Julien Nono-Womdim

North American growth is slowing with its product saturated, though internationally it is growing nicely but it's lower margin. Also, it's seeing the classic transition from growth to value investors.. NFLX was a high-growth company at a high multiple, but has slowed down. It's a hold, because NFLX is a legitimate franchise, and the 20x PE is fair, though it likely will decline as growth investors exit. Also, movies and shows are a capital-intense business.

The valuation reflects the 7-year wait list for their power turbines. It's a derivative of the wider AI trade, but there are better places to invest in.

They focus on employment insurance. It's an average/slight-above-average company. It trades at a cheap valuation. It will grow, though tied to employment. Is volatile around labour market sentiment. The insurance sector is doing well.

They are doing well, benfiting from volatility and as spreads on trading expand. They've done a good job buying smaller trading businesses. They've split stock a few times. The valuation is slightly high, but he likes it because volatility will persist.

It's one of the best business on Earth. Customers and employees love Costco. They are opening new stores, so there's ample runway. However, the PE of around 44x is high. Same-store sales growth has slowed slightly. But it's good to hold long term.

Is part of the AI trade. ASML holds a monolopy in ASML. He's optimistic about their higher-end machines being used in semis. Likes it a lot.

They avoided the AI spending crazy and took a measured approach, then partnered with other companies that did spend. These AI models will become commodities. It's interesting that CEO Tim Cook's successor is the head of hardware; he expects a serious change in Apple hardware which is where capital will be deployed. They will retain their loyal customers.

The company has turned around and is approaching its better-managed peers. The CEO has done a fantastic job. The stock could be higher, but they are investing in their future. The turnaround is going well.

Keytruda makes up half of sales, which makes the market nervous, because the drug faces a patent cliff in a few years. Their pipeline is deep, and the acquisitions they made will replenish that pipeline. Even when it goes off-patent, Keytruda will remain a preferred drug by doctors.

It's a derivative on the AI trade; they provide servers to transmit data, and this networking will remain a bottleneck.

He trimmed a little early this year, but likes it. Their relationship with the customer is strong across its platform. Secondly, growth is remarkable. Also, the valuation is reasonable. Their AI model is not the best, but it's competitive. Can you keep your eyeballs on a Google product? Yes. Gemini is integrated in their search, so that removes the threat to their search.

It intrigues him. The PE is very high, but they are embedding themselves as a key supplier to many companies and the US government. This gives them pricing power. He doesn't own yet because of that PE.

Their relationship with customers is strong; they retain customers and are growing active users. The shares aren't performing because AI stocks have attracted capital away from industrials, not connected to Uber's fundamentals.

US banks have done well. In a barbell approach, he owns the higher-quality JPM and GS as well as Citigroup, which is weaker but improving. Use this barbell approach: strong and established as well as improving banks.