Jamie Murray

We're just 1-2 years into the enterprise adoption of AI -- big corporations that have entrenched IT systems starting to use AI for productivity. Have also seen deflation on the token cost (actual cost to run an AI model). Output is also much higher quality.

Seeing some deflation, particularly if you look at employment and wages. Very slow wage growth in the midst of cyclical factors (inflation, data centres, oil) that are pushing inflation. Structural inflationary forces on the other hand (wage growth, shelter, and housing), are starting to slow down. That supports a more moderate inflation outlook.

Not sure how much of a factor US midterms will be. Movement towards the Democrats might handcuff the Republicans on some parts of their agenda. It won't really change anything over the next 2 years, broadly speaking.

It really comes back to inflation and the price of oil. The last time we saw long bonds act the way they are now, we did eventually see some stress in the US banking sector. There's a very supportive movement to lower capital and reserve levels across the financial system in the Western world, so the stress might not appear. But as a rule of thumb, rates can go only so high before something in the financial system starts to bend, if not break.

So we might see some more volatility. Until we don't. ;)

Currently has no position in any of the Brookfields, but he'd play it through the parent. Difficult to understand, though taking steps to simplify. Demonstrated ability to grow AUM, which is what drives long-term growth. In the very long term, if HQ moved to the US, index inclusion could provide a nice boost to the stock.

In the space, he'd look at BX instead.

Prefers it to BN. 

Circular financing is definitely the biggest pushback in the AI trade. That's why it and AVGO are raising money to buy chips for Anthropic. Huge need for this technology for the industry to grow, but cashflow and payback aren't yet high enough.

In middle innings of the AI buildout, and NVDA will participate. Guiding to 70% revenue growth next year (and that's not just circular financing). One of his largest holdings.

Attractive at this level. Integrating its 2 acquisitions will take it downstream to data analytics. Key will be to integrate seamlessly and drive revenue and margin expansion. Positive view on space sector long term.

Core holding for income growth. He's been nibbling away at the $60 level. Stable market with slight growth. Diversified into infrastructure and gas distribution/utility. Lots of debt, so lower rates would benefit it. $40B backlog to help grow dividend 3-5% a year.

Great company. Trades 37x revenue, very expensive. Despite projected revenue growth, better value elsewhere.

He's been buying NOW instead. MSFT is actually the largest security company in the world, but not a pure play. He'd look at either of those first, just on valuation.

He's been accumulating. Not quite cybersecurity, but helps manage computer assets. Parts of it are security-like. Has to demonstrate it's an AI winner. Can unlock AI within an enterprise, and revenue is accelerating because of that. Very strong future.

Largest security company in the world, though obviously not a pure play. Look at this instead of CRWD.

Pure-play oil and natural gas producer. Longer term, will trade pretty much in line with price of oil. Good dividend, so it's in his income fund. Performance over 12 months will be determined by Iran war.

A recent purchase. A more integrated player with its refining, which is where the $$'s been made these last 6 months. Longer term, will trade pretty much in line with price of oil. Optimistic on its Venezuelan exposure. His favourite. Performance over 12 months will be determined by Iran war.

A more integrated player with its refining, which is where the $$'s been made these last 6 months. Longer term, will trade pretty much in line with price of oil. Performance over 12 months will be determined by Iran war.

Adding over last year, especially in last 3-4 months. Nice pop this week on Brazil election results. Rumoured to be chasing a UK company. Expanding in the US. Moving into a higher-risk cohort of borrowers (with higher interest rates), but market's watching closely.