Dear New World Investor:

Last Friday’s headline Consumer Personal Expenditures Index (CPE) rose 2.2% in August — just two-tenths away from the Fed’s 2% inflation target. That was lower than estimates of 2.3% and down from 2.5% in July.

The core CPE excluding food and energy – the Fed’s favorite inflation indicator – was up 2.7% from last year, in line with expectations and up a tenth of a percent from 2.6% in July. It remains above the Fed’s 2% target. The month-over-month increase from July was just 0.1%, compared to expectations for 0.2% and June and July’s 0.2%.

The year-over-year numbers are more influenced by the “base effect” of where the CPE was a year ago. The more recent comparisons show inflation is in the Fed’s target range:

Click for larger graphic h/t Yahoo Finance

I expect two more 25 basis point cuts on November 7 and December 18 unless the labor market crashes, in which case they’ll probably cut 50 or even 75 basis points.

We have a few more weeks of quiet on the news front until earnings start flowing for us on October 29 with Corning. But there’s still some economic data coming: September payrolls tomorrow morning, the Consumer Price Index on the 10^th, then (in rapid succession) on October 30 we get both September quarter GDP and the Business Employment Dynamics revisions to the faulty monthly payroll data, on October 31 the Personal Consumption Expenditures Index, on November 5 the election, and on November 7 a rare Thursday Fed decision. There should be plenty of opportunities for Wall Street to scare retail investors into selling some stock.

Not that it’s worked very well so far. Last May was the annual “Sell in May!” clickbait headlines. Oops, the S&P 500 is up 10.7% from its average price in May. Or how about the “September is a dangerous month for stocks!” headlines? Oops, the S&P was up 2.0% in September to a new all-time record close, booking its best quarter since the December 2021 period. Now its “October is the MOST dangerous month for stocks and if (fill in the blank) wins the Presidency we’re doomed!” Too bad the Index finishes the December quarter higher 75% of the time.

This week, we received the latest Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index Report. The Manufacturing PMI came in at 47.2, matching the August figure, as well as the forecast from economists. Timothy Fiore, Chairman of the ISM Business Survey Committee, said: “U.S. manufacturing activity contracted again in September, and at the same rate compared to last month. Demand continues to be weak, output declined, and inputs stayed accommodative.

“Demand slowing was reflected by the (1) New Orders Index remaining in contraction territory, (2) New Export Orders Index contracting at a faster rate, (3) Backlog of Orders Index staying in strong contraction territory, and (4) Customers’ Inventories Index indicating customers’ inventories were about right.”

I suspect “about right” was before the East Coast and Gulf ports were shut down. If the strike doesn’t end soon, it could complicate the next Fed decision. Dockworkers make about $200,000 a year with overtime, and they’re looking for a 77% increase. Fed Chairman Powell has said that the labor market is NOT a source of inflationary pressure. His simplified wage cost push inflation model – wage growth less productivity equals inflation – taken with positive comments he made about productivity growth, suggests the Committee is comfortable with 4% wage growth due to an increase in productivity growth from ~1.5% to 2%.

Ironsides Macroeconomics pointed out that Powell repeated his press conference comments that he adjusts headline employment growth for the birth/death model overestimation (about 68,000 a month). It looks like the FOMC views the employment report as the most important economic risk right now, understands the overestimation of nonfarm payrolls, thinks 4% wage growth is noninflationary, and believes the rate of change in the unemployment rate is more significant than the level.

The “Fed Put” may now be on weak employment data. That should mean the stock market is less sensitive to weak labor market data than was the case following the last several employment reports. I doubt the stock market is immune to a “The Fed is behind the curve!” growth scare, but a big pullback probably would require additional data like weak retail sales or December quarter earnings guidance raising concerns about 2025 estimates.

Until that happens, do you want to fight the Fed and the tape? Why?

Market Outlook

The S&P 500 lost 0.8% since last Thursday after booking its best year-to-date performance at the end of September since 1997. The Index is up 19.5% year-to-date. The Nasdaq Composite lost 1.5% and is up 19.4%, matching the S&P, for the year. The SPDR S&P Biotech Exchange-Traded Fund (XBI) fell 1.6%, but still is up 8.2% year-to-date. The small-cap Russell 2000 dropped 1.3% and is up 7.6% in 2024.

