Dan Rohinton

Thinks so, but let's take a step back. This tends to be the case in most situations -- from the European debt crisis all the way back to the 2010s. The first shock is the greatest, and then markets act more like a shock absorber.

It is a bit binary, however. The next stage of this is not status quo, but an escalation from where we are today. We're 24 hours before a pretty binary data point.

A few weeks ago, he would have been a lot more optimistic. At this point, he's more balanced. We've seen quite a recovery in the market, and valuations aren't as cheap as they were a few weeks ago.

Earnings so far have been pretty good. Expectations are higher, but in most cases they're being met and making stocks cheaper on a PE basis.

Technology has its own different drivers right now. Healthcare tends to move to the beat of its own drum.

Generally when you think about big macro sectors, think of financials, industrials, energy, and materials. Sectors that are left out include utilities, healthcare, and technology -- they move to their own idiosyncrasies, whether oil or inflation is up or down.

The best way to think about royalty companies is that if you're bullish on the gold price, then you probably want to own the miners themselves. 

Or do you have a long-term view on gold -- you're constructive, but recognize that there are huge cycles along the way? This is where WPM fits into a diversified portfolio. A Buy today, but that's based on positive view of gold in general.

Wouldn't pick it up today (and he owns it). Consistently rises to the top as an oily choice in the Basin. Low decline rate, low extraction cost. 

Stock's way up on higher oil, almost 50% YTD. Higher oil for longer is already baked into the price. It's more of a Sell.

When you buy an ETF, understand that there are lots of moving parts in the sector. Global defense budgets are significantly rising, and this should continue. Where it gets murky is which part of the military chain do you want to invest in? What's also changing is how wars are fought.

There will be winners and losers, and with an ETF you're along for the whole ride. He's bullish overall, but he'd be particular as to where you put your $$.

He's a buyer over time, wouldn't rush in today. Doesn't benefit directly from energy  exposure, more of an energy proxy. Too late for a tactical buy right now. Price has gone up on oil, but nothing with the company has really changed.

Directionally positive on HON, as a multi-industrial that's going to get more specialized. Doesn't see the spinoff unlocking the exciting value that the GE breakup did.

As for aerospace, you don't need to own it through the spinoff. Much better owning GE or TDG.

Good way to play the aerospace sector.

Today's downward move isn't all that outsized. There's been more clarity on US drug pricing. Seeing a bit of market exhaustion, as US pharma is trading at huge premiums relative to their own history.

Rerating from pricing clarity has already been baked in. R&D pipeline in the sector is a mixed bag, doesn't trust it.

AVGO is like the smaller cousin of NVDA. Built GOOG's AI program, increasingly making waves with Anthropic (owns Claude). Interesting, but not a shoot-the-lights-out opportunity. He'd buy.

MRVL is trying to take a share of the chips that go into GOOG, and is already involved with AMZN cloud. Be careful. It's not a given that it's a capable designer of cutting-edge chips. Coin flip. We've been fooled before.

NVDA is actually more interesting than both.

AVGO is like the smaller cousin of NVDA. Built GOOG's AI program, increasingly making waves with Anthropic (owns Claude). Interesting, but not a shoot-the-lights-out opportunity. He'd buy.

MRVL is trying to take a share of the chips that go into GOOG, and is already involved with AMZN cloud. Be careful. It's not a given that it's a capable designer of cutting-edge chips. Coin flip. We've been fooled before.

NVDA is actually more interesting than both.

Nowhere near the rollup that it used to be. Not really a compelling, multi-year thesis. 

Cruises are cheap relative to other hotels. It's like a bargain vacation compared to going to an all-inclusive resort. This area is a Buy today, but you have to have the view that oil won't stay above $120 and that there won't be demand destruction.

He'd put new $$ in today. Blip on the chart from $240 to $210 was when they raised capex on AI spending. Investors have now come around.