John Stoltzfus

The market remains resilient, driven by positive fundamentals, better-than-expected earnings, and strong consumer and business adoption of technology. Every challenge to resilience is overcome by the resilience factor, and the structural shift of private investors becoming serious long-term participants supports equities.

The U.S. consumer is resilient and continues to spend in good and bad times, shifting to private label or used goods when necessary but not stopping. Therefore, the consumer discretionary sector, which is currently disfavored, offers a buying opportunity.

Speaker stated they "continued with cyclicals over defensive" and to look for "babies that got thrown out of the bathwater" in technology, industrials, and financials. The recent market volatility and sell-off on Iran war fears created indiscriminate selling, providing a buying opportunity in well-managed, high-quality companies within cyclical sectors. LONG on these sectors because they represent "generational buying opportunities" after being sold off, and cyclicals are poised to benefit as the immediate crisis abates. The ceasefire breaks down completely, reigniting severe macro volatility and a risk-off sentiment that pressures all cyclicals.

Speaker stated they "continued with cyclicals over defensive" and to look for "babies that got thrown out of the bathwater" in technology, industrials, and financials. The recent market volatility and sell-off on Iran war fears created indiscriminate selling, providing a buying opportunity in well-managed, high-quality companies within cyclical sectors. LONG on these sectors because they represent "generational buying opportunities" after being sold off, and cyclicals are poised to benefit as the immediate crisis abates. The ceasefire breaks down completely, reigniting severe macro volatility and a risk-off sentiment that pressures all cyclicals.

Growth at a reasonable price is found in technology names outside the Magnificent Seven, which are overlooked but offer strong earnings.

Communication services benefit from technology usage and AI adoption, offering growth potential beyond mega-cap names.

A barbell strategy combining technology with dividend-paying telephone and utility companies provides diversification and has historically weathered volatility well, offering a healthy bounce and balance against overheating in the AI trade.

Speaker stated they "continued with cyclicals over defensive" and to look for "babies that got thrown out of the bathwater" in technology, industrials, and financials. The recent market volatility and sell-off on Iran war fears created indiscriminate selling, providing a buying opportunity in well-managed, high-quality companies within cyclical sectors. LONG on these sectors because they represent "generational buying opportunities" after being sold off, and cyclicals are poised to benefit as the immediate crisis abates. The ceasefire breaks down completely, reigniting severe macro volatility and a risk-off sentiment that pressures all cyclicals.

The speaker stated he will "want to own Energy" and sees this as a "reawakening of the energy story." He also noted Energy is up ~32% YTD, a move equivalent to what Communications Services did for all of last year. The conflict has caused a fundamental supply shock with long-term infrastructure damage, moving the market's focus from short-term transit risk to long-term production risk. This reprices the strategic importance of energy as a bridge fuel. LONG the Energy sector. The thesis is that the conflict has structurally changed the narrative and supply outlook for energy, justifying ownership despite near-term volatility. A rapid and unexpected de-escalation of the conflict that restores supply flows and production capacity faster than anticipated.