Ideas
Energy transition and AI offer generational opportunities.
He sees generational opportunities in energy transition, AI and robotics, and sovereignty-related macro conditions, similar to finding the Standard Oil of the 2020s and 2030s; these are areas where active investors should look for the next winners.
Bullish Mexico and Canada on USMCA nearshoring.
He is incredibly bullish Mexico and Canada because a USMCA renegotiation is likely by summer and the North American block should be central to a US hemispheric strategy; Mexico lost out to China in globalization and now gets to run it back through nearshoring.
Chile offers cheap energy and resources.
Chile is the Saudi Arabia of renewables, solar, wind and geothermal, and has lithium and copper; countries far from geopolitical risk with cheap secure energy tend to innovate and do well.
Brazil is starting a long growth story.
He is all in on Brazil because in a multipolar world South America will look to Brazil rather than the US or China; Brazil is a US clone in the region that has punched below its weight and may be starting a long growth story.
Passive US index era is over.
The age of the passive index fund is over because in a multipolar world a rising tide will not lift all boats; investors will need to pick industries and companies and analyze which are helped or destroyed by technological innovation.
Alternative energy is a huge sovereignty play.
Technologies of sovereignty are the key investment theme and alternative energy is going to be huge; China is rapidly installing solar and electrifying, while the US is stuck on fossil fuels.
Long commodities in a multipolar decade.
He wants to be long commodities and believes we are in a decade-long commodity bull market because multipolarity, sovereignty, electrification and alternative energy buildout will require large amounts of commodities.
Dollar index heading toward 80.
He expects the DXY to fall to 80 by the end of this decade as US assets are priced for empire and investors diversify away from the dollar.
Europe will outperform US next four years.
The US is priced for perfection and empire and must come down from those prices, so Europe is likely to outperform the US over the next four years in a multipolar world; this is not an end-of-America call and the US may do well in the 2030s.
Europe will outperform US next four years.
The US is priced for perfection and empire and must come down from those prices, so Europe is likely to outperform the US over the next four years in a multipolar world; this is not an end-of-America call and the US may do well in the 2030s.
US indexes are expensive, stay cautious.
US indexes are trading above average valuations on almost every measure after a strong run, so he is cautious about broad index valuations even though he cannot time a slowdown.
Avoid paying up for Nvidia and Palantir.
As value investors they will not pay up for expensive AI leaders like Nvidia and Palantir; if the rush of capital slows, very high sales multiples can come down sharply.
Own AI infrastructure, not expensive AI names.
They can still play AI by owning infrastructure assets that benefit from data-center buildout, digitization and robotics, plus energy and commodities that AI will need, without paying up for expensive AI poster children.
Prologis benefits from data center buildout.
They own Prologis, a real estate company benefiting from the AI and data-center buildout and related infrastructure demand.
Copper royalty companies offer copper upside.
They are looking to get copper exposure through royalty companies, which should benefit as more copper mines are developed and need capital by selling silver or gold streams from large projects.
Insurance holdings are cheap and growing.
They own insurance companies like Trisura, Kinsale and American Coastal because the sector has lagged even as these businesses grow 8-15%, trade not much above book, are profitable, and have conservative investment portfolios.
Amazon remains a sane-valued megacap holding.
Amazon is one of their largest positions and they have not reduced it; they like the business and view it as one of the Magnificent Seven trading at sane rather than ridiculous valuations, with robotics efficiency potential.
ServiceNow is reasonably priced with high retention.
They built a position in ServiceNow because it is a sophisticated software company applying AI to integrate systems for S&P 500 businesses, has a very high client retention rate, and trades at a reasonable price relative to growth and cash flow.
Beaten-down software names have overstated AI risk.
Other software companies like Roper Technologies and Tyler Technologies were hit last year despite consistent growth because investors fear AI will unwind their businesses; he thinks that threat is overstated and sees opportunities.
Uranium and Cameco benefit from nuclear tailwinds.
They have held Cameco and uranium positions for a couple of years as another way to play AI's increasing need for energy, including greener energy, with continued growth opportunities over the next number of years.
US stocks face valuation reckoning.
American stock valuations are stretched under any scenario and the arithmetic of high debt, high rates and inflation makes a reckoning possible sometime during the year, though he does not forecast a crash.
Own gold as diversification and protection.
He owns gold, mining friends are even more bullish, and gold serves as diversification and protection; he is not bearish but prefers assets with cash flow.
Favor high-dividend stocks over tech.
He likes cash flow and high-dividend stocks yielding 7-10% because compounding is powerful, and he agrees with a rotation out of tech into dividend-paying stocks for 2026.
Favor high-dividend stocks over tech.
He likes cash flow and high-dividend stocks yielding 7-10% because compounding is powerful, and he agrees with a rotation out of tech into dividend-paying stocks for 2026.
Rotate from US equities to cheaper markets.
The US market grossly underperformed in the past year and money could rotate out of Magnificent 7, Nasdaq and semiconductor leaders into cheaper emerging economies, China, India and Europe; all these markets are cheaper than the US on sales, book and earnings, and if there is peace emerging economies should do better due demographics and self-reliance.
Rotate from US equities to cheaper markets.
The US market grossly underperformed in the past year and money could rotate out of Magnificent 7, Nasdaq and semiconductor leaders into cheaper emerging economies, China, India and Europe; all these markets are cheaper than the US on sales, book and earnings, and if there is peace emerging economies should do better due demographics and self-reliance.
Latin America is cheap and safer.
He has long liked Latin America because it is unlikely to be a war theater, valuations are low versus other emerging markets, Brazil is especially cheap, and he has significant investments in Colombia where stocks are reasonably priced.
Singapore and Hong Kong offer safety.
He is very positive on Singapore and Hong Kong because safety and freedom matter; Hong Kong is safe to walk at night, which is an important investment factor.
Long-term bonds remain unattractive.
Long-term bonds will not be a good investment and the bond market is not attractive, though negative sentiment could produce a rally and bonds may fall less than tech stocks; he still holds some bonds for diversification.
This Wealthion video, published January 09, 2026,
features Jacob Shapiro, Marco Papic, Jonathan Wellum, Steven Feldman, Marc Faber
discussing ICLN, BOTZ, EWW, EWC, ECH, EWZ, US passive equity index funds, DBC, DXY, VGK, SPY, QQQ, NVDA, PLTR, AIQ, XLE, PLD, Copper royalty companies, KIE, TSU.TO, KNSL, ACIC, AMZN, NOW, ROP, TYL, URA, CCJ, GLD, High-dividend stocks, XLK, MAGS, SMH, EEM, FXI, INDA, Latin America, Colombia, EWS, EWH, TLT.
29 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Jacob Shapiro,
Marco Papic,
Jonathan Wellum,
Steven Feldman,
Marc Faber
· Tickers:
ICLN,
BOTZ,
EWW,
EWC,
ECH,
EWZ,
US passive equity index funds,
DBC,
DXY,
VGK,
SPY,
QQQ,
NVDA,
PLTR,
AIQ,
XLE,
PLD,
Copper royalty companies,
KIE,
TSU.TO,
KNSL,
ACIC,
AMZN,
NOW,
ROP,
TYL,
URA,
CCJ,
GLD,
High-dividend stocks,
XLK,
MAGS,
SMH,
EEM,
FXI,
INDA,
Latin America,
Colombia,
EWS,
EWH,
TLT
