| Ticker | Direction | Speaker | Thesis | Time |
|---|---|---|---|---|
| LONG | Unnamed Guest (Market Strategist) | "In the U.S., one of the most attractive sectors right now is tech. Software is a big part of the cheapness." The market has indiscriminately sold off software due to "AI disruption" fears. This has pushed valuations to historically attractive levels relative to the broader market. The "sell everything" mentality has created a value entry point for high-quality software names. Long US Software (selectively) on valuation support. Actual AI displacement of legacy SaaS business models (e.g., "Kodak moment"). | — | |
| LONG |
Amrita Sen
Director of Research, Energy Aspects |
"The market has been much too bearish... runs in January were up two million barrels a day... inventories are still low." The consensus view (IEA) predicts a surplus, but physical market data (refining runs) shows tightness. Furthermore, China is stockpiling commodities not for consumption, but for strategic reserves (Taiwan preparation), creating a price floor and demand shock the market hasn't priced. Long Oil and Refiners as the "glut" narrative fails to materialize. Global recession crushing organic demand; rapid de-escalation of geopolitical tensions. | 12:17 | |
| LONG |
Deborah Aitken
Senior Analyst, Bloomberg Intelligence |
Hermes sales grew 10% with 5-6% price hikes, while peers struggle. In a tough consumer environment, "Ultra-Luxury" (Heritage/Scarcity) diverges from "Aspirational Luxury." High-net-worth spending remains resilient, and heritage brands have pricing power that protects margins against inflation/tariffs. Long top-tier Luxury (Hermes/LVMH) vs. mid-tier. China slowdown impacting luxury demand. | — | |
| LONG |
Amrita Sen
Director of Research, Energy Aspects |
"The big new player is Tether... they were the biggest buyers in the market [last two quarters]." Demand for Gold is evolving from just a "fear trade" to a "diversification trade" for the digital economy. Stablecoins and non-US central banks are systematically dumping US Treasuries for Gold to sanction-proof their reserves. Long Gold targeting $6,000/oz. Strong US Dollar or high real rates making non-yielding assets less attractive. | 19:24 | |
| LONG |
Roland Busch
President and CEO, Siemens |
Siemens doubled US manufacturing capacity for data centers. "There might be shortages on power supply." The AI trade is moving from software to hardware/physics. As AI models hit the real world (factories, grid), the bottleneck shifts to power and cooling. Companies that provide the "pipes and infrastructure" (Physical AI) will outperform generic software. Long Industrial Infrastructure and Grid Equipment providers. CapEx cuts by Hyperscalers. | 12:17 | |
| SHORT |
Neil Campling
Tech/TMT Analyst |
"Commercial real estate stocks that were hit hard... potential for models being released [that disrupt the sector]." AI is viewed as a deflationary force for office demand (fewer humans needed). The market is pricing in terminal value risk for CRE similar to how it priced Kodak. Short/Avoid Commercial Real Estate. Return-to-office mandates stabilizing occupancy. | 3:41 |