Jason Ware

So I think we've seen the correction in the mag seven that we're going to get.

I don't see any reason that Microsoft should trade at 15 times and that meta should go back to 15 or that, you know, Google's going to suddenly see a PE compression.

Apple is basically a treasury bond in the stock market.

So like pitch me why I should believe that P is going down.

Amazon's cheap.

Like all Tesla's the only one that's not cheap and we're setting aside Tesla for a moment.

I think that when you look at the growth of this group and you look at the opportunity set over the next one, three, and five years in AI and in technology and cloud and digital advertising and autonomous driving, all the things that these big tech companies are benefiting from, and then you juxtapose that with the valuation, the reset that we've now had, I think you're going to see money coming back in.

I think people that had missed those names, NVIDIA,

I mean, this thing's trading at what, like 19 times earnings?

It's growing to 70%.

This is nuts.

And so while I don't think, and my call on the Mag7, all throughout last year, by the way, not just with you guys, but in all the media I do, my call has been, if you're overweight, these guys, trim them back.

NVIDIA is not going 5X.

Okay, that story has already happened.

NVIDIA is going to be a great performer over the next five years, but it's not going 5X.

So I think taking some active share out and rebalancing and taking some profits makes sense.

But I'm still bullish on the group and I still think it can outperform the 493, especially from the starting point today, which is these stocks are much cheaper and they have better earnings than the 493.

So why not?

Oh, well, so we're a buy-side shop.

We're an RIA, so I don't publish my research.