| Ticker | Direction | Speaker | Thesis | Time |
|---|---|---|---|---|
| AVOID |
Kim Forrest
CIO, Bokeh Capital Partners |
Alphabet issued a 100-year bond, signaling a need for massive, cheap capital without immediate repayment pressure. Forrest notes that LLMs (OpenAI, etc.) are attacking Google's core business: Search. Users want answers, not a list of links. Google must spend heavily to defend its moat against a paradigm shift, making its future cash flows less certain than in the past. The core business model is under direct threat; the 100-year bond signals management uncertainty about the timeline for AI ROI. Google successfully transitions search to an AI-first model without destroying margins. | — | |
| LONG |
Kim Forrest
CIO, Bokeh Capital Partners |
There is concern about whether chipmakers can meet demand, but the memory market is an oligopoly with few players. Whether the market demands "Training Chips" (Nvidia) or "Inference Chips" (for running models), *both* require massive amounts of memory. Demand is agnostic to *which* AI chip wins. High demand + limited competition (Moat) = Bullish for memory makers (implies MU / SK HYNIX). Cyclical downturn in consumer electronics dampening non-AI demand. | — | |
| SHORT |
Elfreda Jonker
Investment Specialist, Alphinity Investment Management |
Retail sales are stalling, delinquency rates are rising, and inflation remains sticky. While the labor market headline number was good, the underlying data shows stress (low-income workers, student debt). The "soft landing" narrative ignores the bifurcation where the consumer is tapped out. Underweight Consumer Discretionary sectors. Wages rise faster than inflation, reigniting spending power. | — | |
| LONG |
Paul Allen
Reporter, Bloomberg |
Australian miners (Northern Star) reported 41% profit increases due to soaring gold prices. Gold miners are currently printing cash due to the disconnect between fixed costs and record spot prices. Miners are a leveraged play on the high gold price environment. Drop in spot gold prices or rising energy costs squeezing margins. | — | |
| LONG |
Kim Forrest
CIO, Bokeh Capital Partners |
Microsoft stock has been beaten up alongside other software names due to fears of AI replacing human workflows. Forrest argues MSFT holds the "data repository for most businesses around the world." Unlike generic software, MSFT's moat is the data itself. It will not get "vibe coded out of existence." The sell-off is an overreaction; MSFT is a value-add company on sale. Enterprise spending slowdown or faster-than-expected AI agent adoption bypassing SaaS UIs. | 11:16 | |
| LONG |
Elfreda Jonker
Investment Specialist, Alphinity Investment Management |
Jonker identifies TSMC as a core holding despite broader tech volatility. Regardless of which hyperscaler or software company wins, they all require advanced manufacturing. "All AI roads lead to them." They are the ultimate enabler. Long the "picks and shovels" of the AI hardware cycle. Geopolitical tension in Taiwan or supply chain disruptions. | 52:45 | |
| LONG |
Joe Lubin
Founder/CEO, Consensys |
The US regulatory environment has shifted to "blowing wind in our sails" (pro-crypto). Traditional banks are already using Ethereum private chains. We are at the end of a "debt monetary regime super cycle." As trust in centralized institutions cracks, decentralized trust (Ethereum) gains value. The shift from "startup mode" to "mainstream finance adoption" is accelerating due to political support. Ethereum is the "Mainstream Moment" play for institutional finance. Quantum computing risks (though Lubin dismisses this for ETH), or regulatory reversals. | 79:49 | |
| LONG |
Lisa Du
Asia Investment Reporter, Bloomberg |
Today is the deadline for Toyota's tender offer to take its unit private; Elliott Management is pushing back, arguing the offer is too cheap. This is a test case for Japanese Corporate Governance. Activists like Elliott are "hunting big game" in Japan. If Toyota is forced to pay more or restructure, it signals that shareholder value is finally paramount in Japan. Bullish on the value-unlocking theme within the Toyota group and broader Japanese equities. Toyota management digs in and refuses to negotiate, dampening the governance reform narrative. | 40:19 | |
| LONG |
Elfreda Jonker
Investment Specialist, Alphinity Investment Management |
The market is panic-selling companies perceived as "AI Disruptable" (Software, Services). Investors should seek "Non-AI Risk Trades"—companies with hard assets or complex pipelines that AI cannot easily replicate. Caterpillar (Heavy Machinery) and AstraZeneca (Pharma Pipeline) represent physical/complex value that is safe from the "AI Scare" narrative. Buy high-quality "Real World" companies as a defensive play against the AI disruption narrative. Global economic slowdown hurting industrials (CAT) or drug trial failures (AZN). | 55:48 |