Ideas
Jim Thorne
Chief Market Strategist, Wellington-Altus Private Wealth
2:13
Capex supercycle fuels AI growth.
The 100% tax deductibility of capex until January 2031 will drive a capex supercycle, with hyperscalers and capex-heavy companies investing in the U.S. to pursue AGI. Electricity capacity needs to grow by 90-100 GW, and he likes growth because the AI bubble is nowhere close to popping.
Jim Thorne
Chief Market Strategist, Wellington-Altus Private Wealth
2:31
S&P targets 7,500 then 8,000.
He maintains his S&P 500 target and expects 7,400-7,500 by spring, then 8,000 by end of next year. Supply-side fiscal policy, Fed rate cuts and QT stop, the capex supercycle, and earnings growth support stocks, and he is not getting head-faked by tariff fears.
Jim Thorne
Chief Market Strategist, Wellington-Altus Private Wealth
2:48
Tactically rotate gold/silver into crypto.
Tactically, gold and silver have gone too far too fast and face a healthy consolidation/pullback, while Bitcoin has flushed leverage and has more upside than gold over the next six months. He is getting out of gold and silver and buying Bitcoin and Ethereum, which are part of the same long-term monetary debasement trade.
Jim Thorne
Chief Market Strategist, Wellington-Altus Private Wealth
2:48
Tactically rotate gold/silver into crypto.
Tactically, gold and silver have gone too far too fast and face a healthy consolidation/pullback, while Bitcoin has flushed leverage and has more upside than gold over the next six months. He is getting out of gold and silver and buying Bitcoin and Ethereum, which are part of the same long-term monetary debasement trade.
Jim Thorne
Chief Market Strategist, Wellington-Altus Private Wealth
6:00
Long USD/Treasuries over Europe.
He disagrees with the end-of-dollar and end-of-Treasury narratives. The U.S. dollar and Treasuries are the best house in a bad neighborhood; he would rather own them than the euro, French 10-year, German, or Greek bonds. Stablecoin legislation backed by Treasuries creates structural demand, and the 10-year yield can fall to 3.50% as the Fed cuts and stops QT.
Jim Thorne
Chief Market Strategist, Wellington-Altus Private Wealth
6:00
Long USD/Treasuries over Europe.
He disagrees with the end-of-dollar and end-of-Treasury narratives. The U.S. dollar and Treasuries are the best house in a bad neighborhood; he would rather own them than the euro, French 10-year, German, or Greek bonds. Stablecoin legislation backed by Treasuries creates structural demand, and the 10-year yield can fall to 3.50% as the Fed cuts and stops QT.
Gold/Bitcoin outperform real estate.
Real estate will not regain the leadership it had after the global financial crisis even as rates come down. Foreign capital support may not be as strong, and gold and Bitcoin should outperform real estate over the next 5-10 years, though he is not calling for a real estate crash.
Buy beaten-down US regional banks.
The recent regional bank stress is not a GFC-style systemic crisis. Very good regional banks are on sale, and Treasury Secretary Bessent wants to deregulate U.S. banking, especially regional banks, to get credit flowing to Main Street.
MSTR's Bitcoin collateral is pristine.
MicroStrategy's Bitcoin holdings are pristine, transparent collateral on the blockchain, unlike opaque bank books. Its capital structure can provide safe yield and compete for the stranded capital on Wall Street, while traditional banks must innovate or get left behind.
Buy rate-sensitive sectors on Fed cuts.
With the Fed set to stop QT and cut rates, investors should start looking at interest-rate-sensitive areas of the market. The long end of the curve is coming down, and mortgage rates may fall faster than the 10-year as the Fed stops selling MBS.
Canada resource pivot is coming.
Canada's competitive advantage is natural resources. He expects Carney to build pipelines like Keystone and develop rare earths, commodities, and western resources to satisfy NATO spending and revive the economy, creating a potential commodity opportunity, though timing depends on policy.
TSX relative run is over.
Gold is 13% of the TSX, and the big run in gold is over. The TSX's relative outperformance versus the S&P 500 is therefore over, and the index needs a pullback as its gold-heavy leadership fades.
CAD risks drop without policy pivot.
He is not bullish on the Canadian dollar; it may hang for a while. If Carney does not shift industrial policy toward western natural resources, the CAD could fall under 70 and trade down to 65-63, though a policy pivot would stabilize Canada.
This The David Lin Report video, published October 23, 2025,
features Jim Thorne
discussing AI-SECTOR, SKYY, IWF, SPY, ETH, BTC, GLD, SILVER, USD, TLT, FXE, French 10-year government bonds, BUND, Greek government bonds, XLRE, KRE, MSTR, Rate-sensitive sectors, Canadian natural resources, TSX, CAD.
13 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Jim Thorne
· Tickers:
AI-SECTOR,
SKYY,
IWF,
SPY,
ETH,
BTC,
GLD,
SILVER,
USD,
TLT,
FXE,
French 10-year government bonds,
BUND,
Greek government bonds,
XLRE,
KRE,
MSTR,
Rate-sensitive sectors,
Canadian natural resources,
TSX,
CAD