Some days, I guess it’s hard to tell whether stocks are up or down:

Click for larger graphic

The fractal dimension is in full consolidation mode but still has a long way to go, either in price or time (most likely, both), to get to the fully-consolidated 55 level.

Top 5

Changes this week: None

Near-Term – chronological order
SCYX – ScyNexis – Data releases and resolution of the manufacturing problem
USL United States 12 Month Oil Fund, LP – crude should rise quickly
EQT EQT –natural gas price rebound
CMPS – Compass Pathways – Rebound from negative AdCom review of MDMA and Phase 3 data release in December quarter
FCX Freeport McMoRan – copper shortage
AKBA Akebia Therapeutics – Vafseo TDAPA approval in January

Long-Term – alphabetical order
ABCL AbCelllera – Will become a huge pharma royalty company
UUUU Energy Focus – Domestic uranium supplier
EQT EQT – largest US natural gas company
IBIT iShares Bitcoin Trust – Bitcoin is headed for $100,000
META Meta – a (the?) leader in the metaverse
PLTR Palantir – a (the?) leader in AI applications software
RKLB Rocket Lab – #2 to SpaceX in space
SCYX ScyNexis –First new antifungal in 20 years

Economy

The Atlanta Fed’s GDPNow model forecast of September quarter GDP growth is back at +2.5% after briefly popping up to 3.1%. Construction spending and the weak ISM survey pulled it back down. The Blue Chips still are under 2.0%.

Click for larger graphic

Coming Events
All times below are ET, and most presentations and slides are archived on the companies’ websites so you can listen to them.

Friday, October 4
September payrolls – 8:30am – +140,000 expected; August was +142,000

Wednesday, October 9
Short Interest – After the close

Big Tech: The Biotech & Digital Dominators MegaShift
There are at least four ways to make money in the stocks of these large, growing, dominant companies. You can:
* * Buy a stock and hold it
* * Buy a stock and write a call option against it
* * With a Level IV options account, write an out-of-the-money put option
* * With a Level IV options account, write an out-of-the-money put option and use part of the premium to buy an out-of-the-money call option

Apple (AAPL – $225.67) jumped after JPMorgan said iPhone 16 Pro sales are strong, then fell after Barclays said they are seeing indications of softening demand for the iPhone 16 and Apple may have cut its orders at a key Taiwanese chip component supplier by three million phones. How to deal with this? Ignore it. Nobody but Apple knows what’s really going on, and they don’t just take orders – they sell the things. With the holiday season coming and the AI software release about 90 days away, we won’t know until the earnings release in early February how initial sales are. I expect massive upgrades over the next few years.

Apple is vulnerable to a Trump victory because it manufactures and sells phones in China. On the other hand, they would put a reduction in the corporate tax rate to work by lowering prices and buying back more stock. Apple has repurchased a market-leading $700.6 billion worth of its stock since the start of 2013 and reduced its outstanding share count by 42.2% in the process. AAPL is a HOLD – I expect to move back to Buy under $175 for new iPhones.

Corning (GLW – $44.59) introduced Extreme ULE Glass to improve photomasks, the stencils for chip design. These are critical for the mass production of the most advanced and cost-efficient semiconductors. Extreme ULE Glass can withstand the highest intensity extreme ultraviolet (EUV) lithography, including high numerical aperture (High NA) EUV, which is the next industry standard. EUV lithography allows manufacturers to pattern and print the smallest, most complex chip designs. The process requires glass with extreme thermal stability and a uniform glass material to ensure consistent manufacturing performance. GLW is a Buy under $33 for the 5G cellular buildout, followed by the smartphone upgrade to use 5G services. My target is $60 in 2025 .

Gilead Sciences (GILD – $84.17) signed non-exclusive, royalty-free, voluntary licensing agreements with six generic drug manufacturers to make and sell generic lenacapavir in 120 high-incidence, low- and lower-middle income countries. GILD is a Long-Term Buy under $80 for a first target of $120.

Palantir (PLTR – $39.24) and Edgescale AI announced a strategic partnership to deliver Live Edge, an integration of Palantir Edge AI and Edgescale AI’s distributed infrastructure technology, to apply AI in manufacturing, utilities, and other complex industrial environments. PLTR is a Buy under $22 for a $100+ target.

