Dear New World Investor:

My Rocket Lab recommendation had a rocky start but now is working well and has a long way to run. Redwire also is off to a rocky start and isn’t nearly as interesting as RKLB, but it also seems bound to be a money-maker as the space economy grows. What I’d really like to recommend is the #1 space company, SpaceX.

SpaceX has grown rapidly through four businesses. They are (1) a reliable, low-cost way to put satellites in orbit, so they have a large, growing commercial launch business. SpaceX is the first company ever to slash launch costs by creating a reusable rocket that returns not by a parachute but by returning itself to the launch pad and landing vertically.

They are (2) a trusted supplier to NASA, where they have about $11.8 billion in contracts. After the recent Boeing screw-up, SpaceX is the sole US provider of crewed missions to the International Space Station.

(3) They also have $3.6 billion in contracts with the Department of Defense. Finally, (4) they have the global Starlink Internet access service. In the US, it costs $500 to install and $100 a month to subscribe.

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Add it all together, and in 2023, SpaceX did about $8.7 billion in revenues.

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But it’s private, so we can’t invest in it, right?

Wrong. I’ve found two ways to get into SpaceX before their initial public offering (probably later this year), one dumb and one smart. Let’s start with the dumb one.

Don’t Buy: Destiny Tech100 (DXYZ)

DestinyTech100 is a closed-end fund that owns shares in 22 private companies. As of December 31, Space X was their largest holding at 52.4% of assets, followed by fintech Revolut at 9.4%, then Axiom Space at 6.4%, ChatGPT creator OpenAI at 4.4%, and Epic Games at 3.2%.

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The fund charges a hefty 2.5% annual management fee, but that’s not the problem. Like any closed-end fund, it can trade at a premium or discount to its net asset value. It’s current net asset value is about $6 a share and the fund closed today at $36.79 – a whopping 513% premium to net asset value. Although SpaceX will do fine, go public, and further Elon Musk’s journey to becoming the world’s first trillionaire, DXYZ buyers at these levels could lose money. As Sean Morgenthaler used to say as a toddler: “No no like it.”

Onward to the smart way to buy SpaceX – Buy ARK Venture Fund

The ARK Venture Fund (ARKVX) is another actively managed closed-end fund, but it invests in both private (86.3%) and public (13.7%) stocks fitting their investment theme of disruptive innovation. It is part of Cathie Wood’s ARK Invest group. SpaceX is their largest holding at 15.8% of assets.

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It charges an even heftier management fee of 2.75%, but here’s the difference. The fund has a net asset value of $29.54 and closed today at…$29.54 – no premium to net asset value! That’s for us. I want you to Buy ARKVX.

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Last Friday’s panic was brought to you by the Personal Consumption Expenditures Index for February. The headline PCE increased 2.5% year-over-year, the same as January, and 0.3% month-over-month, right on the consensus expectations. The Fed’s favorite inflation indicator, the core PCE that excludes food and energy, rose 2.8% year-over-year, a tenth above January’s revised 2.7% and expectations for 2.7%. The month-over-month increase of 0.4% also was a tenth above January’s 0.3% and expectations for 0.3%.

So does a tenth justify an S&P 500 drop of 1.97%? No, because as I showed you last week, inflation is collapsing. But – but – but – what about the tariffs? Reciprocal tariffs are hard to argue with on any grounds of unfairness, given the Trump Administration literally is saying: “We’ll put tariffs on your goods at whatever rate you put them on ours, or, you can drop yours to zero and we will do the same.”

In 2023, the United States had lower trade barriers than any other G20 nation. It also imposed lower tariff rates than the majority of its G20 counterparts. We don’t have free trade, and America has been getting ripped off.

Click for larger graphic h/t @KanekoaTheGreat

As @EmmaCFA said: “How does one argue the Trump Administration is ‘bad’ for implementing a structure such as this? And how does one not see that trading partners will not accept immediately, but it won’t be long after they feel the impact that they come running back wishing they’d just gone with fair trade at the outset?”

