Timothy Seymour

Despite inflation eroding demand, Lulu and Nike still have a lot of pent-up demand to go further, driven in innovation and demand for leisurewear. Nike at 30x is a PE you've been wanting to see, with shares dropping from $175 to $120. That has priced in downgrades of the last month.

Unveiled a budget iPhone and other devices today and yet shares slipped 1% $140 is a good level to buy at. The cracks are in the foundation; this is making lower lows. It could break below the 200-day moving average. Services are a bigger component in this cycle, which is how its holding its PE. Given the consumption of Macbooks, wearables, iPhones, it never gets better than this.

The Russian invasion has suddenly made energy security a priority. Where to invest in energy--renewable, nuclear? Nuclear is the trade. Germany will need to extend the lives of their reactors (given that they refuse Russian energy).

The enterprise environment (for cybersecurity) is great, even better than pre-Russia/Ukraine, and shares have traded back to those levels.

With inflation out there, this may be the best-inflation buster out there. At 32x trailing PE, it's entering value territory.

Down 22% after hours after reporting with weak guidance It's an $80 billion company and they just guided for $23 billion. Investors got way out of hand what they were willing to pay for these cloud computing companies.

Major League Baseball has postponed the start of its season due to a lock-out of its players, but that's not a reason to sell DFNG. Despite an environment of rising rates, the top line is growing and DKNG is increasing market share. Accompanying the latter is a rise in ad spend. All good.

Will spin off its EV business EV has become sexy and fresh, like the electric F-150. It's an exciting time at Ford and the spin-off makes it particularly exciting. The CEO has been laser-focused on EVs. Can they produce EVs globally by 2026 and are there supply issues, ask investors? But you're buying Ford around 7.5x 2023 earnings--earnings that they historically have. That's the story and the tailwind, the multiple.

He's holding on. Citi is not a Russia story, even though they have more exposure to Russia than any US bank, but less than European banks. The story is really about people always pricing Citi at a discount and the bank has always had to prove they have compliance and control over far-flung units (like Russia). This is happening at a time when we're questioning the growth on Main Street and when there's a flattening yield curve.

Outlook for the rest of 2022 There's likely more upside for the S&P and it hasn't peaked. We're up 10.5% since the Oct. 4 low. We've had a good rally. But also look into 2022 when the Fed will get involved. Megacap tech will take the market higher, but he doesn't see a much higher move through the end of this year.

Year-end seasonal trades: resources/energy which will be supported because of strong demand and supply constraints. Also, miners are more efficient than ever.

He's long Walmart and Amazon. The latter had ridiculous comps coming out of Covid, but have finally cleared those comps. Amazon is the top megacap tech stock. Walmart has underperformed 40% over one-year. The PE is not demanding. Food inflation actually benefits them. Walmart gets zero credit for its e-commerce. He prefers Walmart over Target in terms of PE and performance.

He's long Walmart and Amazon. The latter had ridiculous comps coming out of Covid, but have finally cleared those comps. Amazon is the top megacap tech stock. Amazon will benefit from Christmas buying. Walmart has underperformed 40% over one-year. The PE is not demanding. Food inflation actually benefits them. Walmart gets zero credit for its e-commerce. He prefers Walmart over Target in terms of PE and performance.

EWW includes cell phone companies and banks; it's not a terribly sexy cyclical ETF. If oil stays at these levels, then Mexico remains an interesting investment. For the time being, EM is under pressure given the rise of the USD.

He's been wrong on this for a long while and has stayed away. The PE is still above 65. But they can still execute, have pricing power and boast customer loyalty. That said, he'll pass.