Introduces Charles Bobrinskoy from Ariel Investments and notes rotation into old economy sectors like energy and industrials.
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Charles Bobrinskoy
Advocates for 'hard economy' investments like MSG (sports teams/arena) which own irreplaceable real assets unaffected by AI, as people still want live experiences.
Suggests next generation wants real, in-person events, especially as AI makes online content unreliable, creating investment opportunity.
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Charles Bobrinskoy
Confirms live events are positive, cites Sphere's success (up 170%) as beneficiary of demand for irreplicable live experiences.
Asks where value remains beyond memory stocks, referencing Korean market celebration.
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Charles Bobrinskoy
Avoids memory/semiconductors as 'too hard' to pick winners; prefers analyzable, sustainable businesses with economic moats.
Charles Bobrinskoy
Sees opportunity in energy, especially natural gas, due to increased AI-driven electricity demand; sector is out of favor and cheap.
Asks about specific hard economy stocks: Residio, Finnea, Barrick, APA.
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Charles Bobrinskoy
Finnea (turbocharger/powertrain business) is cheap due to EV fears, now well-positioned for hybrid/combustion vehicles.
Notes value outperformance, asks how to invest around inflation, tariffs, and Iran themes.
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Charles Bobrinskoy
Markets dislike tariffs (view as taxes/inefficiency); Supreme Court ruling favorable but temporary.
Charles Bobrinskoy
Iran situation could 'shake things up'; potential bombing of nuclear sites would impact oil market and increase risk premium.