PayPal Holdings (PYPL – $77.31) launched PayPal Complete Payments in China last week to broaden cross-border support for a variety of newer platforms such as Apple Pay and Google Pay, along with providing additional services such as risk management. PayPal Complete Payments is currently available in more than 30 markets, including the US and multiple European countries, and the company said it will add more solutions to the platform for Chinese merchants as it continues to localize it for that market.

PayPal is expanding in China because they expect local merchants selling abroad to see cross-border e-commerce continue to grow despite mounting geopolitical and regulatory challenges. The number of Chinese merchants selling overseas has grown rapidly in the last few years amid a slowing domestic economy and as market entrants such as Temu open new opportunities in addition to Amazon.

I expect Chinese manufacturers to follow the Japanese model and offer more high-quality goods to escape the price competition of generic products. The super cheap stuff will shift to countries like Vietnam.

Since the pandemic-fueled growth story, PayPal’s transition to a value stock can be seen in its Price/Earnings ratio:

Click for larger graphic

At this low valuation, buying back stock makes sense. In the June quarter, PayPal generated $1.4 billion in free cash flow, bought back $1.5 billion in stock, and raised their 2024 free cash flow guidance to $6 billion. If they can grow revenues at 7% a year and buy back $6 billion of stock each year, in five years they will have repurchased around 40% of their stock. Earnings per share would be up about 150% from today’s level. That path would easily get to my $136 target price in three years and close to $200 in five. PYPL is a Buy under $68 for a double in three years.

Small Tech

Enovix (ENVX – $10.65) started shipping EX-1M battery cell samples from its new Agility Line in Malaysia last week. By shipping samples on schedule in the September quarter, the company is on track to begin high-volume production in 2025. The high-volume line is on track for Site Acceptance Testing completion.

Enovix also recently completed internal UN38.3 certification for cells now shipping. UN38.3 is the United Nations standard for safe transportation of lithium-ion batteries and is only granted to products that meet strict international safety and abuse tolerance standards through a series of certified test protocols. ENVX is a Buy up to $20 for a 4-year hold to $100+ as their BrakeFlow lithium-ion battery takes market share.
Primary Risk: A new competitor invents a better battery.

PagerDuty (PD – $17.63) said a new Total Economic Impact study conducted by the highly respected Forrester Consulting concluded that a composite organization representative of interviewed customers using the PagerDuty Operations Cloud achieved a considerable 249% return on investment (ROI) over three years with a payback period of less than 12 months. Those are the kinds of numbers that get salespeople’s calls returned. PD is a Buy up to $30 for a 2- to 5-year hold as their digital operations management Software-As-A-Service gains market share.
Primary Risk: Digital operations management is a competitive area.

QuickLogic (QUIK – $7.66) delivered eFPGA intellectual property (IP) for Taiwan Semiconductor’s 12-nanometer semiconductor production process to a large multi-national customer. They delivered within three months from finalizing specifications to IP completion – record time.

This was the March contract they won and began working closely with the customer to define the bespoke eFPGA IP that meets their specific requirements. QuickLogic’s eFPGA technology enables fast adaptation to evolving AI algorithms while delivering significant power and throughput advantages over traditional software solutions. QUIK is a Buy up to $10 for my $40 target as their earnings repeatedly surprise Wall Street.
Primary Risk: Customers’ product introductions and associated royalties are unpredictable.

Rocket Lab USA (RKLB – $9.25) completed testing and integration of its second Pioneer spacecraft for Varda Space Industries, the world’s first in-space pharmaceutical processing and hypersonic Earth re-entry logistics company.

Click for larger graphic

Rocket Lab’s first Pioneer spacecraft for Varda was launched in June 2023. Varda successfully crystallized the HIV drug Ritonavir while on orbit and Rocket Lab successfully landed the re-entry capsule in the Utah desert in February 2024. RKLB is a Buy up to $13 for my $30+ target as low earth orbit satellites and space exploration grow.
Primary Risk: A new competitor emerges.

