1. Altria's success hinges on its HTS market entry through the Horizon JV with Japan Tobacco, leveraging Marlboro's brand strength to capture market share in the underdeveloped US HTS space. 2. Other smoke-free initiatives (on!, NJOY) also have potential upside, but their financial impact has not been significant yet. 3. The HTS portfolio is considered a missing piece in the puzzle. Altria's current valuation is attractive, and with the growth of smoke-free initiatives, especially HTS, multiples could increase. 4. Altria is a 'buy' for investors who believe in the HTS product launch, but it faces risks from market conditions and competition from established brands like IQOS.

1. Diversification is key in Brad Thomas's portfolio, which includes a mix of REITs, BDCs, utilities, asset managers, preferreds, ETFs, and cash. 2. Alphabet is a strong buy despite regulatory challenges, with potential returns of 15-20% over the next 12 months. 3. ASML Holdings has a virtual monopoly in high-end photolithography systems, poised for significant growth despite geopolitical concerns. 4. LVMH Moet Hennessy Louis Vuitton offers robust diversification in luxury goods with strong growth prospects and recent buyback signaling confidence.

1. The author initially covered AMD in June 2024 with a Hold rating; 2. The upgrade to Buy is based on compelling valuation; 3. AMD is struggling in the data center GPU market but has a history of market penetration and disruption.

1. Despite a $1.75 billion funding boost and the launch of an intriguing SUV, Lucid continues to face financial issues, leading to a maintain Sell rating. 2. Lucid's focus on luxury, innovation, and vertically integrated manufacturing sets it apart in the EV market. 3. The advanced Arizona facility is crucial for expanding production beyond sedans and achieving sustainable profits.

1. Closed-end funds have seen significant discount narrowing in 2024; 2. Despite record highs in major indices, opportunities still exist; 3. Funds like BME and FLC may offer attractive entry points.

1. REITs faced challenges in 2024 but are well-positioned for growth in 2025, especially in sectors like net lease, shopping centers, healthcare, and data centers. 2. Falling interest rates and proposed policies by President Trump could stimulate demand, benefiting REITs with strong balance sheets and attractive valuations. 3. Key sectors to overweight include net lease, shopping centers, healthcare, and data centers, with equal weight in cell towers, industrial, sunbelt office, and apartments.

1. Schlumberger presents a compelling value proposition with strong fundamentals, robust profitability, and growth driven by cutting-edge technology and AI, trading near 52-week lows. 2. Alexandria Real Estate is a high-quality REIT with mission-critical life science properties, benefiting from sticky tenant relationships and a solid growth pipeline, also trading near 52-week lows. 3. Both SLB and ARE offer attractive entry points amidst market volatility, providing resilient, income-generating assets with solid dividend yields and long-term growth potential.

1. The five daily stock market return cycles I track are all pointing down, suggesting a potential end to the S&P 500's rise. 2. Aggressive Fed easing during the pandemic may have negative long-term effects on stocks. 3. Large profits taken since 2021 may have compromised future growth, with S&P 500 earnings potentially declining more than during the 2008 crisis. 4. The yield curve is signaling high risk, with potential S&P 500 declines of up to 67%. 5. Political control in Washington, similar to that during the 2008 financial crisis, may lead to a comparable downturn starting in 2025.

1. Palantir Technologies Inc. is currently trading at a 65x sales valuation, making it one of the most overvalued stocks among growth peers. 2. Despite strong revenue growth and GAAP profitability, the stock's valuation is unsustainable even under optimistic growth scenarios. 3. The current valuation offers a highly asymmetric return profile to the downside, warranting a 'strong sell' rating.

1. The author discusses his dislike for New Year's Eve and market predictions, focusing instead on a reader-selected stock for a 10-year investment horizon. 2. He analyzes various picks, considering long-term prospects and potential outperformance. 3. The companies chosen are believed to have qualities crucial for long-term investment success, regardless of economic uncertainty or market volatility.

1. Rexford Industrial is a focused Southern California REIT, leveraging management expertise to upscale properties and drive rent growth. 2. Management's deep industry experience and founder involvement ensure this focus on quality and valued added. 3. Rexford's valuation is attractive, trading at a significant discount compared to most peers, while its debt runway and potential for substantial future growth are unmatched. 4. Despite geographic concentration risks, Rexford's fundamentals and market positioning justify a Strong Buy rating.

1. Coatue Management's 13F portfolio increased to $26.92B from $25.69B; 2. Top five stakes are in Meta, Amazon, Constellation Energy, Microsoft, and Taiwan Semiconductor; 3. New stakes include Cadence Design, KKR, Spotify, DoorDash, and more.

1. Applied Materials (AMAT) has seen a -36% decline in stock price in less than six months; 2. The author suggests a strategy of buying cyclical stocks like AMAT after a 50%-65% decline; 3. The author believes AMAT is a strong candidate for cyclical investing during downturns due to historical price patterns.

1. Micron Technology's stock is upgraded to a strong buy after a 16% drop following 1QFY25 earnings report; 2. We believe the slower end demand rebound and industry oversupply are now reflected in the stock and outlook, resetting expectations; 3. Micron is expected to benefit from share gain in the HBM market and PC TAM expansion towards 2H25.

1. Okeanis Eco Tankers Corp. owns one of the youngest and most efficient fleets in the tanker business; 2. Each vessel is equipped with scrubbers, leading to fuel cost savings and compliance with IMO 2020 regulations; 3. Modern tankers are more fuel efficient, and ECO has demonstrated the ability to earn higher charter rates compared to the VLCC and Suezmax markets.

1. Market narratives are often post-facto explanations; focus on assessing risk and upside potential rather than predicting market movements. 2. Current market conditions show a significant disparity between the performance of top stocks and the broader market, highlighting underlying weaknesses. 3. Defensive strategies like T-bills and single inverse ETFs can help manage risk and protect against major losses in uncertain times.

1. Merck's shares have declined significantly, increasing its dividend yield and compressing its valuation, presenting an attractive investment opportunity. 2. Keytruda, the company's largest drug, is showing strong revenue growth and potential for further approvals and market expansion. 3. Merck's diverse drug portfolio and robust pipeline support future growth. 4. Merck is trading at a significant discount compared to historical valuations, offering a solid dividend yield and potential for attractive total returns.

1. The utilities sector experienced a 18.03% bull run from July to November due to falling interest rates and AI demand, but has since pulled back 6.38% in December. 2. The article discusses the reasons behind the sector's sharp pullback and the author's outlook. 3. The author shares their current investment strategy in light of the market conditions.

1. Inflation poses a challenge to dividend investors; 2. Focus on companies with pricing power and low input costs; 3. Prioritize revenue growth and controlled operating expenses; 4. Business models like royalties, exchange operators, and streamers offer unique advantages during inflationary times.

1. The year is winding down, but the market remains busy with central bank decisions and earnings reports; 2. The Federal Reserve is expected to cut interest rates by a quarter-point; 3. Key companies like Micron Technology, FedEx, and Nike are scheduled to report earnings.