Jim Paulsen wrote: “Chart 1 shows the U.S. consumer confidence index (a proxy for Main Street sentiment). Just prior to the 2020 pandemic, U.S. confidence was near a record high slightly above 100. Understandably, the Covid crisis crushed confidence as the index declined to about 70 before the pandemic began being brought under control. Confidence on Main Street did revive to almost 90 by late-2021 before a post-pandemic bear market, caused primarily by a surge in inflation, led to recessionary-level collapse in confidence in 2022. What is seemingly unexplainable, however, is why confidence has not recovered since the 2022 bear market?”

Click for larger graphic h/t @jimwpaulsen

I believe the answer is the heightened level of uncertainty. First, many people knew that Resident Biden was not really able to run the country, but no one to this day knows who was running it. Second, it seemed like the Fed’s “data dependent” approach to slowing inflation was a lose-lose scenario for the economy and investors. Were the numbers good? Stay tight and crush it. Numbers bad? Well, all righty then – except who wanted to buy stocks when the numbers were bad?

Thus the low consumer confidence, the high percentage of AAII bears, and the lengthy stretch when almost the only stocks that did well were the leaders in the most dramatic technology advance ever – AI. The uncertainty continues with President Trump using his Congressional majorities to rapidly remake the entire federal government before the 2026 midterm elections.

As @TheMarketEar pointed out, non-confidence is the new consensus. Goldman Sachs and Ed Yardeni are the latest to give up, at least for the short-term. Goldman wrote: “We now expect an S&P 500 3-month return of -5%…Our 2025 and 2026 EPS forecasts ($253 and $269) are substantially below consensus.” They cut their year-end S&P 500 forecast for the second time in a month to 5,700.

Yardeni wrote: “…upping the odds of a stagflation scenario, which may include a recession, from 35% to 45%. That 45% is also the probability we see that the stock market’s correction will deepen into a bear market in coming months.”

In another indication of non-confidence, @BarryKnapp pointed out that services capital spending plans have collapsed. I would add this is exactly when they should be scrambling to get on the AI bandwagon before they are crushed by a disruptive startup.

Click for larger graphic h/t Ironsides Macroeconmics

TL:DR from @AugurInfinity: “So far, the softness in US soft data (sentiment) has not spilled over to hard data. Based on our calculation, soft data is now implying a contraction, while hard data continues to indicate above-trend growth.”

Click for larger graphic h/t @AugurInfinity

With over $7 trillion on the sidelines, when sentiment snaps back from today’s tariff tantrum, the stock market will scream upward.

Market Outlook

The S&P 500 lost 5.2% since last Thursday, creating some great entry/add points. The Index now is down 8.2% year-to-date. The Nasdaq Composite was clocked for 7.0% as investors bailed on 2035’s Top 20 US companies. It is down 14.3% for the year. The SPDR S&P Biotech Exchange-Traded Fund (XBI) fell 8.6% as investors also bailed on the companies that will cure most diseases. It is down 13.2% year-to-date. The small-cap Russell 2000 dropped 7.5% and is down 14.3% in 2025.

Investors are doing what they always do:

Click for larger graphic h/t CNN

The vast majority of people are not thinking about what could go right. For example, a country – maybe even a big one – saying they’ll cut their tariffs on us if we cut the reciprocal tariffs on them.

The fractal dimension after last Friday’s drop and this brutal week has signaled a new trend – down. Unless this reverses quickly, as in next week, we could be in for two or three months of a bear market.

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Top 5

Changes this week: None

Near-Term – chronological order
AKBA Akebia Therapeutics – Vafseo launch
SCYX – ScyNexis – Announce resolution of the manufacturing problem, lifting of clinical hold, restart of MARIO trial, maybe GSK files for hospital use approval
EQT EQT –natural gas price rebound
USL United States 12 Month Oil Fund, LP – crude should rise quickly
FCX Freeport McMoRan – copper shortage

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 $150,000
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 March quarter real GDP forecast dropped off a cliff to -3.7% and then bounced a bit to -2.8% this morning. The gold imports adjustment version now is negative at -0.8%.