Biotech MegaShift

If you can afford it – and it would not be too big a position in your portfolio – putting $2,000 into each of these speculative biotechs might be a good way to start. Buying these out-of-favor, fallen, or forgotten companies that can get important products through the FDA at very low market capitalizations seems like a good strategy to me.

Risks

Development-stage biotechs are subject to investor sentiment swings from wildly optimistic to excessively pessimistic – mostly the latter recently. After the Primary Risk for each company, I’ve added the clinical stage of their lead product, the probable time of their first FDA approval, and the probable time of their next financing.

As always, you need to think about an appropriate position size. You could buy a full position upfront and then just hold on, or buy some upfront and leave room to add more on the inevitable financings, transient clinical trial setbacks, and the like.

Editas Medicine (EDIT – $3.20) CFO Erick Lucera and VP Cristi Barnett presented at the Chardan Genetic Medicines Conference (AUDIO HERE and TRANSCRIPT HERE).

They said there are about 100 programs at ten companies that need to license Editas intellectual property- a great source of substantial non-dilutive capital. That’s the first time I have ever heard them quantify the opportunity. Bravo! They are expecting a 1% to 2% royalty on essentially every genetic medicine that is approved.

Their in vivo program will have proof of concept in animals by the end of the year. This will transform a lot of treatments.

Reni-cell for sickle cell disease will be best-in-class. It should be approved in a couple of years. Sickle cell disease is a group of hemoglobin-related blood disorders that usually are inherited. The most common is sickle cell anemia, caused by an abnormality in the oxygen-carrying protein hemoglobin found in red blood cells.

Click for larger graphic h/t Wikipedia

Pain attacks in joints, anemia, swelling in the hands and feet, bacterial infections, dizziness, and stroke characterize sickle cell disease. An attack can be set off by temperature changes, stress, dehydration, and high altitude. These often get worse with age. The liver, heart, kidneys, gallbladder, eyes, bones, and joints can suffer damage from the sickle cells inability to flow through the small blood vessels correctly. Leg ulcers are a common complication. Average life expectancy is 40 to 60 years.

Sickle cell disease occurs when a person inherits two abnormal copies of the β-globin gene (HBB) that makes hemoglobin, one from each parent. A person with a single abnormal copy does not usually have symptoms and is said to have sickle cell trait or be a carrier. It can be diagnosed by a blood test.
About 45 million people have sickle cell trait and 4 ½ million have sickle cell disease, about 80% in Sub-Saharan Africa. Over 100,000 people a year die of sickle cell disease.

Pfizer’s Oxbryta pill for sickle cell disease is a hemoglobin S polymerization inhibitor that works by suppressing the sickling of red blood cells. It got accelerated approved in 2019 for patients 12 years and older, then expanded in 2021 for patients four years and older. It also was approved in Europe in 2022, the United Kingdom, and United Arab Emirates.

On September 25, Pfizer withdrew Oxbryta after an “extraordinary meeting” of the European Medicines Agency (EMA) said their review of the drug showed an imbalance of fatalities – 16 clinical trial participants died. The review initially focused on concerns about infection and malaria risk, but expanded to examine increased cases of vaso-occlusive crisis in patients taking Oxbryta. The EMA recommended that Oxbryta be withdrawn due to the emerging safety data.

Pfizer recalled all lots globally due to the high risks of severe safety events, including deaths, and shut down all clinical trials and expanded access programs. Back in May, Pfizer paused two ongoing clinical trials of Oxbryta over concerns about a higher rate of deaths in patients taking the treatment compared to placebo seen in the GBT-440-032 study. In the other study, GBT440-042, the total number of deaths also was higher than anticipated. Eight out of the nine deaths were recorded in an open-label expansion of GBT440-042.

