Name: Overall landscape for owning common stocks is 'tremendous' right now: Rich Saperstein
Uploaded: 2026-01-09T21:29:49+00:00
Duration: 170 s

Speakers

Richard Saperstein — Founding Principal and CIO of Hightower Treasury Partners

Scott Wapner — Host, CNBC

Summary

Rich Saperstein, founding principal and CIO of Treasury Partners, tells CNBC that the backdrop for owning common stocks is tremendous, citing a capex supercycle, $350 billion in tax cuts, and an accommodative Fed. He remains overweight large-cap tech because of superior earnings growth and hyperscaler cash flow. He notes his concentrated portfolio includes banks/financial intermediaries and recently added drug stocks, while acknowledging value candidates like Procter & Gamble and Live Nation but preferring growth.

Rich Saperstein says the overall environment for common stocks is highly favorable.
He cites a capex supercycle, tax cuts, and Fed accommodation as supports.
He remains overweight large-cap tech due to much stronger earnings growth and hyperscaler cash flow.
Portfolio is concentrated in roughly 18-20 stocks.
Holdings include banks/financial intermediaries; he recently added drug stocks.
He mentions value names P&G and Live Nation but says his preference is growth.
Host notes previous emphasis on megacaps and AI-linked Vistra.

Ideas

Richard Saperstein Founding Principal and CIO of Hightower Treasury Partners 0:36

Owning common stocks is tremendous now.

Saperstein says the overall landscape for owning common stocks is tremendous because the market is in a capex supercycle, there are $350 billion of tax cuts, and the Fed is accommodative and adding to its balance sheet.

Richard Saperstein Founding Principal and CIO of Hightower Treasury Partners 1:20

Holds banks and financial intermediaries.

Within a very concentrated portfolio of roughly 18-20 stocks, he says they own banks/financial intermediaries.

Richard Saperstein Founding Principal and CIO of Hightower Treasury Partners 1:24

Recently added drug stocks to portfolio.

He says they recently added some drug stocks, though he does not name specific companies or give a detailed rationale.

Richard Saperstein Founding Principal and CIO of Hightower Treasury Partners 1:30

Overweight large-cap tech on superior earnings growth.

He remains overweight large-cap tech because over the last five years large-cap tech earnings rose 270% versus only 49% for the rest of the market, and three hyperscalers have $550 billion in operating cash flow; he likes that cash flow and sees no reason to move away from that growth.

Richard Saperstein Founding Principal and CIO of Hightower Treasury Partners 2:29

Watching P&G after valuation pullback.

He says there are value names to look at and that they have been looking at Procter & Gamble, whose stock has come down quite a bit, though he says his portfolio prefers growth.

Richard Saperstein Founding Principal and CIO of Hightower Treasury Partners 2:34

Live Nation benefits from rising economy.

He says Live Nation could benefit very well from a rising U.S. economy, though he frames it alongside value opportunities while emphasizing a preference for growth.

Overall landscape for owning common stocks is 'tremendous' right now: Rich Saperstein

Summary

Ideas

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