Dear New World Investor:

This morning’s first estimate of June quarter real GDP growth surprised me by coming in at 2.8%, pretty much right on the Atlanta Fed’s GDPNow model estimate I reported last week at +2.7%. I wrote: “The Atlanta Fed’s GDPNow model forecast for June quarter real GDP growth rose to +2.7%, well above the Blue Chip economists’ forecast. I don’t see how it could be that strong, but we’ll find out next Thursday morning.”

Click for larger graphic h/t Yahoo Finance

Well, I was wrong and the consensus for +2.0% was really wrong. March quarter GDP was originally reported at a surprisingly weak 1.6% and was revised down this morning to an even weaker +1.4%. It’s likely the June number will be revised down a little, but still…it was a strong quarter. If the Fed believes the number, they may think there’s no immediate need to cut rates as long as the economy seems OK.

But is it? As I told you, the quarterly Business Employment Dynamics (BED) report for the September 2023 quarter showed the economy was losing jobs, not adding them as the monthly payroll reports claimed. BED showed a drop in private payrolls of 192,000 for the months of July, August and September. The monthly reports showed a gain of 640,000.That’s a mammoth difference of 832,000 jobs.

Wednesday morning, we got the BED report for the December quarter showing a net employment gain of 344,000 private jobs instead of the 637,000 jobs reported using the Bureau of Labor Statics’ monthly model. Almost half the jobs were fake.

Click for larger graphic h/t Bureau of Labor Statistics
Click for larger graphic h/t @RealEJAntoni

Of course, the Fed knows all this and will be balancing the mixed signals to decide if a cut in September makes sense. I think it does but they won’t do it because it’s too close to the election. (Chairman Powell is not likely to care what I think.) For the record, the next meeting ends on July 31, then the annual Jackson Hole conference is August 22 through 24, the September meeting ends on the 26^th, election day is November 5, followed by a Fed meeting ending on November 7.

Market Outlook

The S&P 500 added 2.6% since last Thursday as Big Tech continued to sell off. The Index is still up 13.2% year-to-date. The Nasdaq Composite lost 3.9% due to the Big Tech sell-off. It is up 14.5% for the year. The Naz is down around 8% since its all-time high. The April correction also was around 8%. The correction that started last summer and ended in October saw the Composite sell off by 11%.

Click for larger graphic h/t @TheMarketEar

The SPDR S&P Biotech Exchange-Traded Fund (XBI) climbed 3.5% as small-cap growth (and biotech in particular) caught a bid. It now is up 13.1% year-to-date. The small-cap Russell 2000 booked a 1.1% gain and is up 9.7% in 2024 – respectable, compared to where it was.

The fractal dimension has begun the long climb back to the fully consolidated level at 55. My best guess it will be more a matter of time than price that gets it there.

Top 5

Changes this week: None

Near-Term – chronological order
SCYX – ScyNexis – Data releases and resolution of the manufacturing problem
CMPS – Compass Pathways – Phase 3 data release and rebound from negative AdCom review of MDMA
TGTX TG Therapeutics – Rapid recovery from overdone pullback
AAPL Apple – September iPhone 16 introduction
EQT EQT –natural gas price rebound
USL United States 12 Month Oil Fund, LP – crude should rise quickly
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
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
VLD Velo3D – Return manufacturing to the US

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

Friday, July 26
Personal Consumption Expenditures Index – 8:30am – The Fed’s favorite inflation indicator

Tuesday, July 30
PYPL – PayPal – 8:00am – Earnings conference call
GLW – Corning – 8:30am – Earnings conference call

Wednesday, July 31
Fed Meeting – 2:00pm press release; 2:30pm news conference
VET – Vermilion Energy – After the close – Earnings release; call tomorrow
META – Meta Platforms – 5:00pm – Earnings conference call
ENVX – Enovix – 5:00pm – Earnings conference call

Thursday, August 1
AG – First Majestic – Unspec. – Earnings release
CMPS – Compass Pathways – 8:00am – Earnings conference call
VET – Vermilion Energy – 11:00am – Earnings conference call
SAND – Sandstorm – After the close – Earnings release; call tomorrow
AAPL – Apple – 5:00pm – Earnings conference call

Friday, August 2
July payrolls – 8:30am
SAND – Sandstorm – 11:30am – Earnings conference call

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‘s (AAPL – $217.49) $3,500 mixed-reality headset Vision Pro sales are not expected to pick up speed until the release of a cheaper version next year, according to market research firm IDC. They said it has not yet seen sales of 100,000 units in a quarter since its launch in the US in February, and faces a 75% decline in domestic sales in the current quarter. Vision Pro is not expected to cross 500,000 units sales this year.