Last December, the FDA approved two gene therapies for sickle cell disease, bluebird bio’s (BLUE) Lyfgenia and Vertex Pharmaceuticals (VRTX) and CRISPR Therapeutics’ (CRSP) Casgevy. The roll-out of these complex therapies has been slow, with the first patients just beginning to receive infusions. Vertex/CRISPR and bluebird’s products have been limited to the sickest patients, so those taking Oxbryta are unlikely to immediately look to gene therapy,

But this is a genetic disease, and the only way to completely cure it is with gene therapy. Treating symptoms or masking pain with traditional pharma does not solve the problem. Sickle cell symptoms can start at four to six months, and the only way to give these kids a decent life is gene therapy. I am not recommending Pfizer (probably ever, but that’s a different story), Vertex, or CRISPR. I am recommending the only company that is currently being paid royalties for a sickle cell cure and has the best-in-class therapy in clinical trials. We’ll see more reni-cell data on more patients with a longer follow-up before the end of the year. EDIT is a Buy under $6 for a double in 12 months and a long-term hold to much higher prices.
Primary Risk: Gene-sequencing drugs fail in the clinic.
   Clinical stage of lead product: Partnered: Approved; Owned: Preclinical.
   Probable time of next FDA approval: 2026
   Probable time of next financing: 2026 or never

Inflation MegaShift

Gold ($2,676.60) rose a bit due to the Israel-Iran conflict. Longer-term, it is the skyrocketing Federal debt that will drive the price of gold. Trump and Harris have the same plan for the debt – crickets.

The fractal dimension booked a slightly up week to exactly touch the end-of-trend 30 level. Even though gold never got to $3,000, this uptrend probably is over. We don’t want to sell the yellow metal with skyrocketing debt coming in 2025, but gold needs to rebuild energy before another upleg. As always, this can happen by a quick, transient price drop or a multi-week period of sideways fluctuations.

Cryptocurrencies

Cryptocurrencies are a diversifying asset that offer a unique opportunity to make (or lose!) a lot of money quickly. You can easily buy bitcoin and other cryptocurrencies at Coinbase, Block, or Robinhood.

Bitcoin (BTC-USD on Yahoo – $60,814.34) continued its slide under $65,000 in spite of the Israeli attack and the SEC firing its chief enforcer, Gurbir Grewal. Grewal leaves after a tenure marked by some of the most aggressive oversight over the cryptocurrency industry, during which he recommended more than 100 enforcement actions against crypto operators, including some of the world’s largest trading platforms. His departure has fed speculation that the SEC will soften its stance on crypto as the Presidential election draws near. Variant Fund’s Chief Legal Officer said the departure might represent “the inevitable end to a campaign of unlawful harassment and misrepresentation resulting in many embarrassing defeats in court.”

Click for larger graphic

Relief is on the way! Bitcoin seasonality over the last 10 years is self-explanatory.

Click for larger graphic h/t @GodstarPL

BTC-USD, ETH-USD, IBIT, and ETHA are Strong Buys.
Primary Risk: Bitcoin falls due to over-regulation or is surpassed by another cryptocurrency.

iShares Bitcoin Trust (IBIT- $35.72) remains the cheapest and easiest way to buy bitcoin. IBIT is a Buy for the 2028, 2032, and 2036 halvings.
Primary Risk:Bitcoin falls due to over-regulation or is surpassed by another cryptocurrency.

iShares Ethereum Trust (ETHA- $17.83) remains the cheapest and easiest way to buy ethereum. ETHA is a Buy.
Primary Risk:Ethereum falls due to over-regulation or is surpassed by another cryptocurrency.

Commodities

Oil – $73.90

Oil dropped below $70 a barrel in September for the first time since 2021, but rallied sharply today after the paper oil shortseller stories withered in the face of real oil developments. The Wall Street Journal wrote a story Wednesday titled “Saudi Oil Min Said Prices May Fall to $50/B if Others Cheat, Sources Say.” The OPEC Secretariat immediately took them to the woodshed, categorically refuting the claims made within the story as wholly inaccurate and misleading. They said: “The article falsely reported that a conference call took place in which the Saudi Arabian Energy Minister allegedly warned OPEC+ members of a potential price drop to $50 per barrel should they fail to comply with agreed production cuts. It also attributed an alleged quote to the Minister, stating: ‘Some better shut up and respect their commitments toward OPEC+.’ These claims are entirely unfounded. OPEC secretariat stresses that no such conference call occurred last week, nor has any call or video conference taken place since the last OPEC+ meeting on September 5. The alleged statements, attributed to unnamed sources, lack any credibility and are completely fabricated.”

That was followed up by a Bloomberg report that: “Looking at September oil tanker tracking data (our own at Bloomberg and from others), I see very little sign of Iraq moving to comply with OPEC+ limits (let alone the additional compensatory cuts). And UAE went gangbusters with a very high oil export level.”

