Market Pricing In Status Quo + Valuation Can Only Take You So Far

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The Pragmatic Investor, James Foord, talks macro flows and dynamics in the market (0:40). Interesting international picture – has something fundamentally shifted? (6:20) Valuation can only take you so far (11:00). Robinhood, HIMS and other favorite stocks right now (13:45). Energy Transfer and picking oil players (16:15). Owning bitcoin and/or bitcoin proxies (20:40). CoreWeave, Nebius and AI (25:00). Bearish on Super Micro Computer (26:25). Still a Tesla bull (28:30).

Transcript

Rena Sherbill: James Foord, welcome back to Investing Experts. Welcome back to Seeking Alpha. You run The Pragmatic Investor.

For those who forgot, we had you on a few times in previous years. It’s great to talk to you again. Welcome back to the show.

James Foord: Thank you very much, it’s great to be back.

RS: It’s good to have you. As a refresher, if you could share with investors, you conducted some interviews on this podcast; you were an interviewee on some episodes. I think it would be great as a refresher for listeners to share how you approach the markets, what you specifically focus on in your analysis of stocks and the broader markets.

JF: Of course. Anyone who follows Seeking Alpha regularly might be familiar with some of my work. I’ve been writing for Seeking Alpha for, I think, coming in on six, seven years. And my approach is, I think it’s shifted a little bit since the beginning.

Definitely started being a bit more value focused. And I think with time, I’ve definitely leaned a little bit more into the macro analysis. I think definitely in the last few years, it’s just become a a much more important piece of the equation really. But I try and kind of have a holistic approach.

I have this thing that I tentatively call the pragmatic investing pyramid, which is basically macro at the bottom, fundamentals in the middle, and just to top it off, a little bit of technical analysis.

I think everything helps. That’s the point of pragmatic investors being open to anything, not dismissing anything just because of a stigma or anything like that. Try and touch on a bit of everything, but definitely more of the macro focus.

RS: I’d be interested to hear why you decided or what made you decide that macro was such an essential part of focusing on the markets and stock picking.

It seems that in this day that we’re in, this time that we’re in, macro seems very, very important in terms of navigating the stock market with the tariff conversations, with the geopolitical conversations, with all the changes happening so often and so quickly. How did you make that decision, and what would you say about this current moment vis a vis focusing on the macro picture a bit more than than maybe others do?

JF: For me, I think it was just after a few years in the market, kind of realizing that a lot of the flows and dynamics in the market seem to revolve around some important macro indicators. I mean, for good or for bad, we are in a world which is maybe heavily dependent, some would say, too heavily dependent, on support from central banks, international flows, and these these kind of dynamics, I think, are really shaping markets.

And I think you can definitely see it. We had reasonably volatile markets in the last few years. I mean, we had COVID where everything crashed, then we had that big kind of almost, I guess you could say that bubble going to 2021.

I think part of it is the reason why I’ve kind of shifted more to the macro is because it’s important to understand those things. I mean, from a purely value perspective, you might have missed a lot of the a a lot of upside in recent years.

There’s a lot of stocks, a lot of things that move, but not necessarily so much to do with value even though I think value is important. It might become more important in coming years.

Ultimately, I think that’s shaping things more. And, you know, never has that been more true than now, with President Trump back in the White House, creating some volatile scenarios.

And, again, lot of shifts happening in terms of geopolitics even on the monetary side of things both here and abroad.

Europe also going through some interesting times. Of course, China. Basically we’ve seen a very fundamental shift in the market. I guess the market’s interpretation of Trump and Trump’s policies.

So when he came into office, there was that big rally going into that sell the news event, shortly after, we were hit with all the volatility, all the stuff about tariffs. Trump kinda came in with these big ideas threatening, quote, unquote, to put on big tariffs and also DOGE basically trying to balance the budget.

So kind of kind of very radical ideas now, right, of actually perhaps trying to balance the budget, which, some people would have said is good. But, from a macro perspective, maybe some investors thinking that’s not so good in terms of wanting to cut spending and austerity.

