Why We're In a Golden Age for Stock Picking

That's where we are with tech stocks in the US the last few years. It's not that these aren't good companies. They're great companies, but their business model is changing. Previously, they were accorded premium valuations because Fortress balance sheets, highly cash flow generative, big moes, all changing now. And so, it's deserving given the cash flow characteristics these companies changing so much. Look at Oracle, what's happened to their debt ratings, all the rest. These stocks deserve to get re derated. And I think ultimately it's going to be a real problem because they're going to overspend. That's the way it works and I think there's some great shorts in the tech area. The easiest way in my opinion to outperform the US market this year and I actually think it is an age for it. And I'm not looking for CK Alpha, but I think we're in a golden age for stock picking right now because in my view, if you just avoid tech, avoid the Mag 7, index everything else, you'll outperform.