The big hedge funds must be extremely short oil! The real numbers show Iraq’s September exports down 116 million barrels from August with the UAE up (gasp!) just four million.

Click for larger graphic h/t @HFI_Research

Resident Biden, asked if he would support Israel striking Iran’s oil facilities, responded: “We’re discussing that.” Iran’s oil infrastructure is pretty concentrated and an easy target.

Click for larger graphic h/t @chigrl

Meanwhile, global inventories are extremely low:

Click for larger graphic h/t @HFI_Research

Let’s see: flat US production, no slowdown in US demand, Chinese stimulus, OPEC+ discipline, Israel about to take out Iran’s oil infrastructure, low global inventories – did I miss anything besides Hurricane Helene’s impact? Next stop: $100 oil.

The July 2026 Crude Oil Futures (CLN26.NYM – $66.87) are a Buy under $70 for a $200+ target. Only buy futures for all cash; do not use margin.

The United States 12 Month Oil Fund, LP (USL – $38.42) is a Buy under $40 for a $100+ target.

Vermilion Energy (VET – $10.46) is a Buy under $11 for a target price of $24 or more.
Primary Risk: Oil prices fall.

EQT (EQT – $37.67) provided natural gas for the July power burn, which set an all-time record.

Click for larger graphic h/t @ZmansEnrgyBrain

Understated power burn demand assumptions are the primary reason why forecasted natural gas implied balances made no sense. The data suggested flat year-over-year growth, which is not true. And it’s not just 2024. The International Energy Agency said world gas use will hit a record in 2025 due to a fight for liquefied natural gas (LNG). They said competition for seaborne fuel will intensify between Asia and Europe. After a drop in imports this year, Europe will need more LNG in 2025, tightening both the market and price spreads with Asia. They wrote: “Natural gas supply remains fundamentally tight, with uncertainties weighing on the 2025 outlook.”

Click for larger graphic h/t @chigrl

EQT is a buy under $35 for a first target of $70 and a long-term hold for much higher prices.
Primary Risk:Natural gas prices fall.

Energy Fuels (UUUU – $5.61) closed the transformative Base Resources acquisition for $178.4 million. It enables Energy Fuels to progress with the development of heavy mineral sands projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the planned Donald Project joint venture in Australia. Energy Fuels will import monazite to the US for processing into separated neodymium-praseodymium at a commercial scale at its White Mesa Mill in Utah.

CEO Mark Chalmers said: “With Energy Fuels’ acquisition of Base Resources and its Toliara Project in Madagascar, we have now acquired the raw materials that, when developed, will enable us to become one of the world’s leading suppliers of advanced rare earth products and titanium and zirconium minerals, while also maintaining our current position as a leading producer of uranium in the US.”

Within the next two to four years, Energy Fuels plans to initiate production at the Toliara, Bahia, and Donald projects, which could collectively produce up to 43,000 tonnes of monazite annually. That will support annual production of approximately 4,000 to 6,000 tonnes of separated neodymium-praseodymium, along with 200 to 300 tonnes of dysprosium and terbium. UUUU is a buy under $8 for a $30 target.
Primary Risk: Uranium prices fall.

* * * * *

Queen’s bass player John Deacon’s iconic opening two-note bass riff in the 1981 hit Under Pressure

:

Was replicated by Vanilla Ice in Ice Ice Baby

:

So the subsequent lawsuit awarded Bowie and Queen songwriting credit and royalties on Ice Ice Baby forevermore.
h/t @DiMartino Booth

* * * * *

RIP Kris Kristopherson

Rhodes Scholar & Phi Beta Kappa

* * * * *

Your Editor,

Michael Murphy CFA
Founding Editor
New World Investor

All Recommendations

Priced 10/3/24. Check out the complete Portfolio page HERE.

Buys
These are the stocks everyone needs to own because transformative events are happening over the next year or two, and I expect to hold them long-term.