Vision Pro was launched in China, Japan, and Singapore on June 28 and is set to come to Australia, Canada, France, Germany, and UK. The international launch will offset weakness in the US and a more affordable version — which IDC expects to cost around half as much — should spark interest in 2025. They think it will more than double sales when it is unveiled in the second half of next year. IDC said: “The Vision Pro’s success, regardless of its price, will ultimately depend on the available content.”

In order to boost sales, Apple is introducing several Immersive Video series, films, and concerts. Boundless is a new series that lets viewers experience once-in-a-lifetime trips from wherever they are. Wild Life, a nature documentary series that brings viewers up close to elephants, tigers, and such, premieres in August. Elevated, an aerial travel series that takes viewers to iconic vistas, will launch in September.

Click for larger graphic

Later this year, Apple will start providing special performances featuring the world’s biggest artists, starting with an immersive experience from The Weeknd. They’ll also present the first scripted Apple Immersive short film, Submerged, written and directed by Academy Award winner Edward Berger; Big-Wave Surfing, the first installment of a new sports series with Red Bull; and a behind-the-scenes and on-the-court view of the 2024 NBA All-Star Weekend that includes an immersive short film featuring the Rising Stars; the Slam Dunk contest; the first-ever NBA vs. WNBA 3-Point Challenge (Stephen vs. Sabrina); and the All-Star Game.

Wells Fargo raised their target price from $225 to $275, kept their Buy rating, and wrote: “As a reminder, our call on Apple is focused on an anticipated strong upgrade cycle to be driven by Apple Intelligence / iOS 18 (Sept launch).”

AAPL is a HOLD – expect to move back to Buy under $175 for new iPhones.

Meta Platforms (META – $453.41) expanded access to the Meta AI assistant in their apps and devices to more countries around the world, including in Latin America for the first time. It is now available in seven new languages and available in WhatsApp, Instagram, Messenger, and Facebook.

They also introduced new Meta AI creative tools and gave access to their largest and most capable open-source model for more complex projects and difficult math and coding questions. META is a Hold – expect to move back to Buy under $400.

Palantir (PLTR – $26.63) has a core business in defense. Striveworks is using Palantir software to bring actionable, AI-powered insight to the front lines.

PLTR is a Buy under $22 for a $100+ target.

PayPal Holdings (PYPL – $57.22) will be a major beneficiary of Apple’s settlement with European Union antitrust regulators, announced early Thursday. Apple will open its Near-Field-Communication technology to third-party payment providers in the US, such as PayPal and their Venmo subsidiary. Previously, only AAPL’s mobile wallet Apple Pay allowed iPhone users to pay with their phones in stores and online.

Mizuho said that the NFC technology enables tap-to-pay, so the settlement opens the door for tap-with-Venmo. They added: “We estimate that 40% of Venmo’s funding mix is via stored balance, which comes at zero transaction cost to PYPL and thus can lift transaction margin dollars.”

PYPL is a Buy under $68 for a double in three years.

Small Tech

QuickLogic (QUIK – $11.03) subsidiary SensiML released a new generative AI feature to enhance its dataset management application for IoT edge devices. This new capability allows embedded device developers to utilize text-to-speech (TTS) and AI voice generation to rapidly create hyper-realistic synthetic speech datasets that are essential for building robust keyword recognition, voice command, and speaker identification models.

Using these rapidly generated speech datasets, developers can now easily create speech recognition AI models using SensiML’s AutoML development tools. These models are specifically optimized to run autonomously and efficiently on low-power microcontrollers utilized in edge IoT applications. 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 – $5.25) announced on July 18 that Capella Space was delaying their launch so that they can complete additional testing for their mission. Rocket Lab immediately moved their next Synspective launch forward to take its place. That launch now is scheduled for July 30.

And this shows you the power of a tailored launch service. Flying dedicated means customers have flexibility over their launch schedule so that their satellites aren’t left behind if they miss a launch deadline, like on traditional rideshare missions. At the same time, Rocket Lab doesn’t miss a beat on their revenue guidance.

