Editor’s Notes * My read this morning: the market still wants to own AI, but the psychology is shifting. You can feel the skepticism creeping in, especially around the “AI debt bubble” talk and the sense that we’re paying premium multiples for stories that haven’t fully shown up
Editor's Notes: * Akeso recently saw a big price jump due to a significant label update in China for one of its flagship products. Its robust R&D track record (impressive breakthrough with efficacy outperforming Merck's $30B blockbuster + inclusion of all 5 self-developed drugs in
Editor’s Notes * AI enthusiasm hasn’t cracked—but the cracks are being actively debated. On one hand, Nvidia and the broader AI stack (memory, storage, chips) still feel like the market’s gravitational center; on the other, the “AI bubble vs. new paradigm” argument is getting louder as valuations
Editor's Notes * Upcycle for metals & mining and industrial capex for supply chain migration can be beneficial tailwind for Komatsu. * Komatsu trades at a significant discount to CAT (peak valuation level), Deere, and Hitachi, with ~7% FCF yield, around 3-year mid point. While tariff impacts, regional exposure
Editor's Notes: * AI is still the whole story in the U.S.—and that’s both the bull case and the risk. Nvidia’s CES push (Vera Rubin + “physical AI”) keeps extending the narrative, but the fact that the Magnificent 7 drove the majority of S&P
Investment
Editor’s Notes * I’ll start with a confession: I’m a longtime Jordan Brand fan, so Nike is one of those companies I can’t look at purely through a spreadsheet. The brand still matters, culturally and globally—and that’s not something that disappears overnight. I do believe
Editor's Notes: * Defense stocks rise dominated yesterday's markets. Theme has not changed much yet, but starting to see new names entering our "large daily move" scan and profit-taking on overbought hot stocks (e.g. Jabil), which may signal some thematic narrative shift - namely
Editor's Notes: * Broader themes for early 2026 trading align with cautious mood in the US and improved sentiment for China / Japan. Starting to notice more price decline for SaaS in the US, as AI story turns negative for some of them. * Expect attention to continuing shifting from "
Editor's Notes * I mentioned Accenture as a potential target to look into after their Dec 18 earnings in a previous newsletter. Their strong performance vs. AI impact and soft IT cycle phase provided an interesting entry point - multiples close to 10-year low. * Below is a new experimental
Editor's Notes: * Macro theme remains the same as the past few days. Expect more AI debate / US overvaluation to dominate the markets in 2026. * Insider buying may signal some bullish view on Nike for 2026, given CEO, Tim Cook and another director's recent insider buying. Only
Investment
Editor's Notes: * Going into 2026, sentiment remains mixed and dominated by the debate around AI, with defense, metals & mining, the AI supply chain, JP MBOs, and China consumption on top of investors' minds. While valuations are rich, there is healthy skepticism, topical concentration, and plenty of
Investment
Editor's Notes: * Pfizer has been a popular "fallen angel" name (8x LTM / FWD P/E and 7% dividend yield), with Michael Burry's bullish call option disclosure in Nov putting it on many people's watchlist. * The heart of the issue is the transition