Tariffs, of course, not so good for global trade. But, there was this idea. You know, Trump was very clear, and it seemed for a while that he was willing to deal with the pain. Willing to deal with this kind of short term term pain in order to put the US back in a path of reindustrialization and maybe catching up with the rest of the world in some of the areas where maybe it’s fallen behind.

But, more recently, I think it was just last week where the term TACO Tuesday was coined, which is this idea that whenever Trump comes out and says something about tariffs, you buy that.

You buy that dip because then he’ll come out on Tuesday and reverse all that.

And that’s what we’ve seen and I think that’s kind of what the market is pricing in now is that maybe either there’s no political will or just the support for these kind of policies. On the one hand, DOGE, I think it’s kind of fallen short of a lot of its original objectives. They were talking about cutting in the trillions and obviously, that’s never gonna happen. Just because of the amount of actual spending that they can cut, it’s just not really gonna happen.

We have the new spending bill that Trump’s proposed, which once we dig into it and look at all the tax cuts, it’s not really very austere, let’s say. It is the big beautiful spending bill as he calls it.

And then on the tariffs, we’re kind of seeing that lift up again. But, again, it seems like common sense, you might say, would prevail. And China’s a bit of a hold out, so I think definitely we can expect some more volatility.

But I think now the market is pricing in that continuation of the status quo, so to speak.

And this is a dynamic we’ve seen happening for the last twenty years, which is high spending, probably with Jerome Powell leaving the Fed and Trump getting someone new in there, probably much more lenient on monetary policy and ultimately, pretty bullish backdrop generally for financial assets.

RS: Internationally, there’s been a lot of talk about not over investing in the United States right now. What would you say about the international picture?

JF: Definitely very interesting. Like, we saw that outperformance in foreign markets, especially Europe. Question is, is that a short term trend?

If you look back historically, the US tends to just outperform, these things kind of balance out.

Is it the kind of trade that you wanna fade, or is it something fundamentally shifting? And what’s very interesting, I do think there is some long term tailwinds.

You’ve seen for example in Europe especially, spending really shift up, that fiscal spending with Germany increasing their spending, other countries in the area.

Of course, you can’t compare Europe and the US in terms of technology, but, I think there’s some idea that maybe they can finally catch up a little bit. I think that’s being represented in some of the flows that we’ve gotten into other countries.

Then I think emerging markets, I personally think they’re very interesting, right now. China, obviously, is hard to invest in right now, but, we’ve actually seen a bit of a reversal.

But I think a lot of other countries, especially if you look at places in South America or even Southeast Asia, some very some very interesting dynamics happening there and especially I think in the face of what has been a very weak dollar.

So, if you believe the dollar is going to keep weakening, which I do believe to an extent, I think, obviously, it’s very good to get some diversification away from the US.

Currency is a very particular subject. I don’t really focus on currencies particularly, but, there’s certain economies I like. I think, you know, South America.

I think if you look at Argentina has had a great turnaround. Mexico is doing very well from this kind of breakup of US and China. And there’s definitely some interesting place in Southeast Asia.

RS: Do you get into country ETFs at all? Is that something that you dabble in?

JF: Yeah. Absolutely. I have a macro ETF portfolio, I call it, which is basically thematic. We focus on different areas. We did pretty well to invest in Argentina (ARGT) a while back when they had that whole, big political transition. We have some exposure to Brazil.

Mexico (EWW) recently got some exposure to Korea, which I think could also South Korea (EWY) definitely could be an interesting option. So, again, just, it’s obviously a case by case, but it is interesting in the last few months.

We’ve definitely seen a trend of investing away from the US. Now I don’t think that is necessarily gonna continue. I’m not some kind of US defeatist.

I don’t think that the empire is over or anything like that. I mean, if you look at the US, they still command a very large part of the economy. I do think the US is going to continue being the reserve currency, the dollar.

