Hightower's Stephanie Link talks investing opportunities outside of Big Tech

Financials Sector - Deregulation is underappreciated, leading to more buybacks and dividend increases [1] - Banks have more capital to buy back stocks, increase dividends, and lend [2] - Truist is trading at one time's book with a 45% dividend yield [2] - Expect an uptick in M&A capital markets and improvement in net interest income [2] Housing Sector - Dr Horton has significant exposure to first-time buyers, about 57% of their mix [3] - Dr Horton has a favorable geographic mix in the Southeast and South Central, about 52% of their mix [3][4] - Dr Horton is buying back approximately $4 billion of stock, representing 11% of its market cap [4] - Dr Horton's stock trades at 11 times forward estimates [4] Industrials Sector - Vertiv is experiencing mid-teens revenue growth and 25% earnings growth, with expanding margins [7] - Vertiv is expected to outgrow the industry by 3% to 5% [7] - Boeing's deliveries for the second quarter were the best since 2018, leading to higher free cash flow [8] - Boeing's free cash flow is projected to reach $12 billion by 2027 [8] - Boeing's stock is trading at 24 times price to free cash flow, historically trading at 36 times [8] Market Overview - Earnings are expected to grow double digits, exceeding expectations of approximately 5% [9] - The economy is running at approximately 25% GDP growth, typically resulting in mid-single-digit revenues and about 8% to 10% earnings growth [9] - The market has experienced a significant run from the lows, up 25% [10]