Who's Coming For The Market In Q3?

Summary

Avi Felman and Jonah Van Bourg discuss how to manage portfolios at all-time highs after the best NASDAQ quarter since 2020. They debate whether to rotate from single-name AI stocks into indexes, the structural under-appreciation of AI memory demand by sell-side analysts, and specific trades including Micron, Robinhood, Bitcoin, and Israeli real estate. They also cover the threat of a strengthening dollar and the importance of diversification beyond crypto.

• Both hosts acknowledge portfolio all-time highs and the need to consider rotation rather than selling.
• Jonah argues sell-side analysts will keep missing AI demand, making memory stocks like Micron still attractive on a fundamental basis.
• Avi is reducing Intel and Micron due to increased volatility and suggests rotating back into index funds.
• Avi highlights downstream AI beneficiaries Reddit and biotech as continued longs.
• Jonah warns that a strengthening dollar (DXY) is a major headwind for risk assets broadly.
• Avi remains cautious on Bitcoin long-term due to Wall Street co-optation and quantum risks, seeing Zcash as a superior alternative.
• Jonah proposes Israeli real estate as a diversification play driven by global anti-Semitism and aliyah trends.
• Both emphasize taking profits, finding niche expertise, and not being stuck in a single asset class like crypto.