Steve Weiss

Weiss calls this a "great valuation." In a market where many AI-related stocks are becoming expensive, the speaker identifies Meta as one of the few remaining names with a valuation that makes fundamental sense relative to its growth. N/A General tech sector volatility.

Oil prices are at a lull and will go higher as long as the blockade remains in place.

I'm still optimistic on the market because markets generally go up over time; I have cash to buy on pullbacks and advise sticking to fundamentals amid noisy headlines, viewing short-term dislocations as opportunities.

The headline risk is when all these funds stop allowing redemptions... I'm comfortable with the big ones. I'm comfortable with the big firms because they have very, very mature risk management. Smaller private credit funds are heavily invested in illiquid loans and may face a liquidity crisis if investors rush for redemptions. This will cause a flight to quality, where capital flees smaller operators and consolidates into mega-cap alternative asset managers (like BlackRock, Blackstone, and Apollo) that have the balance sheets and credit facilities to weather redemption requests. LONG. Large alternative asset managers will win market share and investor trust as smaller private credit funds face liquidity stress. A systemic credit freeze could drag down the entire financial sector, regardless of individual firm capitalization, similar to the initial panic phases of past financial crises.

The headline risk is when all these funds stop allowing redemptions... I'm comfortable with the big ones. I'm comfortable with the big firms because they have very, very mature risk management. Smaller private credit funds are heavily invested in illiquid loans and may face a liquidity crisis if investors rush for redemptions. This will cause a flight to quality, where capital flees smaller operators and consolidates into mega-cap alternative asset managers (like BlackRock, Blackstone, and Apollo) that have the balance sheets and credit facilities to weather redemption requests. LONG. Large alternative asset managers will win market share and investor trust as smaller private credit funds face liquidity stress. A systemic credit freeze could drag down the entire financial sector, regardless of individual firm capitalization, similar to the initial panic phases of past financial crises.

The headline risk is when all these funds stop allowing redemptions... I'm comfortable with the big ones. I'm comfortable with the big firms because they have very, very mature risk management. Smaller private credit funds are heavily invested in illiquid loans and may face a liquidity crisis if investors rush for redemptions. This will cause a flight to quality, where capital flees smaller operators and consolidates into mega-cap alternative asset managers (like BlackRock, Blackstone, and Apollo) that have the balance sheets and credit facilities to weather redemption requests. LONG. Large alternative asset managers will win market share and investor trust as smaller private credit funds face liquidity stress. A systemic credit freeze could drag down the entire financial sector, regardless of individual firm capitalization, similar to the initial panic phases of past financial crises.

If something gets ridiculously inexpensive, like a Netflix or Microsoft I've added recently, or Alibaba... I know what the long term story is for them regardless of market and volatility. High-quality tech and e-commerce companies with strong fundamentals can be purchased at a discount during periods of extreme, headline-driven market panic. LONG because the long-term growth trajectory of these specific companies outweighs short-term macroeconomic crosswinds. Prolonged market volatility or a severe recession could cause these stocks to fall further before rebounding.

If something gets ridiculously inexpensive, like a Netflix or Microsoft I've added recently, or Alibaba... I know what the long term story is for them regardless of market and volatility. High-quality tech and e-commerce companies with strong fundamentals can be purchased at a discount during periods of extreme, headline-driven market panic. LONG because the long-term growth trajectory of these specific companies outweighs short-term macroeconomic crosswinds. Prolonged market volatility or a severe recession could cause these stocks to fall further before rebounding.

If something gets ridiculously inexpensive, like a Netflix or Microsoft I've added recently, or Alibaba... I know what the long term story is for them regardless of market and volatility. High-quality tech and e-commerce companies with strong fundamentals can be purchased at a discount during periods of extreme, headline-driven market panic. LONG because the long-term growth trajectory of these specific companies outweighs short-term macroeconomic crosswinds. Prolonged market volatility or a severe recession could cause these stocks to fall further before rebounding.

Weiss explicitly stated, "I added to the position this morning." While competitors like Microsoft are facing narrative challenges regarding AI dominance, Weiss believes Amazon is not suffering the same damage. He views the current dip as a buying opportunity rather than a structural failure. N/A Potential for increased Capex spending to compress margins, similar to other big tech peers.

The speaker owns both GE Vernova and Caterpillar but admits they are "overvalued here." These stocks are driven by the AI infrastructure and power narrative. Momentum is strong, but the fundamentals are becoming "hard to justify" at these price levels. He is holding them because the trend is intact, not because they are cheap. N/A Valuation compression; if the market stops paying a premium for AI-adjacent industrials, these could correct sharply.

The speaker owns both GE Vernova and Caterpillar but admits they are "overvalued here." These stocks are driven by the AI infrastructure and power narrative. Momentum is strong, but the fundamentals are becoming "hard to justify" at these price levels. He is holding them because the trend is intact, not because they are cheap. N/A Valuation compression; if the market stops paying a premium for AI-adjacent industrials, these could correct sharply.

The speaker owns Taiwan Semi and believes he can "justify" the valuation. Despite trading at multiples far above its historical average, TSM is the critical supplier for the AI boom. Unlike other industrials where the price feels disconnected from reality, TSM's earnings power supports the higher price tag. N/A Geopolitical risks and semiconductor cycle downturns.