Rick Stuchberry

Markets. Constructive. If you look backward, there have been dozens of bottoms since he started in the business, and there's a great rhyme to these things. June lows were probably the bottom, though we may test them again. Great opportunity to start putting some money to work that you've had on the sidelines. He has about 20% in cash, and he's been trickling it in as the market gives him opportunities to do so.

Sectors. Old economy vs. new economy. For growth, you want to be in the new economy. Old economy is going to be a tougher slog, because the growth isn't there. Though you can have some investments in the old economy, the growth orientation has to shift to new economy names and away from the names that have been used for the last 20-30 years.

Renewable energy. It's a part of his portfolios, but not a big part. Real test this winter in Europe, as they spent billions on infrastructure in renewables. Hopefully, it will pay off. The worst scenario for them is cold and calm, vs. chilly and windy. Chilly means they won't have to use all the power they've stockpiled. Windy means they can take advantage of all their wind farms. It's certainly the future, and will grow as we move forward, but it's not the only game in town.

One of the cheapest stocks on the board. Difficulty is Communist Party intervention, political risk. Business part is excellent, growing over 20%. A screaming buy, if you can handle the risk.

He's trickling in money. A great stock. Still recovering from Covid. Streaming is sorting itself out. Very cheap, great potential going forward.

FNV vs. WPM A great way to play the gold market and to structure some of the commodity cycles. Not exposed to costs, just takes a royalty stream off the top. FNV is the go-to stock. WPM has great leverage once they start to torque up. Six of one, half a dozen of the other. Look at valuations and decide which one you think is cheapest.

Royalty streams vs. gold miners. The miners are very cheap. The question is what's going to happen to the commodity, because you have to make your call on it before you look at the businesses. If the price of gold goes sideways, those companies won't do much. Right now, he likes stocks better than royalties. Royalty companies are better to have once things get going. Stocks like AEM, NGT and ABX are really down, and that's a better way to play now.

The miners are very cheap. The question is what's going to happen to the commodity, because you have to make your call on it before you look at the businesses. If the price of gold goes sideways, those companies won't do much. Right now, he likes stocks better than royalties. Royalty companies are better to have once things get going. Stocks like AEM, NGT and ABX are really down, and that's a better way to play now.

The miners are very cheap. The question is what's going to happen to the commodity, because you have to make your call on it before you look at the businesses. If the price of gold goes sideways, those companies won't do much. Right now, he likes stocks better than royalties. Royalty companies are better to have once things get going. Stocks like AEM, NGT and ABX are really down, and that's a better way to play now.

The miners are very cheap. The question is what's going to happen to the commodity, because you have to make your call on it before you look at the businesses. If the price of gold goes sideways, those companies won't do much. Right now, he likes stocks better than royalties. Royalty companies are better to have once things get going. Stocks like AEM, NGT and ABX are really down, and that's a better way to play now.

WPM vs. FNV He doesn't have a strong preference. You have to wait to see what happens with the commodity. That's your first decision. Once that's done, you look around for valuations. FNV is the go-to stock. WPM has great leverage once they start to torque up. Six of one, half a dozen of the other. Look at valuations and decide which one you think is cheapest.

A go-to stock. Delivery of boxes is part of the old economy. AWS is really important going forward, as it's part of the new economy. Fine at these prices.

Has it peaked? The answer is how you feel on the oil price? They don't have exposure to costs, they just collect the royalty stream. Safer way to play the energy markets, as you just sit and collect the yield, but you don't get quite the same leverage.

Fintech and growth. When to buy? If you're not sure, put in a partial position now and wait and see what happens. If the market goes up, you're averaging your costs higher and that's a good thing. He owns some of the fintechs, new economy stocks. Focus on where's the growth going to be in the future. We're going to need the growth, especially if inflation hangs around for a while. Returns get eaten up by inflation. How much growth can I get, how much safety can I get, and am I in the right sectors?

He owns some of the fintechs, new economy stocks. Focus on where's the growth going to be in the future. We're going to need the growth, especially if inflation hangs around for a while.