To The Moon

B. 🔄 Expecting continued rotation into small caps and cyclicals. My view: This is not necessarily the beginning of a tech sell-off, but it could signal a healthier market rotation. The Russell 2000's 1.01% gain against the Nasdaq's 1.38% decline suggests investors are becoming more selective rather than abandoning equities. Next week, three developments matter. First, AMD, Palantir and Arista must prove that AI spending translates into revenue growth, sustainable margins and stronger free cash flow. Second, Friday's nonfarm payrolls report could reshape Treasury yield and interest-rate expectations. Third, watch market breadth. If small caps, financials and industrials continue outperforming while the Nasdaq stabilizes, the rally could gain a stronger foundation. My strategy: Stay selectiv

I prefer focusing on individual-stock recoveries rather than automatically buying QQQ after a sharp correction. A falling price does not necessarily mean a stock is cheap. Alphabet's 103% Cloud growth is impressive, but negative quarterly free cash flow highlights the cost of expansion. The opportunity lies in companies where earnings growth can outpace capital expenditure. I would prioritise sustainable profitability, manageable debt and improving cash flow. QQQ offers diversification, but also exposure to expensive stocks facing valuation pressure. My strategy: build a watchlist, scale into quality businesses gradually and retain cash. The best dip is not the biggest decline, but a fundamentally strong business temporarily trading at a more attractive valuation.

Higher Rents, Bigger Dividends? The S-REIT Recovery Is More Complicated Than It Looks. Singapore REITs are showing encouraging leasing momentum. As of 30 October, 19 of 20 trusts reporting rental reversions recorded at least one positive figure. CapitaLand India Trust achieved 23%, while DigiCore REIT reported 23% cash rental reversion. However, rising rents do not guarantee higher distributions. Mapletree Industrial Trust illustrates this clearly: despite positive Singapore rental reversions of 6.9%, its quarterly DPU declined 6.6% year on year. Higher financing costs and weaker overseas contributions can offset rental growth. My view: the next S-REIT opportunity lies in trusts with sustainable rental growth, manageable debt and improving distributable income. Many REITs still trade below

My pick is L3Harris (LHX), not because it delivered the biggest rally, but because its earnings quality looks more sustainable. CVNA has impressive momentum, with revenue up 42%. However, used-car economics are cyclical, and maintaining margins will be challenging. LLY has the strongest structural growth story, driven by obesity and diabetes treatments. But at nearly 39x FY26 earnings, expectations are already demanding. LHX offers a better balance between growth visibility and financial discipline. Its $53.2B backlog, 3.2x book-to-bill ratio and $1.3B quarterly free cash flow provide tangible support. My strategy is to accumulate LHX gradually on weakness rather than chase the rally. The key metric I would watch is free cash flow conversion. Orders create expectations, but cash generatio

[你懂的]  AI Giants Are Buying GPUs, But Who Builds the Infrastructure Behind Them? Meet Flex (FLEX) The latest earnings season has revealed an interesting shift in the AI investment landscape. Microsoft, Alphabet, Amazon and Meta are pouring billions into AI infrastructure. However, investors are becoming increasingly selective. Revenue growth alone is no longer enough. The real question is whether companies can turn massive AI investments into sustainable profits and free cash flow. While Nvidia dominates the headlines, there are other companies quietly benefiting from the AI infrastructure boom. One name worth watching is $Flex (FLEX)$. 1. What Does Flex Actually Do? Flex is a global manufacturing and supply-chain solutions provider. Rather than selling GPUs directly, it helps ma

My Pick: D. None — I'd wait for a better entry. The latest earnings season reveals an important shift: Wall Street is no longer rewarding AI growth blindly. It wants proof that massive investments can generate sustainable profits and free cash flow. Amazon is a perfect example. AWS revenue surged 39.3%, but trailing 12-month free cash flow turned negative by $42.4 billion. Investors are questioning the cost of maintaining that growth. Intel faces execution and guidance challenges. Sandisk has impressive earnings, but after a 460% rally, even excellent results may not justify further upside. I wouldn't rush to buy these dips. The AI boom isn't necessarily ending; expectations may simply have outrun financial returns. My strategy: Protect capital, wait for valuations to reset, and buy compan

I would pick MRK over the other Dow gainers, although 3M deserves attention. Merck offers pharmaceutical growth, while 3M represents an operational turnaround opportunity. Merck's Q3 2026 revenue reached $18.1 billion (+5% YoY), with adjusted EPS of $2.49 beating expectations. WINREVAIR's growth highlights its expanding business beyond Keytruda. However, Keytruda's patent expiration in 2028 remains a major risk. Meanwhile, 3M delivered 12% adjusted EPS growth and raised its full-year guidance, suggesting restructuring is translating into financial improvements. My investment view: MRK has stronger growth visibility, while MMM offers margin-recovery potential. I would prioritise earnings revisions, free cash flow and valuation rather than chase daily rallies. The real opportunity lies wher

The real advantage of structured warrants isn't just leverage — it's capital efficiency. Many investors focus on 8x or 10x effective gearing. But the bigger question is whether their market timing is right. Structured warrants allow investors to express bullish or bearish views with less upfront capital. Call warrants target upside, while put warrants capture downside or hedge existing positions. However, leverage has a hidden enemy: time. Unlike ordinary shares, warrants have expiry dates. Even if your prediction is correct, time decay and changes in implied volatility can erode returns before the underlying moves in your favour. My approach is to treat warrants as tactical instruments, not long-term investments. Always assess gearing, expiry, liquidity and maximum potential loss. Remembe

My Pick: B — Gain 5%–10%. 📈 SK hynix’s record earnings strengthen the bullish case for $SanDisk (SNDK), but NAND pricing and enterprise SSD demand will determine whether the rally continues. SanDisk’s guidance already targets $10.3–$10.8 billion in revenue and $44–$46 in adjusted EPS. With expectations elevated, simply beating estimates may not be enough. AI data centers need more storage, creating growth opportunities. If management signals sustained pricing power and stronger demand, further gains are possible. Investors should also watch gross margins and inventory trends for evidence that pricing power is translating into sustainable profits. However, memory stocks are cyclical. Even strong results could trigger profit-taking if guidance disappoints. My verdict: B is my base case. Fund

The biggest lesson from this seminar is that diversification means managing risk, not simply owning more assets. Asian financials offer regional growth and dividends but remain sensitive to interest rates. Singapore’s low-carbon equities provide differentiated exposure, although sustainability alone cannot justify high valuations. Short-duration bond ETFs can reduce interest-rate sensitivity, but credit risk and distributions still matter. A resilient portfolio needs different sources of return, not just different investment names. Dividends may soften equity losses, while high-quality short-duration bonds can provide stability. However, diversification cannot eliminate losses during market stress. Ultimately, investors should evaluate valuations, fees and underlying holdings before buyin