Tech Dominators
  Corning (GLW – $44.59) – Buy under $33, target price $60
  Gilead Sciences (GILD – $84.17) – Buy under $80, target price $120
  Palantir (PLTR – $39.24) – Buy under $22, target price $100+
  PayPal (PYPL – $77.31) – Buy under $68, target price $136
  SoftBank (SFTBY – $29.60) – Buy under $25, target price $50

Small Tech
  Enovix (ENVX – $10.65) – Buy under $20; 4-year hold to $100+
  First Trust NASDAQ Cybersecurity ETF (CIBR – $58.81) – Buy under $60; 3- to 5-year hold
  Fastly (FSLY – $7.36) – Buy under $14; 3- to 5-year hold to $80+
  PagerDuty (PD – $17.63 – Buy under $30; 2- to 5-year hold
  QuickLogic (QUIK – $7.66) – Buy under $10, target price $40
  Rocket Lab (RKLB – $9.25) – Buy under $13, target price $30+

$20-for-$1 Biotech
  AbCellera Biologics (ABCL – $2.48) – Buy under $6, target $30+
  Akebia Biotherapeutics (AKBA – $1.32) – Buy under $2, target $20
  Compass Pathways (CMPS – $5.89) – Buy under $20, hold a long time for a 10x return
  Editas Medicines (EDIT – $3.20) – Buy under $6 for a double in 12 months and a long-term hold to much higher prices
  Inovio (INO – $5.65) – Buy under $14, hold a long time
  Medicenna (MDNAF – $1.53) – Buy under $3, first target $20, then maybe $40
  ScyNexis (SCYX – $1.41) – Buy under $3, target price $20, then $50
  TG Therapeutics (TGTX – $22.19) – Buy under $12 for buyout at $30+

Inflation
  A Short-Sale or REO House – ($415,400) – Hold
  Bag of Junk Silver – ($32.31) – hold through silver bull market
  Sprott Gold Miners ETF (SGDM – $30.89) – Buy under $28, target price $50
  Sprott Junior Gold Miners ETF (SGDJ – $36.68) – Buy under $39, target price $100
  Sprott Physical Gold and Silver Trust (CEF – $24.96) – Buy under $18, target price $30
  Global X Silver Miners ETF (SIL – $35.62) – Buy under $30, target price $50
  Coeur Mining (CDE – $7.08) – Buy under $5, target price $20
  First Majestic Mining (AG – $6.35) – Buy under $11, next target price $23
  Paramount Gold Nevada (PZG – $0.40) – Buy under $1, first target price $10
  Sandstorm Gold (SAND – $5.95) – Buy under $10, target price $25
  Sprott Inc. (SII – $44.94) – Buy under $40, target price $70

Cryptocurrencies
  Bitcoin (BTC-USD – $60,814.34) – Buy
  iShares Bitcoin Trust (IBIT – $34.72) – Buy
  Ethereum (ETH-USD – $2,344.43) – Buy
  iShares Ethereum Trust (ETHA- $17.83) – Buy

Commodities
  Crude Oil Futures – July 2026 (CLN26.NYM – $66.87) – Buy under $70; $200+ target
  United States 12 Month Oil Fund, LP (USL – $38.42) – Buy under $40; $100+ target
  Vermilion Energy (VET – $10.46) – Buy under $11; $24 target
  EQT (EQT – $37.67) – Buy under $35; $70 first target
  Energy Fuels (UUUU – $5.61) – Buy under $8; $30 target
  Freeport McMoRan (FCX – $49.77) – Buy under $44; $65 target within two years

Holds
These are holds but not sells – yet. They could get moved back to one of the buy categories if their prices drop or outlook improves, or they could become sell recommendations in the future.
  Apple Computer (AAPL – $225.67) – Expect to move back to Buy under $175 for new iPhones
  Meta (META – $582.77) – Expect to move back to Buy under $400

Publisher: GwynRose LLC, 5348 Vegas Drive, Suite 868, Las Vegas, NV 89108

New World Investor does not act as a personal investment adviser or advocate the purchase or sale of any security or investment for any specific individual. The recommendations and analysis presented to members are for the exclusive use of members. Members should be aware that investment markets have inherent risks and there can be no guarantee of future profits. Likewise, past performance does not assure future results. Recommendations are subject to change at any time. Nothing in this presentation should be considered personalized investment advice. No communication to you by Michael Murphy or any of our employees or contractors should be deemed as personalized investment advice.

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