DON'T BUY
Top holdings are TSLA, META, NVDA.

A new ETF. When he approaches AI, it's like autonomous driving. He can either pick the OEM, or go after the picks and shovels. It's all about data. We now have tremendous amounts of data, and AI is applying machine learning and deep learning into that to make interpretations. The big thing about AI these days is that there's enough data and power processing, you can put in a number of words and AI will predict the next words. They can do this because there's so much more data and the processing is so much faster. The ETF is the chicken way out. Instead, go after the picks and shovels: the data aggregators like DDOG, power processing like NVDA, or the network side like AVGO or CSCO.

BUY ON WEAKNESS

Had a good run, got to price target, he traded out. Fallen from grace days of 2021. Bit rich. Can probably get it closer to $50 and 45, but you probably won't see it much below that.

HOLD

Price target of $198.50. A profitable SaaS. It was a darling, now an absolute bargain down around $120. New offerings, a leader. Powers the cloud business for lots of companies. Stick with it.

COMMENT

Carbide chips are more expensive than regular chips, but key when it comes to autonomous vehicles. Multi-year contract with TSLA.

TOP PICK

If the stock market is like a horse race, this is one stable with a dozen very competitive horses in the race. Biggest digital advertiser in the world, by a long shot. YouTube, which has yet to be monetized. Waymo is the leader in autonomous driving. No dividend.

(Analysts’ price target is $126.41)
TOP PICK

One of the best competitors of ADBE. Been around for ages. Everything from construction to engineering. 12-month price target of $260. Remember, it's all about the earnings. A formidable company, expects FCF this year to be $2B-2.2B. Should benefit from generative AI, especially 3D models. No dividend.

(Analysts’ price target is $236.14)
TOP PICK

Imaging and printing, personal computing, SaaS. Proceeds from SHOP and NVDA were used to buy this one. Reminds him of ORCL. Strong cashflows, mature business, stable market share, returning significant amounts back to shareholders, progress on efficiencies. Attractive PE in mid-teens. Price target of $39.50. Different from HPE stock. Yield is 3.59%.

(Analysts’ price target is $29.30)
BUY
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research.

NVEI trades at 4X sales; 17X 2023 earnings. 
It has $240M net cash (as of last report) and EPS is expected to grow about 15% this year and 20% in 2024. 
Cash flow is positive ($258M in 12 months). Its current P/E is very low vs its historical averages, but it has been public less than three years. 
Its last quarter was decent and it generally beats expectations (7 for 8). 
It just completed a $1.3B acquisition of Paya which will use up its cash (and more) but looks good for longer term growth. 
We like its risk/return potential from current levels. 
In a normal market we would expect its P/E to move to the 25X range, so 'potential' stock gains are good if it executes well and the overall market co-operates.  
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BUY ON WEAKNESS
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research.

DPM is now trading at 7.0x times' Forward P/E. In the 4Q, DPM’s revenue declined -8% to $152.9M, compared to last year of $166.4M and EPS wass $0.24, beating estimates of $0.20. 
The balance sheet is strong, with net cash of $419M. Trailing twelve-month cash flow declined around -8% compared to $253M last year.
Based on consensus estimates, sales are expected to grow by 15%, while EPS is expected to grow by 28% next year. 
The company has been executing really well.
The company has been growing and returning capital (dividends and buybacks) over the last few years, DPM also recently updated its three-year outlook with strong production levels – 270,000 per year, improved cost structures and lower capex spending. 
We think the recent earnings report is solid.
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BUY
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research.

NVEE has grown its sales and earnings on a five-year CAGR basis by 21.1% and 29.5%, respectively. 
Its share price has grown by 23.2% on a five-year CAGR basis. 
It has a 20.7X P/E, 12.8X EV/EBITDA, and a 2.8X P/B, which are all around its five-year historical averages of 19.6X, 12.4X, and 2.9X, respectively. 
We would consider NVEE to be at a reasonable price today. 
Although, it might continue to pullback further. 
We like its management team, its disciplined approach to acquisitions, and its growth potential and execution. 
We would be OK with buying here today for a long-term position.  
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COMMENT
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research.

Investor Psychology Mistake: The Conservatism Bias is the tendency to give too little weight to new information (the short report), therefore people fail to modify their prior beliefs as much as the new information would warrant. Cognitive dissonance bias occurs when newly acquired information conflicts with preexisting understandings. People will go to great lengths to defend their view despite new information (It happens in the uranium and gold sectors as well).
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COMMENT

Why inflation is so sticky is the biggest question now. Data lately has not been encouraging. Food was up 10.1% January YOY (Russian invasion, bad harvests), though Walmart is limiting food price increases with its own private food label. Housing prices are up 7.9% because there is a shortage of 3-6 million homes in the US. Wages are up 4.4%. More immigration would help, but is politically unpopular. We need to see huge bankruptcies to lower employment, unfortunately. There are signs of hope, of lower inflation: TJX is reported a good outlook today, and when TJX does well, the apparel industry is not. Zip Recruiter just issued a lower forecast (and shares tanked), but this means there are fewer job openings. These indicate that the Fed is on the right track, but their rate hikes take time to have an effect on the economy.

BUY

They will have a great year. People underestimate how much money we're spending on defending Ukraine against Russia, and there will be more spending to re-arm them.

BUY

They just reported an amazing quarter and he predicted it would bounce back--and it will continue to go higher.

BUY

It last reported a good quarter and a solid full-year forecast, but rising bond yield have pressured this stock in the past month by 3%. Very well-run, holding property is the richest areas of the U.S. Operates urban mixed-use properties and open-air shopping centres.