Joe Hegener, CIO & Founder, Asterozoa Capital

Dollar-cost average over a year if you're excited by the name. The valuation is at nosebleed levels. You can buy a tranche and closely watch the lock-up sales. His concern is where the funds to buy all these shares will come from, for both SpaceX and Anthropic. If the funds come out of cash, that's good for the market, but if it means selling other shares, that's not good. He expects it to come from net cash. Would you pay taxable gains to sell NVDA in order to buy SpaceX? A risk is a deluge of insider selling. Overall, he will avoid SPCX. 

Will be closely tied to the copper price. Copper is key to data centres and there's a shortage, so that's a long-term tailwind.

They have partnerships with OpenAI and Anthropic, so they are plugged into AI. The recent fluctuations are tied to index ETFs and not tied to fundamentals. MSFT will continue to do very well; strong balance sheet and earnings. Buy any dip.

Insider buying is a strong signal. Likes the set-up here. The strong data centre build is very net positive for commercial real estate for years to come.

The Canadian banks are very exposed to the housing market. However, if the front end of interest rates come down while the long end stays high, that's a net tailwind for banks. Lifecos are slightly better bet, based on valuations.

Credit cards are a fantastic business. Any fear over disruption is massively overblown. These companies are massively capitalized and investing heavily in technology. Any dip is a great buy.

The younger generation is much more aware of the ingredients in their good than past generations. This is not good for GIS, long term. Doesn't see revenue growth.

Separate gold (and the gold price) from the gold miners which face incredible operating risk (accidents, debt). Many investors buy gold stocks to be long gold itself, but you're better off buying a diverse basket of gold stocks with the core being gold itself.

It has been the cheapest US bank for 30 years, but they perpetually have management issues. JPM and MS are preferred.

Can't see them returning to growth in 2020-4 given competition. Also, how we consume content is changing. Returns are poor. Is not attractive at near-30x PE.

Is skeptical of companies that grow by acquisition. Is well-run and is trading at a reasonable PE, but doesn't see significant growth. If you hold an outsized position, definitely trim. This will withstand a market sell-off.

He owns other alternative asset managers, which have sold off from negative headlines. This sector will underperform going forward, but the stocks are cheap. There's lot of insider buying at BX, which is the best of the lot.

There's such a backlog in the data centre build that we're seeing a huge boost in earnings and net income. After its recent run, this will keep going, but at some point the music will stop, though not anytime soon. Would buy only a tranche now then buy more during a dip.

They are converting from a REIT into a diversified asset management business, like Blackstone. Cheap at 4x PE and pays an 11% dividend with 200% coverage. At 30% discount to book value. When they convert the PE should reach 8-9x. Shares will double in 1-2 years. Great balance sheet.