The Synspective launch, the fifth on a 16-launch contract, includes an advanced mid-mission maneuver with Electron’s Kick Stage to shield the satellite from the sun and reduce radiation exposure. 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.

Compass Pathways (CMPS – $7.46) coverage was initiated at RBC Capital Markets at Outperform with speculative risk and a $23 target price as it sees COMP360 as “promising.” They wrote: “Compass’ own studies have confirmed the efficacy of 25 mg psilocybin with a highly meaningful ~7 pt MADRS change over a 1 mg inactive control dose, and showing dose dependent efficacy as well; further, the drug has also reproduced the efficacy in both monotherapy and adjunctive settings.”

They expect top-line data from the first Phase 3 study in treatment-resistant depression in the December quarter – I think it could be earlier – followed by the second Phase 3 data in mid-2025. They think COMP360 could bring in $1 billion in peak sales just in treatment-resistant depression, and potential peak sales of $2.9 billion across all other indications and regions. CMPS is a Buy under $20 for a very long-term hold to a 10x.
Primary Risk: Their drugs fail in the clinic.
   Clinical stage of lead product: Phase 3
   Probable time of first FDA approval: 2026
   Probable time of next financing: Late 2025

ScyNexis (SCYX – $2.09) posted a new corporate update. They will receive a $10 million development milestone payment under the GSK license for the delivery of final clinical study reports for the completed FURI, CARES, and NATURE clinical studies.

Click for larger graphic

Their only comment on the study results was: “Results from the open-label studies of ibrexafungerp in patients with refractory or resistant fungal diseases (FURI) and in patients with Candidiasis caused by Candida auris (CARES) are positive and consistent with previously announced interim analyses and are expected to be presented at a future scientific meeting. NATURE was an observational study to evaluate the outcome of patients with invasive candidiasis treated with available standard of care options and was designed as an external control strategy for the FURI study.”

They said they have demonstrated a “solid supply chain” – it would be nice to get more details on that, but it sure sounds like the new manufacturer is a done deal. I expect they are waiting for FDA blessing. Buy SCYX under $2.50 for a first target price of $20 after ibrexafungerp is approved for hospital use and a buyout at $50.
Primary Risk: Ibrexafungerp fails to sell.
   Clinical stage of lead product: Approved
   Probable time of next FDA approval: 2024
   Probable time of next financing: Never

Inflation MegaShift

Gold ($2,363.40) closed over $2,400 Wednesday as hopes for a September Fed cut peaked. I expect any retracement to be shallow and brief. One reason is how much physical gold is China buying.

Click for larger graphic

Another is that India just slashed its import tax on gold and silver from 15% to 6%, which should support jewelry manufacturing in the world’s second-biggest consumer of gold. Experts believe the duty cut could curb smuggling and revive retail demand.

Elsewhere, at least six African nations are reportedly rushing to build their gold reserves to hedge against geopolitical tensions that have battered their currencies and fanned inflation. Bloomberg reported that South Sudan’s central bank Governor said that the nation plans to expand its reserve base by adding other resources such as gold: “We are in the stage of preparing policy documents and studying examples of other countries and lessons drawn.”

The fractal dimension is fully consolidated at last! It only took a couple of down weeks following a couple of months of sideways movement, so gold has a full load of energy within easy distance of its all-time high. That’s ideal. We know that gold often consolidates to more than a 55 fractal – sometimes lots more – but the gun is loaded and it’s just a question of time.

Miners & Related

First Majestic (AG – $5.85) announced total production in the June quarter of 5.3 million silver equivalent (“AgEq”) ounces, consisting of 2,104,181 silver ounces (up 7% from the March quarter) and 39,339 gold ounces (up 9%).

On the conference call (AUDIO HERE), they slightly updated full year 2024 guidance. They increased silver and gold price assumptions for the second half to $28.00 and $2,300 per ounce. They raised the production forecast at Santa Elena14%, from 9.2 million to 9.6 million silver equivalent ounces.

Their 2024 consolidated production guidance remains relatively unchanged at 21.4 to 22.6 (mid-point: 22.0) million AgEq ounces compared to the prior guidance of 21.1 to 23.5 (mid-point: 22.3) million AgEq ounces, with a slight increase in silver production offset by a slight decrease in gold production on a consolidated basis. They will announce financial results next Thursday, August 1. 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.

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 – $65,758.04) is holding the mid-$60 thousands as the etherum spot exchange-traded funds get off to a slow start.

