Shane Obata

His team has been focused on the sustainability of the rally. It's been a pretty amazing Q1, so they're trying to see what's ahead. We're well ahead of the typical election-year cycle, so that would indicate that perhaps we consolidate a bit. He's micro-focused on earnings growth, and that's coming through.

When we think about the M7 and the S&P 493, until recently all the earnings growth was coming from the 7 companies. So last year, people were complaining that the breadth was narrow, that those 7 companies were lifting all boats. But it was grounded in fundamentals.

Now we're seeing growth outside of the M7, which should lead to a continuation of the broadening out we've seen. That's healthy. We want more participation in the market.

The difficulty with the US, in particular, is that it always trades at a premium. And that's justified by its really good businesses. He thinks there's a lot of potential in Canada and Europe -- regions that are tilted less toward tech, and more toward cyclical/value like financials, energy, and whatnot. Those areas can benefit.

He's been seeing strength in Japan for a long time, which could be due to people avoiding China, so there could be some push/pull there. Definitely seeing opportunities across the globe.

Good intellectual property. He's been on the fence and missed the huge rally. Important to look at NFLX, the best-in-breed streamer. Everyone piled in, but it's a tough business. DIS is still caught in that trap. Theme parks have been the profit engine. Inflation, economic concerns, high prices. Might be facing Marvel fatigue.

Research shows that you can have just a few, but very successful, positions that carry a large part of your portfolio. You want to be on the lookout for big, multi-year gains in your portfolio. When you find a META, and it's still working, stick with it (unless it's become an uncomfortably large portion of your portfolio). Great company. See Top Picks.

For his core positions, you want to trade around them. If the thesis hasn't changed, story not broken, you want to maintain the core position. But if it gets expensive in absolute terms relative to itself or to peers, then you can take some off the table and recycle proceeds into a competitor or an undervalued peer. 

This is a good way to protect yourself and to have some discipline around the valuation.

Great company, a leader, profitable. Punished because of platform change, it wants to consolidate products from the different sub-sectors. Temporary pullback. Vendor consolidation makes a lot of sense, especially in cybersecurity. High growth, very expensive, but real earnings growth. Be patient.

Great, diversified name. #2 player, in dollar terms, in AI semiconductors after NVDA. Partners directly with companies to design company-specific chips. Doesn't see any thesis breakdown on the horizon.

Solid performance this year. Miners have lagged, people have been waiting for a revival, and this could be it. He's worried about what gold is telling us, why is it rallying so much? Combination of concerns about resurgence in inflation, along with government balance sheets still elevated. So people are trying to diversify.

Not his area of expertise. His firm has liked FNV for a while. Royalty business model makes a lot of sense. Very interesting space right now. Also likes Kinross.

Not his area of expertise. His firm has liked FNV for a while. Royalty business model makes a lot of sense. Very interesting space right now. Also likes Kinross.

He doesn't use them. Have to think about fees and volume. Same dynamics you'd think about with a stock listed on a foreign exchange vs. its ADR.

Really likes the business. Market has no patience right now, in this higher interest rate environment, for names that aren't profitable. Dominant in its markets. Now inflecting into profitability, rather than focusing just on growth, and that will continue. Valuation may continue to improve. Best logistics company in the world. Cloud, e-commerce, great ad business.

He never wanted them to do a car, tough business, often go bankrupt. He's not sure if robotic vacuums are going to reinvigorate the company. iPhone numbers are not good. But if start to see new AI-powered phones, could be a huge catalyst for a refresh. Good, long-term name. Will get through its issues.

Fintech is a tough space. Sometimes the best answer is the simplest, and that's to buy Visa or MA. SQ has an interesting story and ecosystem. When you buy, you always have to compare. He can't see selling a Visa to buy this.