$SPX - Bullish on S&P 500 reaching 7,000+ by year-end driven by earnings growth in a 'Goldilocks' environment with strong fundamentals
$GOGO - In-flight Wi-Fi provider with strong earnings growth trajectory from 10¢ to 82¢ EPS over 3 years, currently a 3% position
$FINANCIALS - Largest thematic exposure with banks, regional banks, and insurance companies trading at cheap valuations, indicating market is not in a bubble
$ALL - Allstate trading at extremely cheap valuations with 17% free cash flow yield, presenting an excellent entry point
$NATGAS - Natural gas infrastructure plays including midstream and generators are attractive due to AI data center energy needs and European gas requirements
$KMI - Kinder Morgan dropped 4.7% despite double-digit year-over-year growth, creating a buying opportunity in growing natural gas infrastructure
$CRYPTO - Cryptocurrency increasingly woven into payment and financial systems with constructive regulatory environment creating extraordinary opportunities
$DEFENSE - Defense sector shifting to drone-based warfare away from large platforms vulnerable to hypersonic missiles, presenting interesting opportunities
$AMZN - Amazon implementing AI-driven productivity by replacing 600,000 jobs with robots, a reality markets are missing due to cognitive dissonance
Bearish:
$PRIVATECR - Private credit offers poor after-tax returns with only 2% real return after accounting for taxes, fees, and inflation
$VC - Venture capital requires 30-40 Figma-sized exits per year to justify returns, making current capital deployment unsustainable