And, in terms of companies, I think, obviously, it’s just a completely different story when you look at actual tech company and innovation. I think the US still has amazing opportunities. But, I think the word is diversifying. It’s hedging its options, and it’s good to stay diversified. It’s also one of my tenants.

RS: A bit of pragmatism. I would say diversification certainly an essential part of pragmatism. You mentioned Jerome Powell earlier, and there’s been rumors that he’s gonna resign imminently.

How are you thinking about that, navigating that? How would you encourage investors to think about that if he does resign, if he does leave office, if he doesn’t resign, if he doesn’t leave office so soon? What what are your thoughts there?

JF: It’s hard to know. I mean, it’s pretty speculative at this point, but, ultimately, I think he’s due to leave next year anyway. I think so. That’s ultimately the play here is you kinda have to understand that he is going to eventually leave, probably going to get a more dovish Fed chair.

And in any case, I think the Federal Reserve will be looking at cutting rates at some point in the not too distant future.

But, in terms of actually speculating on Jerome Powell leaving, I mean, he might leave. He might, it’s hard to know. Part of the pragmatism as well comes from, you can’t trade every headline, which I think has been proven by the recent volatility and everything that happens around Trump.

You just have to see things in the bigger picture and try not to focus so much on the day to day.

RS: You mentioned that you cover a number of different sectors. I think one of the places I would like to start in terms of assessing how you’re looking at stocks and and how you decide which stocks to get into and which stocks not to get into.

Something that we’ve been talking about and something I think that’s deserving of being talked about is the valuation conversation when it comes to some of these bigger names, I think especially in the tech sector, but not just in the tech sector.

It seems more difficult than ever to properly value some of these stocks. Palantir (PLTR) is is a specific example that I know that you cover that comes to mind. NVIDIA’s (NVDA) another one.

How would you best describe how you value these stocks, especially in this moment, where there’s a lot of promise, but not yet everything has been delivered?

JF: I think that’s that’s the challenge. And, again, that’s where the pragmatism comes in because valuation can only take you so far.

If you looked at valuation and maybe stuck just to valuation, I would have missed a lot of gains on Palantir, which has been a great performer.

I wrote the other day, it’s the most, arguably, the most overvalued mega cap in history. But there’s ways to justify it. I made the example there. Is Palantir, for example, the next Tesla (TSLA), or is it the next Nvidia?

Because, again, these are two companies. Tesla’s a great example of a company that really got ahead of itself with the whole EV thing and pretty much gone nowhere over the last five years. I don’t have the chart in front of me. I mean, it’s not necessarily about buy and hold, but things can get ahead of themselves.

With Palantir specifically I argue that there is, if you are an AI bull and you think that this technology can be transformative, which I certainly think is a big possibility, then Palantir, I think could be closer to an example of an early stage NVIDIA, where you started started to see revenues suddenly appreciate thirty, forty, 50 percent, something which, at the time with NVIDIA, no one saw coming.

And I think now with Palantir, it’s like, well, people kind of seeing you know, they’re trying to preempt this and and see this and see this coming with Palantir.

I mean, it’s possible. You know, I think I have made, you know, actual valuations where, you know, you you can justify, you know, hundred and $20 on Palantir.

I think, you know, again, it takes it takes some very bullish valuations, obviously, much above analyst estimates, but, again, that those are things that you can’t always price in.

Right? I mean, the app no one knew what was gonna happen with Nvidia was it was hard for them to know. And, you know, to that in that regard, yes, Palantir is objectively overvalued, but, again, you you can’t always price in everything.

And, yeah, obviously, there’s other things to take into account. I mean, at this point, Palantir is also kind of it’s it’s almost a bit of a meme stock.

So, again, you know, trades trades with the market that way. But, now you have Nvidia. I mean, to me, Nvidia at this point is, you know, I don’t think NVIDIA is that overvalued really. I mean, that’s what happened.

Right? It kind of grew into its valuation, and I’m pretty bullish on like I said, I’m pretty bullish on AI. You know, every time I hear Jensen speak, I I could see I I can see why NVIDIA is the market leader.

