For equities, I wouldn’t chase valuation expansion. If earnings continue to deliver, especially in AI, higher profits can justify today’s multiples. But July’s forced unwind is also a reminder that leverage and positioning can overwhelm fundamentals in the short term.
Personally, I’d rather pair AI growth exposure with gold or other defensive assets than build a 100% AI portfolio. Gold’s structural case remains strong, but after such a powerful rally, I’d prefer buying pullbacks rather than chasing momentum.
@TigerClub [真香]
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