$GOOGL - Google is the top position at 10% weight due to its lead in AI with AgenTik AI, though considering trimming after strong performance
$NCLH - Built a 5% position in Norwegian Cruise Lines due to elevated free cash flow yield and connection to baby boomer spending thesis
$ICE - Quality stock that runs the largest derivatives clearinghouse globally, currently dislocated and trading below its 200-day moving average
$SPGI - Quality compounder that licenses S&P indices to ETFs, currently trading below its 200-day moving average presenting an oversold opportunity
$TEAM - Atlassian benefits from AI adoption with 120% net revenue retention rate, showing strong land-and-expand dynamics with customers
$META - Oversold due to AI concerns but attractive at forward P/E of 19.9, market overreacting to perceived AI positioning
$REGBANKS - Regional banks preferred over mega-cap banks as a great theme, though technicals aren't clean yet
Bearish:
$ANIMSPRT - Speculative assets including small caps, uranium, and digital assets have been smashed after parabolic moves, rotation away from animal spirits expected to continue
$COST - Costco exemplifies a bubble in quality stocks at 59x earnings, now deflating despite being a great business
$INDUSTRL - Industrial sector shows topping pattern on charts, not interested in owning this area