I believe they’re going to maintain that leadership. And I don’t think NVIDIA is that overvalued really when you actually see, what the rest of the market is is trading like.

So, you know, NVIDIA actually can be justified from a valuation perspective. Yeah. For Palantir, you need to believe a lot more in the in the growth story, but not with NVIDIA so much.

RS: Maybe share with listeners what your favorite stocks are right now and and why they’re your favorite stocks.

JF: Some of my favorite stocks right now. I mean, definitely some of the the growth names right now, have done very well.

Stocks that have done very well in recent weeks, Robinhood (HOOD), of course, I think is one that I haven’t written about a lot, but I did write about it. I called it the trillion dollar opportunity, with this big shift in wealth going from Gen x boomers to millennials and, this kind of being the the app of choice, stuff like Robinhood has done very well.

Hims (HIMS) is a very interesting one, which obviously has just absolutely exploded. I also have that in my portfolio. Question is, do you wanna buy these stocks right now? That’s a much harder question to answer, but I think there’s still a lot of growth in AI.

I still think markets are gonna keep going up. So to that extent, something like Robinhood is very good.

But, at the same time, I would say, on a more contrarian, I’m now also starting to look a little bit at oil plays, something that maybe could act as a bit more of an inflation hedge because I think that could be the next next stage now in terms of macro could be a little bit of more elevated inflation than maybe people expect and the market is expecting.

And I think that’s already priced in if you look at Bitcoin (BTC-USD). Obviously, I’ve always talked a lot about Bitcoin. Very interesting what’s happening with Bitcoin. I pointed out in my last article that we’ve actually seen Bitcoin appreciate as yields have gone up.

So not acting as a risk asset so much, but actually as a monetary hedge, more in line with gold. For longer term perspective, I still think that Bitcoin’s very bullish. I still have MicroStrategy (MSTR). I think that’s a good stock to hold long term, but also, obviously, some of the miners.

I think miners performed pretty well in Q1, don’t quote me, but I think it was the best performing sector maybe in Q1. And, yeah, I think there’s definitely some value there long term. And, I was looking at oil.

Just I just wrote today about Energy Transfer (ET), so I think some exposure to oil could be good as we move into what could be quite a different kind of different scenario from a macro perspective over the next few years even, which I think is gonna be maybe a lot more inflationary and to that extent, I do think growth stocks could perhaps take a little bit of a step back, so we’ll see.

It could be a very pretty big shift. I still don’t have quite have all the pieces together. There’s a lot of things to put together here like AI, of course, which, is gonna really change things. Obviously, history doesn’t repeat, but it’s definitely gonna be interesting.

RS: In terms of the oil players, how do you decide which ones to get into at this moment?

JF: Relying on the on the pyramid, just looking a little bit at the valuation and, obviously, the fundamentals.

And then also technical analysis helps. I think it’s important to look at how the chart is moving and just try and pick good good levels.

I mean with Energy Transfer, I think I like the idea that they don’t have too much exposure to the commodity price, but, at the same time, pretty much involved in the whole infrastructure story, which again, I think is an AI story.

Something I’ve talked about before is that the idea that if AI is going to take off, one of the big bottlenecks is going to be energy and perhaps energy distribution.

And, that’s something that Energy Transfer is already benefiting from with some of the recent deals they’ve made. And, they have, I think, 5,000,000,000 in capital expenditures earmarked for next year.

So kind of really showing that they believe in the growth story. And then, again, I crunch the numbers a little bit. And to me, it just looks undervalued, really, at the current price. So that’s kinda what I look for.

RS: And in terms of the fundamentals, are there particular metrics that you focus on more than others?

JF: Yeah. And that’s going to kind of depend a little bit on the stock. I mean, for example, if I was looking at tech and growth places, the price earnings growth is obviously always one of the most interesting ones because that’s pricing in the expectations of the future.

Sometimes you can look at the PE and it looks kind of outrageous, but, again, once you account for the growth, something like price dynamics growth is very important.

