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.

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.