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We get the March payroll data tomorrow morning. The labor market was not stable in February, which was Fed Chairman Powell’s characterization at the March press conference. The headline figure of a net increase of 151,000 nonfarm payrolls was comprised of a gain of over 1 million part-time jobs and a loss of ~860,000 full-time jobs, so the U6 rate (unemployment plus those who would like full-time work) jumped from 7.5% to 8.0%. The household survey employment fell 588,000 and the labor force fell 385,000. The number of unemployed increased from 6.452 million in December to 7.467 million in January to 7.572 million in February.

And if you need something new and exotic to worry about, Danielle DiMartino Booth wrote: “They’re coming. When the soil eight inches beneath the ground reaches approximately 64°F, millions of the 17-year Magicicada will emerge in 2025. Their short life cycle typically begins in May and ends in late June. As above-ground temperatures swell to the 70s and 80s, helping warm the soil, the trees will have grown leaves by then and the Irises will be in bloom.

“All it takes is a warm rain to trigger the mass emergence. According to cicadamania.com, the cicada event will sweep 12 states including Georgia, Kentucky, Indiana, Massachusetts, North Carolina, New Jersey, New York, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia.

“Let’s be clear. We’re not talking about the green variety (Neotibicen) that arrive year in and year out. The Magicicada species have such an appearance that they’re commonly mistaken for the locusts of Exodus fame: ‘And the Lord changed the wind to a very strong west wind, which caught up the locusts and carried them into the Red Sea. Not a locust was left anywhere in Egypt.’

“The last time this Biblical (looking) swarm emerged was 2008. A 17-year cycle? 2008? 2025? Do the Magicicada and U.S. business cycles run in tandem? Subtract 17 years thrice more from 2008 and you get: 1991, 1974 and 1957, all recession years.”

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, April 4
March payrolls – 8:30am – +140,000 expected; February was +151,000

Monday, April 7
QUIK – QuickLogic – Through 4/8 – HEART Radiation Hardened Semiconductor Conference
TGTX – TG Therapeutics – 5:00pm – 3 poster presentations at the American Academy of Neurology annual meeting

Wednesday, April 9
Short Interest – After the close
MDNAF – Medicenna – 5:00pm – Jones Healthcare and Technology Innovation Conference

Thursday, April 10
TGTX – TG Therapeutics – 8:00am – 2 poster presentations at the American Academy of Neurology annual meeting
Consumer Price Index – 8:30am
AKBA – Akebia Pharmaceuticals – 4:00pm – Two poster presentations at the National Kidney Foundation Spring Clinical Meetings

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 – $203.19) expanded Apple Intelligence to several new languages, including French, German, Italian, Portuguese (Brazil), Spanish, Japanese, Korean, Chinese (simplified), and localized English for Singapore and India. Apple Intelligence is now accessible in nearly all regions around the world, including iPhone and iPad users in the EU for the first time. The stock was hit hard today so I am moving AAPL back to Buy under $205.

Meta Platforms‘ (META – $531.62) head of the artificial intelligence research division, Joelle Pineau VP:AI Research, said she plans to step down at the end of May after eight years with the company. She is a computer science professor at McGill University in Montreal and is credited with advocating for Meta’s “open-source” approach to building AI systems like Llama. META is a Buy under $655 for a long-term hold.

Nvidia (NVDA – $101.80) posted the recent GTC highlights.

NVDA is a Buy under $125 for a $180 first target.

Palantir (PLTR – $83.60) released a new video with European Cricket Network’s Founder Daniel Weston explaining how Foundry for Builders transformed their operations from 47 spreadsheets to 89 apps in production.“We’d have 5x the headcount if I didn’t have Foundry.”

PLTR is a Buy under $100 for a $150 target.

PayPal Holdings (PYPL – $68.86) launched their ModelContextProtocol server, enabling developers to create next-generation payment experiences powered by AI agents. PYPL is a Buy under $68 for a double in three years.

