Ajay Rajadhyaksha

The front end of the U.S. bond curve (2-year Treasuries) is still reasonable because the Federal Reserve is unlikely to hike rates, making short-dated bonds a relatively safe place to park cash.

Apple is entering a 'golden age' as it monetizes the consumer AI revolution through a subscription service with Gemini, potentially adding $10-15 billion in services revenue. The installed base and iPhone growth support the thesis.

The Mag 6 (excluding Tesla) have much stronger free cash flow and forward valuations compared to Tesla, making them a safer haven in a neutral risk stance. He prefers these six mega-cap tech stocks over the broader market.

The Mag 6 (excluding Tesla) have much stronger free cash flow and forward valuations compared to Tesla, making them a safer haven in a neutral risk stance. He prefers these six mega-cap tech stocks over the broader market.

The Mag 6 (excluding Tesla) have much stronger free cash flow and forward valuations compared to Tesla, making them a safer haven in a neutral risk stance. He prefers these six mega-cap tech stocks over the broader market.

The Mag 6 (excluding Tesla) have much stronger free cash flow and forward valuations compared to Tesla, making them a safer haven in a neutral risk stance. He prefers these six mega-cap tech stocks over the broader market.

The Mag 6 (excluding Tesla) have much stronger free cash flow and forward valuations compared to Tesla, making them a safer haven in a neutral risk stance. He prefers these six mega-cap tech stocks over the broader market.

Ajay states, "I still like Precious Metals... I think that's the safest place." He also notes that Copper is in a "structurally bullish demand supply dynamic" regardless of the war. In a geopolitical crisis where equities are repricing and inflation fears are resurfacing due to oil shocks, gold acts as the primary hedge. Copper is decoupled from the war risk due to the secular electrification trend. LONG Gold as a haven; LONG Copper on dips. A rapid de-escalation of the war could cause a temporary pullback in gold prices.

Ajay states, "I still like Precious Metals... I think that's the safest place." He also notes that Copper is in a "structurally bullish demand supply dynamic" regardless of the war. In a geopolitical crisis where equities are repricing and inflation fears are resurfacing due to oil shocks, gold acts as the primary hedge. Copper is decoupled from the war risk due to the secular electrification trend. LONG Gold as a haven; LONG Copper on dips. A rapid de-escalation of the war could cause a temporary pullback in gold prices.