With something like an income stock or something a bit more conservative value, you’d wanna look at other metrics, obviously, price to that regard, maybe something like cash flow. Obviously, price to cash flow, obviously, very important as well.

With something like Energy Transfer, I’m looking at something like price to cash flow with high growth stocks, obviously, something like the price earnings growth, if there are earnings, of course.

RS: And there times where the fundamentals don’t match up with the technicals? In other words, the fundamentals look good to you, but then the technicals show you something different?

JF: Yeah. That happens a lot, basically, when you get big sell offs, UnitedHealth Group (UNH) is an interesting one there where you can look at the fundamentals and a lot of this has been happening there.

Obviously, the stock just plummeted. And from a technical perspective, you’re catching a falling knife.

And I think, well, that happens a lot. Whenever there’s a big sell off, you always have this kind of opposition of technicals and fundamentals because, obviously, after a big sell off, fundamentals can look pretty good.

But then the technicals lost support. So that’s why I always talk about this idea of, the trend is your friend.

So in terms of technicals, catching a falling knife is risky. It’s more like gambling really than just trying to pick the bottom. That’s more like gambling than investing. I think with technical analysis, the beauty of it is you can try and maybe spot those reversals as soon as they happen.

So, fundamentals are looking good, but the technicals are in kind of wait a little bit for that price to stabilize and maybe get a better risk reward entry.

Again, you might lose some upside, but you gain by basically having a little bit less risk.

RS: So in terms of the UnitedHealth example, you would say that the fundamentals just look so compelling to you that that’s what has you staying so bullish on them?

JF: Again, it’s a complex story and I’m sure it’s gonna keep evolving. But, I mean, you look at the valuation, it looks very compelling.

Ultimately, I’m very bullish on healthcare. And, again, I think this is also a bit of a story of, there’s a lot of stuff unfolding.

They had accusations coming through. Obviously, the CEO quits. So, again, this is definitely going forward, this is one of the situations where, again, fundamentals are a bit limited in terms of you can’t know everything. But, from the valuation perspective, it looks great.

It looks very cheap. Healthcare is a long term story, which I think has long term secular growth in there. I think it’s always gonna keep being very important.

Even though I do think the US could do with some changes to their healthcare system, I don’t think it’s going to happen from one day to another.

And, I think this is definitely an interesting opportunity.

RS: And you mentioned MicroStrategy and Bitcoin and your bullishness there. I’m curious if you could explain to investors. There’s a lot of discussion why get into companies that are into Bitcoin, why not just get into Bitcoin.

Could you share with listeners about the difference between getting into players like strategy as opposed to, let’s say, Bitcoin ETFs or just Bitcoin in general?

JF: Yeah. I mean, obviously, there’s there’s certain practical differences.

Obviously, if you’re buying Bitcoin, one of the great things about just owning the Bitcoin is you can keep it yourself. You can have it in your wallet. It’s kind of insulated.

Bitcoin ETFs, pure exposure to Bitcoin, but in a perhaps simpler way, if perhaps not as a secure way, but nonetheless, then you move into the realm of miners or, something like a MicroStrategy.

Bitcoin miners, the story is not that different from gold miners. Right? I mean, what’s the difference between buying gold and gold miners?

What’s a business? What isn’t? MicroStrategy, of course, is the innovation, let’s say, because basically, they’re just kind of using equity, using different forms of funding to basically just accumulate Bitcoin.

Ultimately, it’s a levered play on Bitcoin. Because, that’s kind of what they’re doing there. What MicroStrategy calls their Bitcoin yield, which is when every time you buy a share of a bit of a MicroStrategy, it’s like you buy a share of Bitcoin, but because they keep accumulating, it’s almost like you have a yield on that, almost like you have a Bitcoin yielding.

So it’s also interesting. I mean, you have now a couple new companies coming in doing a similar thing to MicroStrategy. So to that extent, it’s interesting because obviously their premium might not hold up, but at the same time, I still think there’s a premium to it, and it’s kind of like a levered Bitcoin plan.

