We're heading into a gauntlet of tech earnings and a Fed decision and the big question is whether this rally is built on solid ground or just holding its breath. Vince Luso is president and CEO and portfolio manager at Cloud Capital. He joins us now.Vince, thanks so much for being here. >> Thanks for having me. >> So, set the stage for us here in a week with so much noise.Do you just kind of sit on your hands and wait it out or is this where the real money is made. Yeah, I wish we could wait it out sometime ...

Core Viewpoint - The travel industry, particularly hotels and cruises, is experiencing fluctuations, but overall spending remains strong, especially among high-end customers [1][2]. Cruise Industry - Cruise lines are focusing on enhancing out-of-cabin spending through experiences like private island destinations and upscale dining options [2][5]. - There is a noticeable bifurcation in customer segments, with high-end customers continuing to spend, while budget-conscious travelers opt for lower-cost options like interior cabins [4][6]. Theme Parks - Theme parks, particularly Six Flags and SeaWorld Entertainment, are expected to evolve their offerings, incorporating more live entertainment and diverse dining experiences to attract a wider audience [7][9]. - The market may not fully appreciate the potential growth and evolution of these theme parks, which are primarily seasonal businesses [10]. Ski Industry - The ski industry, particularly in areas like Vail, is facing challenges due to high pass prices and insufficient snowfall, impacting customer turnout [11][12].

Group 1 - The tech sector is experiencing significant volatility, with major companies like Amazon, Salesforce, Meta, and Nvidia facing intense competition and market fluctuations [1][2] - The Federal Reserve is expected to lower interest rates, creating investment opportunities in sectors such as banks, transportation, healthcare, and retail [2][3] - Companies that are considered "boring" but tend to perform well when interest rates decrease are recommended for investment, rather than focusing solely on tech stocks [3] Group 2 - Suggested investment options include a railroad company with minimal competition, a credit card company, a dollar store, or businesses related to travel and leisure [2] - The entertainment value of tech sector developments is acknowledged, but it is deemed irrelevant for stock selection [2][3]

Core Insights - Travel and Leisure is one of the best-performing stocks in the coverage, nearly doubling the performance of the S&P 500 year-to-date, excluding dividends [2] Group 1: Company Performance - The stock has shown significant growth compared to peers, indicating strong idiosyncratic growth strategies [2] - The company has established three key priorities that are expected to drive continued growth [2]

Core Insights - Travel + Leisure Co. will have key executives participate in upcoming industry conferences, indicating active engagement with investors and stakeholders [1] Conference Participation - Michael D. Brown, President and CEO, will participate in a fireside chat at the Morgan Stanley Global Consumer & Retail Conference on December 2, 2025, at 8:00 a.m. EST [1] - Erik Hoag, CFO, will also participate in a fireside chat at the Barclays Eat, Sleep, Play, Shop Conference on December 3, 2025, at 1:30 p.m. EST [1]

IPO Filing - Klook Technology has filed for an IPO in New York [1] Market Conditions - A potential resolution to the US government shutdown could speed new listings [1]

Core Insights - Travel + Leisure Co. (TNL) is a significant player in the travel and leisure industry, focusing on timeshare and vacation exchange services [1] - TNL's stock recently reached a new 52-week high, driven by strong earnings performance [2][3] Financial Performance - TNL reported earnings per share (EPS) of $1.80, exceeding the consensus estimate of $1.72, contributing to stock price momentum [3][6] - The company achieved a net margin of 10.14% despite a negative return on equity of 47.47% [4][6] - TNL's quarterly revenue was $1.04 billion, slightly above analysts' expectations of $1.03 billion, marking a 5.1% increase year-over-year [4] Stock Performance - TNL's stock is currently priced at $65.80, reflecting an increase of approximately 0.94% [5] - The stock has fluctuated between a low of $65.25 and a high of $66.69 during the trading day, with a market capitalization of approximately $4.23 billion [5] - Over the past year, TNL's stock reached a high of $70.43 and a low of $37.77 [5] Dividends - TNL announced a quarterly dividend of $0.56 per share, payable to stockholders of record on September 12th [4][6]

IPO Exploration - Klook, a travel and leisure booking platform, is considering an IPO in the US [1] - The potential IPO could raise up to $500 million [1]