Click for larger graphic

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

iShares Bitcoin Trust (IBIT- $36.83) 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.

Ethereum (ETH-USD on Yahoo – $3,175.42) has been sloppy as some fast money folks thought the new exchange-traded funds would mimic the bitcoin funds introduction. That was never going to happen, but they will find a place. They had $1 billion in inflows the first day of trading. ETH-USD is a Buy.
Primary Risk: Bitcoin extensions outperform Ethereum.

The Grayscale Ethereum Trust (ETHE- $26.42) will track ethereum, but I recommend switching into BlackRock’s iShares Ethereum Trust (ETHA) with a minuscule 0.25% management fee . Swap ETHE for ETHA.
Primary Risk:Ethereum falls due to over-regulation or is surpassed by another cryptocurrency.

Commodities

Oil – $78.35

Oil slipped $4 a barrel from last week in spite of meaningful crude and product draws. Crude oil storage fell 3.741 million barrels, the Cushing storage facility was down 1.708 million barrels, gasoline fell 5.572 million, and distillates declined 2.753 million. We’ve now tagged the bottom of the range twice and reversed. For you traders or those looking for a lower-risk entry point, le voici.

Click for larger graphic h/t @HFI_Research

US oil production is flat year-over-year. President Trump can say: “Drill, baby, drill,” but the best days of US shale growth are behind us and its twilight approaches. That means OPEC+ is increasingly in the driver’s seat going forward, which has massively important implications for both prices and geopolitics.

Click for larger graphic h/t @ericnuttall

At the same time, there’s an uptick in product demand, perhaps reflecting a surprisingly strong economy.

Click for larger graphic h/t @HFI_Research

Reuters reported that the Russian government is considering a ban on exports of diesel due to rising domestic prices. Russia is the world’s top seaborne exporter of diesel just ahead of the United States. Diesel is its top oil product export, at about 35 million metric tons annually, of which almost three-quarters is shipped via pipeline.

The July 2026 Crude Oil Futures (CLN26.NYM – $no trades – June 2026 last was $69.34) 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 – $39.24) is a Buy under $40 for a $100+ target.

Vermilion Energy (VET – $10.41) is a Buy under $11 for a target price of $24 or more.
Primary Risk:Oil prices fall.

EQT (EQT – $34.38) reported June quarter revenues down 6.6% from last year to $952.51 million, below the $1.07 billion estimate due to their voluntary production cutback. The pro forma loss of 8¢ a share beat the 18¢ loss estimate. Sales volume of 508 billion cubic feet equivalent (Bcfe) was above the high-end of their guidance, driven by continued operational efficiency gains and strong well performance. Capital expenditures of $576 million were below the midpoint of their guidance despite a faster activity pace. They said recent developments show a step-change improvement in completion efficiency with potential for structurally lower well costs. Total per unit operating costs of $1.40 per Mcfe was below the low-end of their guidance.

On the conference call (AUDIO HERE and SLIDES HERE and TRANSCRIPT HERE), CEO Toby Rice said: “ This week marked a significant milestone in the history of our company as we closed the acquisition of Equitrans Midstream, transforming EQT into America’s only large-scale, vertically integrated natural gas business.

“To put the significance of our combined companies into perspective, EQT’s assets now encompass nearly two million acres of leasehold, producing more than 6 Bcfe [billion cubic feet equivalent] per day with almost 4,000 low-cost remaining drilling locations, more than 2,000 miles of gathering lines with greater than 8 Bcfe per day of throughput, nearly 500 miles of water lines, 43 Bcfe of natural gas storage, 800,000 horsepower of compression, almost 950 miles of critical transmission infrastructure, plus the newly commissioned 300-mile Mountain Valley Pipeline, all of which are located at the Gateway of Appalachia, and ideally positioned to serve growing U.S. and international natural gas demand for decades to come.

“This combination creates a differentiated business model among the U.S. energy landscape, as EQT is now at the absolute low end of the North American natural gas cost curve. A low cost structure is the only competitive advantage one can have in a commodity business, and with the closing of Equitrans’ acquisition, EQT’s unlevered free cash flow breakeven price is projected to be $2 per million BTU with further downside potential upon synergy capture.

“This cost profile structurally derisks our business in the low parts of the commodity cycle, which in turn eliminates the longer-term need to defensively hedge, thus unlocking unmatched upside to higher price environments. We believe the sustainable cost structure advantage combined with our scale, peer leading inventory depth, low emissions profile and world-class operating team offers the best risk -adjusted exposure to natural gas prices of any publicly investible asset in the world.”