Snap (SNAP – $8.02) CEO Evan Spiegel was interviewed on The Diary Of A CEO about how he built Snap.

SNAP is a Buy under $11 for a $17+ target.

SoftBank (SFTBY – $23.40) announced a $40 billion follow-on investment in Open AI. They plan to syndicate out $10 billion and retain $30 billion. SFTBY is a Buy under $25 for a first target of $50 in the next two years.

Small Tech

Enovix (ENVX – $6.63) received a second milestone payment for sample battery cells shipped under their October 2024 development agreement with an unidentified leading smartphone manufacturer. The samples were customized to specific requirements of the customer, including cycle life, fast charge, and energy density levels. The company said the batteries are superior to any product available on the market today.

The company is acquiring a 330,000 ft² battery cell manufacturing facility in South Korea from SolarEdge, including battery cell development and manufacturing equipment. The SolarEdge facility has been operating for over 20 years and is directly adjacent to Enovix’s existing facility in Nonsan City, South Korea. Enovix will hire some SolarEdge personnel in the manufacturing, quality, R&D ,and process engineer departments. The acquisition is expected to expand Enovix’s manufacturing capacity and expedite scaled production. It will close this month.

CEO Dr. Raj Talluri said: “Better batteries are in high demand for many of the economy’s most critical industries, and Enovix is committed to building longer-lasting and more effective batteries that improve the world we live in. By expanding our battery production facility in Korea, we believe we will be able to simplify our supply chain, accelerate the pace of innovation, and address the growing list of use cases for defense, industrial, and consumer electronics customers.”

Outperforming The Market wrote Enovix: Ready to scale volume production. 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 – $16.99) released an international survey showing organizations are moving beyond generative AI (GenAI) to implement agentic AI for greater automation, operational efficiency, and business impact. The survey of 1,000 IT and business executives across the US, UK, Australia, and Japan, revealed that more than half (51%) of companies are already leveraging AI agents.

McKinsey found that the adoption of GenAI has surged, with usage in at least one business function rising from 33% of companies in 2023 to 71% by July 2024. This PagerDuty survey showed that 94% of companies believe they will adopt agentic AI more quickly than GenAI, with 55% strongly agreeing that they will integrate it across their organizations at an accelerated pace. 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 – $4.62) was awarded a $1.43 million Incremental Funding Modification for its Strategic Radiation Hardened program. This is in addition to the $6.58 million contract award received in December 2024. The company is exhibiting at the HEART Radiation Hardened Semiconductor Conference next Monday and Tuesday. 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.

Redwire (RDW – $8.72) CEO Peter Cannito did an interview with Dave G Investing:

RDW is a Buy under $18 for a $36 first target as space exploration grows.
Primary Risk: A new competitor emerges.

Rocket Lab USA (RKLB – $17.89) was one of only five launch providers selected by the US Space Force to compete for the Department of Defense’s highest-priority national security missions for its National Security Space Launch (NSSL) Phase 3 Lane 1 program. The firm-fixed price, indefinite delivery/indefinite-quantity contract has a five-year ordering period that will run through to June 2029 with a maximum value of $5.6 billion.

Rocket Lab’s launch vehicle for the program will be Neutron, its 13-ton reusable carbon composite medium-lift launch vehicle, still on schedule for a first launch in the second half of 2025. Upon a successful flight on Neutron, Rocket Lab will be eligible to further compete for individual task orders awarded within the NSSL program. The program plans to award a minimum of 30 missions within its contracting period through to 2029, with the potential for an extension through to 2034. As part of the on-ramp to the NSSL program, Rocket Lab receives a $5 million task order to perform a capabilities assessment. 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. Or tariff tantrums!

