital; physical volume confirms the digital trend. AI capex spending slowdown; regulatory changes in healthcare logistics. |
CNBC
FedEx CEO Raj Subramaniam: We are undergoing ...
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Feb 11
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LONG
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Dan Ives
Star Analyst at Wedbush
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"And those derivatives, you could argue you're gonna go into energy, financials, health care as it plays out in terms of broadening market." Second-order thinking suggests that the AI trade isn't just about chips and software. The massive power requirements (Energy) and economic efficiency gains (Financials/Healthcare) will cause the "yellow brick road" of capital to flow into these sectors as the market broadens. LONG as a rotation/derivative play on the AI theme. Macroeconomic slowdowns affecting cyclical sectors like energy and financials regardless of AI adoption. |
Bloomberg Markets
Ives Still Sees Big Winners Despite Software ...
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Feb 11
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LONG
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The speaker identifies a "broadening of the earnings trend" beyond just tech. Alongside materials, the speaker explicitly names "healthcare" as a sector they like "for different reasons," implying it benefits from the current market rotation and broadening rally. LONG. Regulatory changes or specific earnings misses in major pharma/biotech names. |
Bloomberg Markets
Software Selloff Is a Chance to Increase Expo...
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Feb 11
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SHORT
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Ben Cline
Representative (R-VA)
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Rep. Cline asks about the new "National Fraud Division" targeting "long-term care accountability, senior living facilities engaged in Medicaid fraud, including systemic overbilling practices." Bondi confirms the new division is "set up to help" exactly with that specific targeting. Increased federal scrutiny and a dedicated fraud division targeting Medicaid billing in senior living creates significant regulatory and reimbursement risk for nursing home operators and healthcare REITs heavily exposed to government payers. The fraud division may focus only on egregious criminal rings rather than systemic corporate billing practices. |
CNBC
Attorney General Pam Bondi testifies before H...
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Feb 11
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LONG
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Katie Richards
Senior Strategic Advisor, Groundwork Collaborative
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Richards highlights that job gains are "exclusively in sectors like Health Care." Outside of Health Care, there was actually a net reduction in jobs across the economy in 2025. In a slowing economy (masked by headline numbers), Health Care is the only sector with actual organic demand for labor. It is the ultimate defensive shelter. If the "1 million job loss" revision signals a recession, Health Care remains the most resilient allocation. LONG. A safety play against the underlying labor market weakness. Regulatory changes or "healthcare cliffs" mentioned regarding ACA subsidies expiring. |
Bloomberg Markets
Strong Jobs Report Curbs Fed-Cut Bets | Balan...
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Feb 11
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LONG
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Michael Gapen
Chief US Economist at Morgan Stanley
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"Winners have come from a couple of sectors that are independent of the cycle... Health and social assistance... It is that we are getting older." Job creation is the leading indicator of sector health. Gapen identifies this sector as "independent of the cycle," meaning it provides defensive growth regardless of whether the "soft landing" occurs or not. The demographic tailwind (aging population) makes this a structural long. LONG Health Care as a defensive, structural compounder. Regulatory changes or government pricing intervention. |
Bloomberg Markets
This Jobs Report Is 'Largely the Real Deal,' ...
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Feb 11
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LONG
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Enda Curran
Market Analyst / Guest
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"People will say this narrow breadth here. Most of this is health care." While the speaker notes this as a potential criticism of market breadth, the undeniable data point is that the Health Care sector is the primary engine of job creation. Capital flows and sector strength are concentrated here; betting against the sector adding the most jobs is fighting the trend. LONG. Follow the hiring momentum. Regulatory changes or "narrow breadth" eventually leading to a broader market correction that drags defensive sectors down. |
Bloomberg Markets
US Adds 130,000 Jobs in January, Unemployment...
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Feb 09
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LONG
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Tim Seymour
Seymour Asset Management, Fast Money Trader
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Seymour identifies a "barbell approach" to the current market, highlighting that Semiconductors (specifically NVIDIA) continue to outperform, while Health Care and Energy are also working. This strategy balances aggressive growth (Semis) with value/cyclicals (Energy/Health Care). Seymour argues the economy is in better shape than perceived; specifically, the Energy sector performs well as long as the labor market remains stable and people have jobs. Semis are "outperforming once again," and Energy/Health Care are showing strength alongside them. A significant deterioration in the labor market (Payrolls) could undermine the thesis for the cyclical side of the trade. |
CNBC
Expectation of Fed rate cut in June will supp...
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Jan 31
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$154.74
$157.67
+1.9%
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WATCH
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Chamath Palihapitiya
Host, All-In Podcast / CEO, Social Capital
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Neuralink has expanded human clinical trials to 21 participants, showing improved signal quality, and is launching new trials for "VOICE" (speech restoration) and "Blindsight" (visual perception) with FDA Breakthrough Device designation. While Neuralink is private, its rapid progress and FDA Breakthrough designation highlight the immense potential and accelerating innovation within the broader neurotechnology and medical device sectors. This could lead to increased investor interest and R&D spending in companies developing BCI, neuro-stimulation, and other advanced medical implants. Watch the Neurotechnology / Medical Devices sector for potential opportunities. While direct investment in Neuralink is not possible, its success could create a halo effect for public companies in the space, or signal future M&A activity. Neuralink's technology is still nascent and highly experimental; regulatory approval processes are lengthy and stringent; the market for such advanced devices may be niche initially. |
Chamath Palihapitiya
Neuralink's 21 Telepathy Trials in 2 Years
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