Nate Thooft

Industrials have secular tailwinds from robotics, energy capex, AI infrastructure, and power-related spending. These areas are bright spots even as other sectors struggle, making industrials an attractive opportunity.

The health care sector is the only sector that can compete with technology in terms of secular growth. It is historically cheap versus its average due to regulatory overhang and negative sentiment, presenting a valuation opportunity.

"Is $5,000 a good entry point to gold? Yes. We believe we will see higher gold prices over the next several years." Gold has worked well over the last two years, and despite short-term profit-taking by some players, the ongoing geopolitical volatility, shifting stock-bond correlations, and structural inflation risks make it a strong long-term portfolio hedge. LONG because macroeconomic uncertainty and inflation risks provide a multi-year tailwind for gold. A rapid de-escalation of geopolitical conflicts and a sharp drop in global inflation could reduce safe-haven demand for precious metals.