Ann Berry

Henry Schein is a $10B market cap healthcare distributor trading at ~11x EBITDA. Healthcare demand is rising and is not "AI-displaceable" (physical goods to vets/doctors). However, the business is "AI-Enhanceable" via better demand planning and SKU management, which can expand margins. LONG. A value play in an expensive market. Healthcare regulatory changes.

Palo Alto Networks has been punished recently (down ~22% over a year mentioned in context), but cybersecurity demand is non-discretionary. Unlike CRM, cybersecurity is "AI-Enhanceable" rather than "AI-Replaceable." AI creates *more* threats, increasing demand for PANW's services. The market is wrongly throwing the baby out with the bathwater by grouping it with vulnerable SaaS. LONG. Strong entry point for a mission-critical sector. Integration execution risks.

Clear Secure is expanding partnerships (e.g., Mount Sinai) beyond just airport security. In an AI world of deepfakes and data insecurity, trusted biometric identity verification becomes a high-value moat. Consumers trust YOU with biometric data, allowing them to expand into medical records and other verticals. LONG. Regulatory pushback on biometric data usage.

Instead of overvalued AI infrastructure, the better opportunity lies in physical AI, robotics, and automation, which will benefit as the underlying infrastructure is built out.

Sphere Entertainment is trading at a decent multiple, the venue is packed, every seat is full, and there is clarity around expansion into Abu Dhabi. Live entertainment demand remains strong even as other parts of Las Vegas struggle.

SK Hynix trades at a forward multiple discount to its peers, with some peers at double the valuation, while it holds 57% of the high-bandwidth memory market. The upcoming offering creates an opportunity to participate in the AI memory story, and she is happy to do so.

Amid uncertainty about which software AI names will survive, cybersecurity stocks continue to be pretty good value.

The Middle East conflict will be prolonged, driving sustained higher oil prices, which benefits energy stocks. She bought Chevron and Phillips 66 and continues to hold them.

Defense spending is a long-lasting opportunity amid geopolitical tensions; she has added defense exposure and will continue to add, citing the Lockheed Martin deal as evidence of a coming M&A wave.

The Middle East conflict will be prolonged, driving sustained higher oil prices, which benefits energy stocks. She bought Chevron and Phillips 66 and continues to hold them.

The Strait of Hormuz conflict has paused a major fiber-optic cable program, making satellite connectivity a crucial alternative. Demand for satellite communication is insatiable, and she participated in the SpaceX IPO.

"I think where we've seen the baby being thrown out with the bath water is a little bit in the software selloff... I do think cybersecurity stocks remain oversold. I'm watching CrowdStrike get down this morning, and that's an opportunity." The broader market selloff driven by geopolitical fears and AI rotation has disproportionately hit high-quality software names. Companies with proprietary data and strong ROI for customers have pricing power and will rebound once macro fears subside. LONG. CrowdStrike represents an oversold, high-quality asset in a critical sector (cybersecurity) that is being unfairly punished by macro noise. Prolonged macro uncertainty or a broader recession could cause enterprise IT budgets to contract, impacting software growth rates.