Market Overview & Economic Outlook - JP Morgan Asset Management manages $800 billion [1] - The US economy is performing well, with Corporate America absorbing tariffs and consumers doing well [2] - Expectation of a rate cut by the Federal Reserve in December, acting as a tailwind into 2026 [3] - Current market conditions suggest positive returns for investments made today over the next decade [4] - A stimulative macro environment exists with governments borrowing and spending, coupled with easing central bank accommodation and regulatory tailwinds in the US [5] Technology & Investment Strategy - Companies are gearing up for capital expenditure (capex) next year, planning to increase hiring and expand AI initiatives [6] - While some AI investments may be fruitless, others will yield significant returns, similar to the dot-com era [7][8] - The dot-com bubble serves as a lesson, but companies should not stop investing in technology despite potential valuation downturns [8] Demographic Trends - The demographic of 34-year-olds, born around 1991, are dominating earning, spending, and saving [5]

joining us right now to discuss what is going on here. Public's co-CEO Lee Abram. Good morning to you. Good morning.>> So, help us understand this sounds like >> agents are doing this for us now. So, what are we going to be doing when this is all over. >> Yeah, I mean AI I think is going to completely reinvent people's investing experience, right.And we started embedding AI into the investing experience in 2023. And at that point, it was like mostly focused on like research. And what we're now doing is esse ...

Geopolitical Landscape - The world is extraordinarily contested and messy, with unresolved issues in Ukraine, Gaza, and Iran [2][3] - Mechanisms in the international system, like the UN Security Council, are not effectively managing conflicts [4] - Russia and Iran are disruptors of the international system, while China is attempting to reshape the entire system [6] - China's approach is likened to climate change, fundamentally altering the international environment [7] Security Threats - Overseas threats, particularly terrorism, remain a primary focus for intelligence agencies [9] - Al-Qaeda and ISIS are suppressed but haven't disappeared and will try to regroup in uncontrolled areas [10][11] Technological Competition - Intelligence agencies must compete in the AI space, combining internal expertise with collaborations with external companies [12][13] - Counterintelligence efforts are needed to protect relationships with intelligence people in countries using surveillance technology, much of it from China [14]

Nvidia's Market Position & Growth Expectations - The market anticipates Nvidia's revenue growth rates to decelerate, leading to a recent decrease in the stock's multiple, expected to remain around current levels for the next 12-18 months [3] - The market is evaluating Nvidia's competitive positioning and future prospects following the current period [5] - Nvidia is expected to remain very well-positioned, driven by execution on its product roadmap with Blackwell and the developer community/software [5][6] - Newberger Burman expects Nvidia to sustain an above-market multiple [3] Financial Performance & Expectations - Expectations for the upcoming quarter's report are very strong, with potential for 60-80% growth, but revenue growth is expected to moderate over time due to capacity constraints [7] - Revenue growth has been in triple digits, but is expected to moderate, with potential supply constraints impacting quarters [7][8] - The market is looking for 40-60% growth over the next several quarters, which, if sustained, is expected to drive earnings, free cash flow, and the stock forward [9] - Newberger Burman anticipates data center revenue exceeding $50 billion, which is considered the most important number [10] - Newberger Burman expects earnings per share to beat expectations and anticipates very healthy growth in the January quarter [11] Valuation - Trailing price-to-earnings (PE) multiple is over 30 [4] - The multiple is considered elevated but has come down [4][6]

Stock Recommendations & Analysis - Next Power (solar applications) is considered a terrific stock and a buy, despite the speaker previously selling it too early [1][2] - Shark Ninja needs a favorable Supreme Court ruling on tariffs to reach a $120 price target, but the products are liked [4] - Leu Centric Energy is up 275%, and the speaker cannot recommend it further due to potential downside risk [5] - CRNC (Enterprise software) is not recommended [6] - Carpenter Technology (steel company) is a favorite and has moved up significantly [7] - Energy Transfer is in a sweet spot [8] - Siemens USA is undergoing changes with the appointment of Barbara Hampton and an acquisition of less common metals, but the speaker is not making exceptions to the end of a "year of magical investing" [10] Market & Investment Commentary - The "year of magical investing" is over [10][11] - The importance of managing downside risk is emphasized [6] - Long-term portfolio trust and course-steering are important in any market [11]

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Market Trends & Investment Opportunities - New asset classes, innovative investment vehicles, and transformative technologies are reshaping investor behavior [1] - Crowded trades in AI, commodities, and crypto are making it harder to find real Alpha [1] - Ares Management and J P Morgan Asset & Wealth Management CEOs share their views on current and future opportunities [1]

Market Overview and Strategy - The market experienced a counter-trend move with the Dow Jones Industrial Average tumbling 310 points, the S&P 500 dipping 005%, and the Nasdaq gaining 013% [3] - The market's next leg depends on the Federal Reserve and upcoming earnings reports, with potential tailwinds after a shakeout [4] - Sell-offs can be viewed as buying opportunities for companies making big profits, but only with cash and upgrading out of high-risk speculative stocks [23][27] Federal Reserve Impact - The Federal Reserve meeting on December 9th and 10th is crucial, with commentary from Fed officials influencing market sentiment [4] - Dovish commentary from officials like John Williams could encourage buying after recent declines [5][6] - The market anticipates the Fed will cut rates next month [7] Key Company Highlights - Home Depot was downgraded by Stifel due to potential weakness from lack of housing turnover and ICE targeting day laborers, but remains a buy if the Fed cuts rates [7] - TJX (TJ Maxx and Marshalls) is a fabulous company, and its stock should be picked up if it gets hit, even on good results [9] - Target needs a plan to regain its "mojo" by addressing the price gap with Walmart, even with its private label goods [10][11] - Nvidia is critical to the market due to its role in accelerated computing and artificial intelligence, with the need to hear about the next iteration of chips, the Ver Rubin [14][15] - Walmart's CEO Doug McMillan is retiring and will be replaced by John Verner, with expectations of a great quarter [18][19] - FedEx's stock is considered undervalued at about $268 per share and is expected to rise above $300 [26][27]

Sometimes it is so darn ugly that you have no choice but to view the weakness as a buying opportunity. This pointing the futures created some serious ugliness. But the individual stocks the index wouldn't comply.Why. Because while we have a lot of stocks of companies that aren't making money and you know I don't like them. We also have enough solvent strong companies with stocks that would be getting killed this week.So today felt like a little counter trend move with the real economy focused Dow Jones Indu ...

Two elite global investors share how they harness algorithms and economic signals to help pinpoint which sectors and economies hold the most promising alpha and what signals are showing risk ahead. This conversation features Systematica Investments Founder and CEO, Leda Braga and RockCreek Founder and CEO, Afsaneh Beschloss. ...