Outside of AI, why invest in the US?

View from the Peak

US equities remain the world’s most important market, but passive benchmarks are distorted by AI concentration risk. Durable alpha lies in structural themes beyond AI. Power infrastructure (Constellation, Duke, NextEra) will benefit from grid bottlenecks as data centres drive demand. Re-industrialisation (Caterpillar, Honeywell, Rockwell) reflects reshoring and automation. The energy transition (Dominion, Enphase, ExxonMobil) requires trillions in capex. Housing scarcity (D.R. Horton, Home Depot, Lennar) is a structural imbalance. Healthcare innovation (Abbott, Eli Lilly, UnitedHealth) rides longevity and med-tech advances. Cybersecurity (Cisco, CrowdStrike, Palo Alto) is non-discretionary. Generational wealth transfer (BlackRock, Morgan Stanley, Schwab) reshapes capital flows. The AI productivity super-cycle is real, but thematic allocations across these shifts offer broader, smarter US exposure.

- 19 September, 2025

Housebuilders: Look beyond 3Q results…

Consumer Discretionary

Housing Research Center

Alex Barron believes 3Q21 orders are likely to be the “low point” for negative order growth and investors should start building long positions / close shorts as focus turns to FY22 earnings (will benefit from higher prices and margins) and low valuations in the sector. Alex has recently upgraded the following stocks to Buy: D.R. Horton (TP $104), KB Home (TP $50) and Pulte (TP $64).

- 17 September, 2021