On Monday, Newsmax (NMAX) went public and gained 735% from its $10 IPO price. On Tuesday it jumped another 216% to $233, or a $20.77 billion market capitalization – larger than Biogen – for 2024 results of $171 million in revenues and a loss of $72 million. On the same day, the following biotech stocks hit 52-week lows: Intellia (NTLA ), Caribou Biosciences (CRBU), Verve Therapeutics (VERV), Beam Therapeutics (BEAM), Sana Biotechnology (SANA), Recursion Pharmaceuticals (RXRX), Arrowhead Pharmaceuticals (ARWR), Century Therapeutics (IPSC), Editas Medicine (EDIT), and Ark Genomic Revolution ETF (ARKG) from a 52-week high six weeks ago. CRISPR Therapeutics (CRSP) hit a 52-week low today. Due to the FDA layoffs, it’s a hated sector. I think almost all of these are strong Buys.

Akebia Therapeutics (AKBA- $1.88) said that the Committee for Medicinal Products for Human Use of the European Medicines Agency has adopted a positive opinion recommending the European Commission approve Xoanacyl for the treatment of concomitant elevated serum phosphorous and iron deficiency in adult patients with chronic kidney disease. Akebia licensed European and some other countries marketing rights to Xoanacyl to Averoa, a renal-focused biopharmaceutical company. The European Commission will review the recommendation and make a final decision in approximately two months. Spoiler Alert: They always approve positive recommendations. Buy AKBA up to $2 for the Vafseo launches in the EU, UK, and US.
Primary Risk: Vafseo doesn’t sell in the US.
   Clinical stage of lead product: Approved
   Probable time of next approval: 2026
   Probable time of next financing: Never

Inflation MegaShift

Even Gold ($3,131.50) was hit today for $34.70 an ounce as leveraged traders sold what they could to meet margin calls. Sprott did a webcast on gold and silver, both the metals and the miners:

The fractal dimension shows an uptrend completely out of energy. Today’s drop may be the shot across the bow of the coming consolidation.

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Miners & Related

Coeur Mining (CDE – $5.49) presented at Mining Forum Europe in Zurich (SLIDES HERE). It was the standard presentation focused mostly on the recent SilverCrest (Las Chispas mine) acquisition and the restart of the Rochester mine.

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CDE is a Buy under $5 for a $20 target as gold goes higher.

First Majestic (AG – $6.45) said in 2024, they increased their silver equivalent ounce Proven & Probable Reserves by 45%, the Measured & Indicated Reserves by 25%, and the Inferred Mineral Resources by 23%. This strong increase in silver equivalent ounces was driven by the outstanding success of their 2024 exploration program and the strategic acquisition of Gatos Silver. AG is a Buy under $11 for a $23 next target price as production increases and the price of silver rises.
Primary Risk: Prices of precious metals fall due to US dollar strength.

Sandstorm Gold (SAND – $7.53) said that SSR Mining has released its 2025 guidance, including anticipated capital expenditure for the Hod Maden gold-copper project in Türkiye. For 2025, the Hod Maden joint venture has approved early-works capital investments of approximately $60 million to $100 million, which is in addition to the reported $42 million in development costs incurred at the project in 2024.

The focus of 2025 activities will be on advancing the project’s critical path items—principally, road and tunnel construction. An initial exploration program focused on potential extension of the existing deposit and defining new targets is also planned for 2025.

Sandstorm has a 2.0% net smelter returns royalty and a gold stream on the Hod Maden project. Under the terms of the gold stream, Sandstorm will purchase 20% of all gold produced from Hod Maden for 50% of the spot price of gold until 405,000 ounces of gold are delivered. Sandstorm will then receive 12% of the gold produced for the life of the mine for ongoing payments equal to 60% of the spot price of gold. They continue to expect first production in 2028. SAND is a Buy under $10 for a $25 target.
Primary Risk: Prices of precious metals fall due to US dollar strength.

Cryptocurrencies

Cryptocurrencies are a diversifying asset that offer a unique opportunity to make (or lose!) a lot of money quickly.

Bitcoin (BTC-USD on Yahoo – $81,827.28) was clobbered today, down $3,514.55, but it is getting institutional interest. Abu Dhabi’s sovereign wealth fund now owns 4,678 coins, a 5% position. The State of Wisconsin pension fund owns 3,442 coins, 1% of their assets.