Click for larger graphic

The Equitrans Midstream (ETRN) acquisition dramatically reduces their cash costs and capital spending while increasing free cash flow.

Click for larger graphic

They are going to repay over $5 billion in debt from free cash flow and more non-core asset sales.

Click for larger graphic

On the call, Toby Rice made an important point: “Downstream, the delivery of low cost Appalachian gas will strengthen the competitiveness of American manufacturers whose energy input costs will be a fraction of the price paid by global competitors, which should further support a manufacturing renaissance in America. MVP will also provide utilities access to cheap, reliable fuel to power America’s data center and artificial intelligence buildout, which is one of the strongest secular growth stories in the world.”

As for current low gas prices, EQT is approximately 60% hedged in the second half of 2024 with an average floor price of roughly $3.30 per MMBtu. It’s also approximately 60% hedged in the first half of 2025 at an average floor price of roughly $3.20 per MMBtu. They are actively building their hedge position in the second half of 2025 in order to bulletproof their deleveraging plan in any reasonable natural gas price scenario. Gas production is still too high:

Click for larger graphic h/t @HFI_Research

JPMorgan upgraded the stock from Neutral to Overweight with a $42 yearend target. Despite the recent pullback, they remain constructive on the fundamental picture for natural gas over the next 12 to 18 months given the recent supply response, meaningful growth in near-term LNG exports, and the potential for AI-driven power to add incremental demand.

They said: “EQT closed the ETRN merger yesterday, significantly ahead of their original 4Q24 timetable, which should drive ~$150 MM of savings. The company is knee-deep in its deleveraging program, with bids due on the remaining ~60% of its non-op E&P package in August.”

They added that the next phase of deleveraging will likely include monetizing a portion of EQT’s regulated assets, including its ownership interest in the MVP pipeline, which could garner significant market interest given EQT’s proximity to “data center alley.” They agree that “EQT + Equitrans is the Must-Own Energy Company.”

Click for larger graphic

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 – $44.53) reported June quarter revenues up 15.3% from last year to $6,62 billion, just above the $6.01 billion consensus estimate. They also beat on the bottom line with 46¢ a share, nicely ahead of the 38¢ estimate. They had $2.0 billion in operating cash flow

In the quarter, they produced 1.037 billion pounds of copper, 443,000 ounces of gold, and 20 million pounds of molybdenum.

Click for larger graphic h/t Seeking Alpha

They sold 931 million pounds of copper, 361,000 ounces of gold, and 21 million pounds of molybdenum. Sales were impacted by the delay in renewing the Indonesian export license for the month of June. Their average net cash cost of copper was $1.73 per pound.

Click for larger graphic h/t Seeking Alpha

For the September quarter, they guided for sales of 1.0 billion pounds of copper, 475,000 ounces of gold, and 20 million pounds of molybdenum. For the full year they are expecting to sell 4.1 billion pounds of copper, 1.8 million ounces of gold, and 82 million pounds of molybdenum. They are a major beneficiary of the ongoing increases in commodity prices (or decreases in the value of the dollar – same thing).

Click for larger graphic h/t Seeking Alpha

The conference call was well-attended, with analyst questions from BNP Paribas, Morgan Stanley, Deutsche Bank, Bernstein, Scotiabank, BofA, Raymond James, and JPMorgan. On the call (AUDIO HERE and SLIDES HERE and TRANSCRIPT HERE), management said: “And so as we look forward, our strategy is based on a fundamentally positive outlook about long-term copper demand and the reality of developing new supplies to meet that demand. It was really something to see, copper at $5. And I’ll tell you, we’re going to see it again.”

Copper prices have been weaker than I expected due to weaker Chinese demand:

Click for larger graphic

But that won’t last, and Freeport has meaningful leverage to higher copper prices:

Click for larger graphic

They finished the quarter with $5.3 billion in cash and $9.4 billion in debt, mostly due after 2029.

Click for larger graphic

FCX is a buy under $44 for a $65 target within two years.
Primary Risk: Copper prices fall.

