Overview

• He named telecom, travel and retail picks including T-Mobile, Royal Caribbean, Expedia and Dollar Tree, citing confidence in T-Mobile’s team after a leadership change and Dollar Tree’s post–Family Dollar focus.
• His financials slate featured Capital One, American Express, Citigroup, KeyCorp, Charles Schwab, Chubb and Apollo, which he views as relatively inexpensive.
• He highlighted tech and industrial plays such as Dell and Jabil, plus Caterpillar, Cummins and Jacobs Solutions, pointing to AI infrastructure demand and tariff uncertainty as drivers.
• He also singled out Incyte in healthcare along with Entergy and Boston Properties in utilities and real estate.
• He framed the picks against forecasts for about 12.5% S&P 500 earnings growth next year at just under 22 times earnings and reiterated his call to cool speculative surges in gold, crypto and profitless stocks.