Bitcoin tends to drop immediately after a “good news” event.

Click for larger graphic h/t @bravosresearch

Why is that? After the drop, it tends to rally to new highs. It looks like the smart money – the whales – start the drop by shorting. Retail panics and sells, deepening the drop. The whales cover their shorts and buy more coins for the rally to new highs. Rinse and repeat.

There now are 19.67 million coins mined of the hard cap at 21 million. Over the next 8 years, another million will be mined. Mining the last 328,000 will take until 2132.

Click for larger graphic h/t @bravosresearch

BlackRock has recommended a 1% to 2% position in multi-asset portfolios. At 2% of total global wealth of $900 trillion, bitcoin would have a total market capitalization of $18 trillion or over $850,000 per coin.

Click for larger graphic

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- $46.57) 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- $13.51) remains the cheapest and easiest way to buy ethereum. ETHA is a Buy for the coming explosion in token-funded start-ups.
Primary Risk:Ethereum falls due to over-regulation or is surpassed by another cryptocurrency.

Commodities

Oil – $66.68

Oil dropped $5.03 today on fears a global recession will slow demand. I think we could see a brief, shallow recession that won’t really affect demand. At the same time, supply forecasts are under pressure. Energy Information Administration data showed US crude oil production fell by 305,000 barrels per day to 13.15 million barrels per day in January, the lowest level since February 2024. It was the biggest decline in monthly US oil output since January 2024.

US crude oil production is disappointing to the downside and it’s going to become more obvious as the months go by. Specifically, the current consensus expectation will be off on US crude oil production by about 550,000 barrels a day in the June quarter. That’s one of the main reasons global oil inventories won’t build. I think we’re just past peak shale, but even if we aren’t, as @ericnuttall said: “…the world has lost its most important source of meaningful short-cycle supply growth This is underappreciated yet massively impactful going forward.”

Outside the US, @Kpler wrote: “The latest US sanctions do not alter our forecast for Iranian oil production, as we had already anticipated tighter enforcement from the Trump Administration, leading to a 500,000 barrels a day decline in Iranian output and exports by summer—bringing oil exports down to around 1.2 million barrels a day. However, Washington retains the ability to escalate pressure further, potentially pushing Iran’s oil exports below 1.0 million barrels a day.”

The July 2026 Crude Oil Futures (CLN26.NYM – no trades – June closed at $62.56) 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 – $35.90) is a Buy under $40 for a $100+ target.

Vermilion Energy (VET – $7.31) is a Buy under $11 for a target price of $24 or more.
Primary Risk: Oil prices fall.

EQT (EQT – $52.09) completed their exchange offer for EQM Midstream Partners notes, with $3,869,493,000 principal amount of existing EQM notes validly tendered. 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.

Freeport McMoRan (FCX – $33.61) said March quarter consolidated production approximated expectations, but the timing of shipments from PT Freeport Indonesia (PTFI) resulted in the deferral of a portion of sales of its first quarter production to future periods. Freeport currently expects its consolidated copper sales for the quarter to be in line with its January 2025 guidance of 850 million pounds, but its gold sales will be approximately 100,000 ounces below its January 2025 guidance of 225,000 ounces. They will make this up in coming quarters and do not expect a material change to their 2025 annual guidance.

Their unit net cash costs for the March quarter are currently estimated to average approximately 5% higher than the January 2025 guidance of $2.05 per pound of copper, mainly from the delayed gold shipments resulting in lower by-product credits. FCX is a buy under $44 for a $65 target within two years.
Primary Risk: Copper prices fall.