* * * * *

RIP the great John Mayall, pioneer of British Blues

* * * * *

Your reading 30 Useful Concepts Editor,

Michael Murphy CFA
Founding Editor
New World Investor

All Recommendations

Priced 7/25/24. 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 – $42.81) – Buy under $33, target price $60
  Gilead Sciences (GILD – $76.51) – Buy under $80, target price $120
  Palantir (PLTR – $26.63) – Buy under $22, target price $100+
  PayPal (PYPL – $57.22) – Buy under $68, target price $136
  SoftBank (SFTBY – $30.25) – Buy under $25, target price $50

Small Tech
  Enovix (ENVX – $14.55) – Buy under $20; 4-year hold to $100+
  First Trust NASDAQ Cybersecurity ETF (CIBR – $55.04) – Buy under $40; 3- to 5-year hold
  Fastly (FSLY – $8.10) – Buy under $14; 3- to 5-year hold to $80+
  PagerDuty (PD – $20.96) – Buy under $30; 2- to 5-year hold
  QuickLogic (QUIK – $11.03) – Buy under $10, target price $40
  Rocket Lab (RKLB – $5.25) – Buy under $13, target price $30+
  Velo3D (VLD – $2.86) – Buy under $10, target price $100

$20-for-$1 Biotech
  AbCellera Biologics (ABCL – $3.10) – Buy under $6, target $30+
  Akebia Biotherapeutics (AKBA – $1.48) – Buy under $2, target $20
  Compass Pathways (CMPS – $7.46) – Buy under $20, hold a long time for a 10x return
  Editas Medicines (EDIT – $5.57) – Buy under $6 for a double in 12 months and a long-term hold to much higher prices
  Inovio (INO – $10.95) – Buy under $14, hold a long time
  Medicenna (MDNAF – $1.53) – Buy under $3, first target $20, then maybe $40
  ScyNexis (SCYX – $2.09) – Buy under $3, target price $20, then $50
  TG Therapeutics (TGTX – $19.98) – Buy under $12 for buyout at $30+

Inflation
  A Short-Sale or REO House – ($415,400) – Hold
  Bag of Junk Silver – ($27.98) – hold through silver bull market
  Sprott Gold Miners ETF (SGDM – $28.44) – Buy under $28, target price $50
  Sprott Junior Gold Miners ETF (SGDJ – $32.21) – Buy under $39, target price $100
  Sprott Physical Gold and Silver Trust (CEF – $21.90) – Buy under $18, target price $30
  Global X Silver Miners ETF (SIL – $33.14) – Buy under $30, target price $50
  Coeur Mining (CDE – $6.23) – Buy under $5, target price $20
  First Majestic Mining (AG – $5.85) – Buy under $11, next target price $23
  Paramount Gold Nevada (PZG – $0.43) – Buy under $1, first target price $10
  Sandstorm Gold (SAND – $5.60) – Buy under $10, target price $25
  Sprott Inc. (SII – $44.14) – Buy under $40, target price $70

Cryptocurrencies
  Bitcoin (BTC-USD – $65,758.04) – Buy
  iShares Bitcoin Trust (IBIT – $36.83) – Buy
  Ethereum (ETH-USD – $3,170.18) – Buy

Commodities
  Crude Oil Futures – July 2026 (CLN26.NYM – $no trades – June 2026 last was $69.34) – Buy under $70; $200+ target
  United States 12 Month Oil Fund, LP (USL – $39.24) – Buy under $40; $100+ target
  Vermilion Energy (VET – $10.41) – Buy under $11; $24 target
  EQT (EQT – $34.38) – Buy under $35; $70 first target
  Energy Fuels (UUUU – $5.60) – Buy under $8; $30 target
  Freeport McMoRan (FCX – $44.53) – 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 – $217.49) – Expect to move back to Buy under $175 for new iPhones
  Meta (META – $453.41) – Expect to move back to Buy under $400

Swap
  Sell Grayscale Ethereum Trust (ETHE) and Buy iShares Ethereum Trust (ETHA)

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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New World Investor Mastermind Group

1. Post unto others as you would have them post unto you.
2. Keep it clean, like a 1950s family television show. Your alter ego can run free on Twitter.
3. NO PERSONAL ATTACKS! If you don’t like the stock, don’t trash the person. Everyone is responsible for their own due diligence and investments.
4. Don’t post here about politics or religion – you aren’t going to change anyone’s mind. Again, NO PERSONAL ATTACKS!
5. The investment implications of something going on in politics or religion is OK.
6. Of course, there’s never a reason to slur someone based on race, religion, gender, sexual orientation, or country of national origin.
7. Please, no snark!