Greg Newman

The impact on stocks is key, because bonds are competing assets for stocks. If, all of a sudden, someone can get a reasonable return on a 10-year treasury (right now it's 4.7%), why bother taking the risk on stocks? That's point #1.

Point #2 is that everyone has a balance sheet and everyone borrows to grow earnings. Higher rates can really cramp margins and make everything more expensive. If we have higher oil for longer, it's going to have an effect.

Great question. If we're going into an ultimate bear market, then you want to be cautious. But if it's just another pullback, with earnings growth that continues really robust, you don't want to miss that -- you want to add when there's fear. Typically you have this weakness anyway heading into August and September. There's also uncertainty about the Fed decision next week.

We have all these uncertainties, valuations that aren't cheap, and a lot of expectations going into these earnings. Earnings have been really good, with tons of capex spending. There's a lot of punishment if a stock is perceived to miss.

Not expensive, around 16x PE and growing around 18%. Sector's been pretty beaten up on private credit concerns -- company says those are under control. Earnings this morning beat on top and bottom, EPS up 26%. Exciting that it's fitting AI into its investments; global shortage in compute, and they're investing in it.

At its core, an interest rate story. If rates go higher, you have higher borrowing costs and a slower deal pipeline. If you think the Fed will be a hawkish hold next week (as he does), and that oil prices won't stay high and rates will come down, then you can buy this here.

Beat in last quarter. Lots of growth opportunities. One of the premier companies for uranium. A must-own stock. High octane, trades ~6x PE for 2027 and growing ~30%. He'd like to buy it lower -- he might sell some puts.

He read the short-seller's report. Short-sellers are very opportunistic -- they look for illiquid stocks that trade in wide bid/ask spreads and are poorly understood. Company has responded in a very complete way. Greg is satisfied with his original investment thesis.

It's always been a speculative stock. Own in a non-registered account.

It can work really well, and you can get really nice returns. They do write some covered calls. The underlying basket doesn't go straight up. If it stalls or goes down, you have to pay out the preferred shareholders. Risky.

The bulls will say that all factors that were in place for the runup are still in place. That's where we were until February. Since then, the USD has strengthened and the Fed's become more hawkish in trying to anchor long bonds down. That's what's caused the decline in the price of gold.

Now trading pretty soberly on price to NAV. If you believe that the USD is eventually going to put in a high here and gold will start to assert itself (and that's the better view), then you can buy gold stocks here. Gold stocks can be fickle. Upcoming quarter may see margins pinched a bit due to higher costs, but that's already reflected in the price.

Gold is great. But it works for 5 years, and then it doesn't work for 20. Tough asset to own, not like copper which is all about supply/demand.

AGI and AEM look pretty good. If you don't want those, you can buy the XGD ETF, or GDX and GDXJ in the US.

Gold is now trading pretty soberly on price to NAV. If you believe that the USD is eventually going to put in a high here and gold will start to assert itself (and that's the better view), then you can buy gold stocks here. Gold stocks can be fickle. Upcoming quarter may see margins pinched a bit due to higher costs, but that's already reflected in the price.

Gold is now trading pretty soberly on price to NAV. If you believe that the USD is eventually going to put in a high here and gold will start to assert itself (and that's the better view), then you can buy gold stocks here. Gold stocks can be fickle. Upcoming quarter may see margins pinched a bit due to higher costs, but that's already reflected in the price.

Gold is now trading pretty soberly on price to NAV. If you believe that the USD is eventually going to put in a high here and gold will start to assert itself (and that's the better view), then you can buy gold stocks here. Gold stocks can be fickle. Upcoming quarter may see margins pinched a bit due to higher costs, but that's already reflected in the price.

Gold is now trading pretty soberly on price to NAV. If you believe that the USD is eventually going to put in a high here and gold will start to assert itself (and that's the better view), then you can buy gold stocks here. Gold stocks can be fickle. Upcoming quarter may see margins pinched a bit due to higher costs, but that's already reflected in the price.

Tricky. Always trades at an insane multiple, but somehow the market gives it a pass because it loves the vision of Musk. Growing at 30%, but trades at 90x PE.  Sales were really good. Will probably merge with SPCX. Now that he's seen the numbers, SPCX is the better buy.

TSLA will probably merge with SPCX. Now that he's seen the numbers, SPCX is the better buy.

(Note the shortish timeframe.)  Very cyclical, valuations are not cheap. Thirst among NATO allies to increase military budgets. LMT, for example, reported yesterday and the stock rose 11%. Not a forever hold, but own it when it works. You can still add here.