* * * * *

RIP John Hemingway

The Last of the Few

Click for larger graphic

* * * * *

And goodbye to Iceman

* * * * *

Your watching RFK Jr. Editor,

Michael Murphy CFA
Founding Editor
New World Investor

All Recommendations

Priced 4/3/25. 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
  Apple Computer (AAPL – $203.19) – Buy under $205
  Corning (GLW – $42.40) – Buy under $33, target price $60
  Gilead Sciences (GILD – $112.39) – Buy under $90, first target price $120
  Meta (META – $531.62) – Buy under $655 for a long-term hold
  Micron Technology (MU – $74.34) – Buy under $102, first target price $140
  Nvidia (NVDA – $101.80) – Buy under $125, first target price $180
  Onsemi (ON – $35.56) – Buy under $60, first target price $100
  Palantir (PLTR – $83.60) – Buy under $100, target price $150
  PayPal (PYPL – $68.86) – Buy under $68, target price $136
  Snap (SNAP – $8.02) – Buy under $11, target price $17+
  SoftBank (SFTBY – $23.40) – Buy under $25, target price $50

Small Tech
  Enovix (ENVX – $6.63) – Buy under $20; 4-year hold to $100+
  First Trust NASDAQ Cybersecurity ETF (CIBR – $61.27) – Buy under $60; 3- to 5-year hold
  PagerDuty (PD – $16.99) – Buy under $30; 2- to 5-year hold
  QuickLogic (QUIK – $4.62) – Buy under $10, target price $40
  ARK Venture Fund (ARKVX – $29.54) – Buy for SpaceX
  Redwire (RDW – $8.72) – Buy under $18, first target price $36
  Rocket Lab (RKLB – $17.89) – Buy under $13, target price $30+

$20-for-$1 Biotech
  AbCellera Biologics (ABCL – $2.09) – Buy under $6, target $30+
  Akebia Biotherapeutics (AKBA – $1.88) – Buy under $2, target $20
  Compass Pathways (CMPS – $2.83) – Buy under $20, hold a long time for a 10x return
  Editas Medicines (EDIT – $1.12) – Buy under $6 for a double in 12 months and a long-term hold to much higher prices
  Inovio (INO – $1.59) – Buy under $14, hold a long time
  Medicenna (MDNAF – $0.65) – Buy under $3, first target $20, then maybe $40
  ScyNexis (SCYX – $0.90) – Buy under $3, target price $20, then $50

Inflation
  A Short-Sale or REO House – ($415,400) – Hold
  Bag of Junk Silver – ($31.83) – hold through silver bull market
  Sprott Gold Miners ETF (SGDM – $38.10 – Buy under $28, target price $50
  Sprott Junior Gold Miners ETF (SGDJ – $41.87) – Buy under $39, target price $100
  Sprott Physical Gold and Silver Trust (CEF – $27.61) – Buy under $18, target price $30
  Global X Silver Miners ETF (SIL – $38.60) – Buy under $30, target price $50
  Coeur Mining (CDE – $5.49) – Buy under $5, target price $20
  Dakota Gold (DC – $2.64) – Buy under $2.50, target price $6
  First Majestic Mining (AG – $6.45) – Buy under $11, next target price $23
  Paramount Gold Nevada (PZG – $0.37) – Buy under $1, first target price $10
  Sandstorm Gold (SAND – $7.53) – Buy under $10, target price $25
  Sprott Inc. (SII – $43.33) – Buy under $40, target price $70

Cryptocurrencies
  Bitcoin (BTC-USD – $81,827.28) – Buy
  iShares Bitcoin Trust (IBIT – $46.57) – Buy
  Ethereum (ETH-USD – $1,787.34– Buy
  iShares Ethereum Trust (ETHA- $13.51) – Buy

Commodities
  Crude Oil Futures – July 2026 (CLN26.NYM – no trades- June closed at $62.56) – Buy under $70; $200+ target
  United States 12 Month Oil Fund, LP (USL – $35.90) – Buy under $40; $100+ target
  Vermilion Energy (VET – $7.31) – Buy under $11; $24 target
  Energy Fuels (UUUU – $3.64) – Buy under $8; $30 target
  EQT (EQT – $52.09) – Buy under $35; $70 first target
  Freeport McMoRan (FCX – $33.61) – 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.
  Fastly (FSLY – $5.94) – Hold for March quarter results
  TG Therapeutics (TGTX – $39.34) – Hold for buyout at $40+

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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