“I mean, you can still buy NVIDIA. Maybe the multiple's slightly higher right now. I mean, there's such a catch-up trade in NVIDIA at 15 times 27, 12 times 28…”
NVIDIA at 15x '27 / 12x '28 is a catch-up trade in the most dominant AI compute name; valuation undemanding.
“I looked through our whole semis, cap equipment, hyperscaler, portfolio, and I thought my instinct was going to be, okay, we've got to take profits here. I…”
Hyperscalers and semis cap equipment are the most attractive sector; the CapEx will earn its return
“You look at Anthropic's revenue growth and the adoption and the usefulness of its products and the anecdotes that you hear about the next generation, you…”
Anthropic's revenue growth and product adoption mean AI corporate adoption is barely scratching the surface; bullish.
“Israel is an interesting market. It's kind of a, a niche market. And we had one, one of our top investments there that despite the war has been one of the…”
Israel equities can outperform through war; one position has been a top portfolio performer
“in terms of the big markets, yeah, there's a lot going on in Korea, Taiwan, Japan. I'm probably more bullish on them just in terms of a hunting ground to find…”
Japan, Korea and Taiwan are a richer hunting ground for great companies than regulation-heavy Europe.
“The European markets are just tough right now given the regulatory environment. They just have a different attitude about business and capitalism. And we're…”
European local-economy companies are challenged by regulation and anti-capitalist attitude; favor global names like Rolls-Royce, ASML.
“all the benefits that they got from the surge in demand that was a tailwind became a headwind, and they still haven't really come out of it.”
Danaher re-entered small on the sell-off; best-run continuous-improvement operator, but COVID surge-to-headwind still unresolved.
“I mean, who would've thought 20 years ago, or even 3 years ago, Bahrain, the Emirates, Saudi, Morocco, Azerbaijan would be better allies to the US than NATO.…”
Gulf states and Middle East offer the highest growth and fastest tech adoption, now better US allies than NATO