$BLDR - Christopher is investing in homebuilder supply companies, seeing attractive valuations and pent-up housing demand that will emerge when interest rates fall.
$DECK - Christopher sees Deckers as undervalued at 12-14x earnings with strong brands (HOKA, UGG) and international growth potential.
$ALK - Christopher bought Alaska Air as it's well-run with historically net cash balance sheet, seeing opportunity as oil prices normalize from recent spike.
Bearish:
$SPY - Christopher believes the S&P 500 at 26x earnings on near-record margins offers poor long-term returns, potentially negative over 10-15 years.
$MSFT - Christopher believes Microsoft's massive AI capex spending will harm profitability and returns on capital as they transition from capital-light to capital-intensive.
$NVDA - Christopher has a small short position in NVIDIA, believing they cannot maintain their 58% net margin as competition intensifies.
$COST - Christopher believes Costco, despite being well-run, is overvalued at 50x earnings and won't generate good returns from current prices.