Best-in-class discretionary pick (largest national sporting-goods retailer) to buy on today's sector dislocation rather than the names that deserve to be down.
One of her two semis — $10 EPS power by 2027, Nvidia's $2B stake, $2B buyback, optical +50%, custom-ASIC (80% share with AVGO) +20-100%; 27x, buy a bigger dip.
Attractive Mag-7 multiple on the pullback — 22x with Azure growing 38-40% over three quarters; group caveat is FCF burn / no operating leverage mid-investment-cycle, not just margin contraction.
Preferred over CrowdStrike — +78% YTD off the Feb/March lows, firing on all cylinders (rev +31%, subscription +31%, RPO +36%), >$30B of deals + platformization ahead; ~22x P/S vs CRWD 35x.
Best-in-class discretionary name to buy on a broad sector selloff — quality consumer franchise dragged down with the group, not its own fundamentals; underwritten by her strong-consumer call.
Mission-critical EDA (chip-design) software the semiconductor industry can't function without — a cheaper back-door on the chip cycle versus the +85% SOXX.
Owns it but the one Mag-7 name with complications — things to prove on growth/monetization; her hook for the group-wide FCF-burn / no-operating-leverage caveat.
In one line (as of 2026-JUN-29): Keep it simple — the economy is doing much better than feared (consumer spending, personal income, 4–5% wages, low claims, PMI best since 2022, oil −39% = maybe peak inflation), so in a 3–3.5% GDP world she models 20–25% earnings growth (last quarter +28%) and the leadership broadens beyond tech — own financials, semis and software as a basket, demand mission-critical software for relative value, and judge the Mag 7 on cheap multiples against cloud growth (watching the free-cash-flow burn).
Economy strong → earnings broaden. Other sectors work because growth is better than expected; in a 3–3.5% GDP world she expects 20–25% earnings growth, so the market edges higher and leadership widens past tech (financials, materials, AG, discretionary). Oil −39% from the highs is the key tell: a consumer/business tax cut and possibly peak inflation, with yields confirming.
Own both semis and software as a basket. Tech "drives me crazy" flip-flopping semis-vs-software, so she stops timing the rotation. The two semis she holds are Marvell ($10 EPS power by 2027; Nvidia's $2B stake + $2B buyback; optical +50%, custom-ASIC +20–100%) and Broadcom (~$20 EPS power, the laggard she's adding) — buy bigger dips against the out-year earnings number.
Mission-critical software = the relative-value trade. With the SOXX +85% YTD and software (IGV) −17%, value has shifted to software — but only the kind a customer can't rip out: IBM (her final trade, down 18%, ~18x), Snowflake, Synopsys.
Mag 7 on multiple-vs-cloud-growth, but watch the cash burn.MSFT 22x / Azure +38–40%, AMZN 24x / AWS +28%, GOOGL 24x / Cloud +63% are attractive — but the real worry is FCF burn (some go negative this year) and no operating leverage mid-investment-cycle. Meta is the only one with things to prove (she owns it).
Rank peers on price-to-sales; buy best-in-class on a selloff. In cyber she prefers Palo Alto (~22x P/S, firing on all cylinders) over CrowdStrike (35x). When a sector is hit hard in a session (discretionary today), step into best-in-class names — Starbucks, Dick's.
Transcripts
One dated page per episode — each has its full stock table, talking points, and the saved transcript. Newest first.