AI demand remains strong, but demand alone does not guarantee attractive returns. When technology giants commit hundreds of billions to infrastructure, investors must look beyond revenue growth and examine free cash flow, capital efficiency, and return on invested capital.
My strategy would be selective, not blindly defensive. I would avoid chasing expensive technology stocks, but equally, I would not abandon companies with strong balance sheets, sustainable cash flows, and genuine competitive advantages.
Gold and defensive sectors offer diversification, but no guaranteed protection.
Ultimately, elections may trigger volatility, but earnings and cash generation determine long-term value. The best opportunities emerge when market expectations fall faster than business fundamentals.
@TigerClub [正经]
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