Darren Sissons

There's been A LOT of volatility this year, from the Epstein files to the bombing of Iran and today Trump complaining about the Cracker Barrel logo. What is this all about? Can Trump legally fire the Fed governor? This will be messy to resolve through the courts. Trump is pressing the Fed to lower interest rates. The stock market is at record highs, so there's a disconnect between the market and economy. Typically, you cut rates when the economy starts to weaken. Some areas are, like job losses and company bankruptcies. Suppose the stock market corrects during a rate cut? We cut see a 25 bps cut in the U.S., but no more, based on conditions. If there were no tariffs, inflation could decline. If tariff inflation gets bad, there will actually be a need to raise rates.

The AI hype is way overextended, like the dotcom era. NVDA's market cap is bigger than all of France or the UK or Canada. Ridiculous. If you own it, trim and take profits. NVDA is only one component of AI with software being another. Why is NVDA soaring and the other components are lagging? Is a recipe for disaster.

RFK Jr.'s crusade to cut health costs includes cutting vaccines, and that is a serious headwind. The result is that broad healthcare hasn't been this cheap in a long time and you can enter it now. People will still need therapies and get sick. Are better opportunities than UNH in healthcare.

Still likes it. It;'s had a big run, but has sold off long-term on ESG terms. A sustainable dividend. Best to trim if you're ahead this year, but if you sell all your holding, you lose that dividend.

Ranks CRM, Adobe and likewise the net losers in AI. CRM's growth has slowed in recent years. Is interesting long term, but if it falls further he will reconsider it.

He owns the preferreds. Is down 2% this week perhaps from a large seller, but he sees no other cause. Is for dividend investors, though don't expect big growth over time. It has risen his year on the AI rally, that data centres need energy. 

KLAC offers a yield management tool used in the semis industry. The chart is very good. Problem is that the large-cap names in semis are included in ETFs, so those names have run up without being tied to the cycle. Compare that to non-ETF names, like KLIC, which he prefers but has had a deep sell-off which makes it an opportunity.

KLAC offers a yield management tool used in the semis industry. The chart is very good. Problem is that the large-cap names in semis are included in ETFs, so those names have run up without being tied to the cycle. Compare that to non-ETF names, like KLIC, which he prefers but has had a deep sell-off which makes it an opportunity.

Likes this space, but big names like this and LAM are part of the ETFs, so automatically rise whether that stock should be bought or not. Can be volatile, like last April. Prefers buying on weakness, holding a few years, then selling.

An AI will take over the world story. Is in the same boat as Salesforce and Adobe. There's irrational exuberance over AI. He's staying in it. Wait and see. Will definitely buy more on a sell-off.

Are exposed only 10% to the general economy. Meanwhile, real estate prices are falling, which leads to attractive acquisitions. And lower rates are a tailwind. Offers a safe, steady dividend with some growth.

The US defence budget rose this year and likely next. NOC is closely tied to US Defence. Is a steady dividend aristocrat that will continue to do well.

The challenge he always had with CSU is the continuous rush to buy small companies that don't add value. He wants to see spin-outs and silos to get rid of non-core businesses.

Luxury stocks are down since Trump took office. The stock may see relief if Trump lays off the rhetoric. Is somewhat discretionary, but cater to a portion of the economy that's fairly resilient. Hermes is the best here. 

Trades at a slightly high 27x PE. If there's a correction this fall to $600, he will take a closer look at it.