Calls
5
Michael Metcalfe
Head of Macro Strategy, State Street Global Markets
Win Rate
75.0%
return
+12.1%
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Ticker
Side
Mentions
First Call
Call Price
P&L
Thesis
Theme
Source
Long
Apr 13
$141.57
+29.7%
Tech stocks have been a relative safe haven as investors rebalance away from cyclicals in this environment. Even though tech is a large overweight, investors have moved back into it because they don't want cyclical exposure.
Thematic ETFs
Long
Aug 17
$9.85
+5.6%
AI and U.S. tech have been the credible trade for years and remain one of the most credible trades in the last month; after earnings, the trade has been reinforced as the conventional leadership trade.
AI Software
Long
Aug 17
$403.08
-0.3%
A desire not to hold duration, driven by long-term inflation and fiscal concerns, has made the underweight in bonds significant; if the environment is more inflationary, real assets are the alternative, and this also explains the concentration in tech.
Commodities
Long
Jul 17
$92.00
+13.5%
Investors are currently rotating out of semiconductors and into technology hardware and software, which he interprets as a healthy rebalancing within the tech sector rather than an outright exit. This flow suggests near-term upside in hardware and software names as the semis unwind continues.
Thematic ETFs
Long
Apr 13
$95.23
-
Investors should continue de-risking due to the inflation shock from the Middle East conflict worsening. The economic impact is unfolding, with U.S. inflation already above 4% and rising quickly, indicating a larger shock than initially thought. De-risking means moving out of equities and into cash, as the long end of the fixed income market also faces risks from lower growth, higher inflation, and fiscal concerns.
Other
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Michael Metcalfe has 5 trade ideas tracked on Buzzberg across 5 tickers since April 2026. Most covered: XLK, IGV, CASH.