To that extent, it makes a bit of sense if you’re bullish on Bitcoin and you maybe wanna squeeze a little extra juice out of it.

Bitcoin ETFs, if that’s the best way for you to buy Bitcoin, that’s fine. It has a lot of advantages. It can have some tax advantages. If you buy an ETF, I think you can put it in certain tax advantage accounts. So that’s certainly something worth playing with, and it’s still a good vehicle to gain exposure to Bitcoin.

RS: And anything that would turn you bearish on Bitcoin along the way?

JF: Well, I mean, it would have to be like I said, a very fundamental shift. The macro framework that I’m working with right now is that we basically have a debt level that has reached wartime levels.

And we haven’t seen this kind of debt to GDP since World War II. And to draw that down, you have two options. You can either default and basically, there’s two different ways to default. You can actually default or you can default by depreciating the currency and inflating the debts away.

That’s what’s happened the last few times. That’s what I expect is going to – is a dynamic that I think is going to play out over the next five, ten, maybe even longer, years.

So I have talked about the similarities between what we’re seeing today and maybe a kind of nineteen seventies period, which was stagflationary, but, of course, there’s certain equities, some equities didn’t do well, but a lot of equities did very well.

Of course, commodities did well. Gold (XAUUSD:CUR) did well. And to that extent where I put Bitcoin in the same basket as gold, and I think, like I mentioned before, it’s beginning to trade that way, and that makes you bullish on Bitcoin.

Anything opposite to that, which would be, again, kind of what Trump came in with the intentions of doing maybe, which would be balancing the budgets, really cutting down on austerity and returning to more sound money principles, that would definitely be more bearish for Bitcoin.

But, that is not the thesis that I’m working with right now. I don’t think that’s the way things are going.

RS: And when it comes to being bearish on stocks, what are some examples of sell stocks that you have that you would encourage investors to think twice about going long on?

JF: I generally don’t short stocks. I don’t have a lot of stocks that I actively short. I mean, there’s definitely some some names out in the tech sector that look overvalued. Definitely a lot of interesting stocks.

I wrote the other day about Applied Digital Corporation (APLD), went up 50% yesterday, and I did recommend basically selling that stock because I think there was a lot of hype around the the new deal they had with CoreWeave (CRWV), but I think that’s kind of a sell the news kind of event because fundamentally, I don’t think that the company is doing so well.

RS: Anything to say about CoreWeave out of curiosity? It’s a stock that we’ve been following a bit on this podcast from its IPO. Anything that you would say there for investors?

JF: It’s up about 20% today, and I’m not exactly sure why. I don’t see any news on that, but I think it’s an interesting stock.

I think if you are bullish on AI, something like a CoreWeave makes sense. I am bullish on AI. Personally, my take on CoreWeave is, I would rather buy (NBIS), Nebius Group.

I wrote a comparative on them, and, basically I think Nebius has a stronger balance sheet, so it doesn’t really have so much debt on its balance sheet which is also a good point.

Then it does also have some equity investments in some kind of you might call AI agent adjacent companies. So in a way it’s kind of vertically integrating a little bit more. It’s not just doing the GPUs and building the data centers.

It’s kind of integrating a bit more, and it also has a bit more exposure to Europe, which I kinda like a bit of a diversifier.

Basically, for those main reasons, and I think from a valuation perspective, it is a little bit more undervalued.

But you have to be pragmatic comparing it with CoreWeave, obviously, investors seem to favor CoreWeave more because I think that’s up about a 100% in the last month while Nebius is up 55%.

So, again, one of those things went well. I guess will the market eventually catch up to the idea? I’m kinda betting on that.

RS: An article that you had a sell rating on recently was on Super Micro Computer (SMCI). I’m curious if you could share with listeners your thoughts there. It’s a stock that’s often talked about when it pertains to the AI conversation.

What would you say that you’re so bearish on with Super Micro Computer and what do the bullish analysts have that you think that they have wrong there?

JF: SMCI became a very pretty followed story that had that whole, they were once a AI darling, growing fast, important partners to NVIDIA.

And, then they had that whole debacle with their financials kind of not quite being right, 10k, their annual report being delayed.

This created a lot of uncertainty around the stock. And my latest take I mean, I’ve been bullish, bearish on it, depending on the moment. Leading up to the rerelease of the 10k, I thought there was definitely some idea that could at the very least, there could be some good short term swings.

Now, for me, it’s like the dust is settled on on SMCI. And we we got the latest results. And to me, they weren’t great. I mean, yeah, guidance was lowered. And, in terms of growth, it’s not showing that kind of growth that was so exciting maybe a year ago. The margins are getting a little bit squeezed.

I think there’s just this kind of fallout from a bit of a the reputational loss as well, after all the issues that they had with management.

My main take is I think it’s maybe a decent company, but, again, once now that we’re through the problems, I don’t really see any catalysts, any imminent catalysts with the stock.

And again, from a technical perspective, it’s been going nowhere and I think it’s under some important resistance areas. So I don’t see the appeal right now.

RS: And as long as we’re talking about timely stocks, another timely stock that you’ve covered a bunch in the past has been Tesla (TSLA). Anything to say there in terms of Musk and DOGE and Tesla and what your thoughts are there now?

JF: Well, we could do a whole episode about it, but, I’ve always been a Tesla bull to an extent.

Obviously, it’s becoming a lot harder based on the latest, Musk has been a controversial figure and that’s obviously taken a toll on on Tesla, its legacy auto business is basically, it’s not performing how bullish investors would have expected.

And now, Tesla now is more of a bet on the AI initiatives it has on the robotics.

But to me, ultimately, it’s also a bet on Elon Musk. Even though he’s a controversial figure, I think he’s had a lot of success in the past and there’s a reason for that.

If anyone can turn the ship around, it’s him. And, again, an example of a stock that fundamentally just stupidly overvalued, but investors are gonna buy what they wanna buy. Again, there’s something unquantifiable sometimes, and I think Tesla has that it factor to me. I think it’s still worth a bit of a bet.

Like I said, we could be on the verge of some revolutionary changes with AI, and I think Tesla still has – there’s an argument to be made that Tesla’s still gonna participate in that.

So, it’s worth a bet, just maybe not a very big bet at this point.

RS: The revolution will be live streamed, maybe.

James, I appreciate this conversation. I appreciate you coming back on. As a reminder, you run The Pragmatic Investor. If you wanna share with listeners what you talk about or if they subscribe, what they can get from The Pragmatic Investor, happy for you to share that.

Happy for you to share anything that you feel like is worthy of being in this conversation that we left off or anywhere else investors can get in touch with you if they wanna find out more. But thanks again for this conversation. Appreciate it very much.

JF: Yeah. Thank you. You can follow me on Seeking Alpha, The Pragmatic Investor, follow the the model, the ideas that I laid out here, macro fundamentals, technicals.

So every week we cover the macro stuff. We have a macro ETF where we, like I said, macro ETF portfolio where we position according to macro trends, certain commodities, countries, ETFs, that kind of thing.

I also have different stock portfolios. I actually have two separate stock portfolios, what I call my YOLO portfolio. So that’s all your high growth names, that’s your HIMS, your HOOD, your Palantir.

And then I actually run a more conservative end of what I call the end of the world portfolio, which is, obviously much more defensive.

So trying to cover a lot of things. Some might say too much, but, again, it’s hard for me to focus on one thing, and at the end of the day, if I’m not having fun, what’s the point? For some, I might sound a little bit over the place, so I’ve got the macro, got the fundamentals, and then we also have a swing portfolio again using the ideas behind technical analysis.

Mac every every week, you get some macro insights. You get some in-depth stock reports, fundamentals, and some technical analysis on indexes and other more short term opportunities. And then you just get to join the community and talk to us.

You can follow me on Seeking Alpha. I’m also on Twitter, not as much as I should be, but I’m gonna try and pick that up a little bit so you can follow me there, James C Foord.