Dear New World Investor:

Jackson Hole is a valley and wilderness recreation area in western Wyoming. It’s bordered by the jagged peaks of the Tetons, close to Grand Teton National Park and Yellowstone National Park. It’s home to upscale ski resorts, rustic campsites, dude ranches, and – tomorrow morning at 10:00am EDT – Fed Chairman Powell’s presentation at the Kansas City Fed’s annual bash.

Wall Street is 100% convinced the Fed will cut the Fed funds rate at their September 17-18 meeting. About 68% are expecting a quarter-point (25 basis points or bps) cut and 32% expect a half-point cut. Wednesday’s announcement that monthly payroll statistics overstated employment by 811,000 for the April 2023-March 2024 period effectively means that all the “beats” recorded in the past year have been misses and the US job market is in far worse shape than previously reported. Even so, that’s probably not enough to change Powell’s likely path of 25bps cuts in September, November, and December.

(If you are wondering how the monthly payroll numbers could be so bad, the main reason is that 57% of all year-to-date jobs are statistical fakes from the Birth/Death adjustment for businesses that start up (birth) or close (death).The Bureau of Labor Statistics assumes the same new business vibrancy as just after Covid, some of which was to facilitate PPP fraud, and the Fed knows it.)

Click for larger graphic h/t @zerohedge

Investors were way too fearful in the recent downturn and only recently moved to Neutral.

Click for larger graphic h/t CNN

“Be greedy when others are fearful and fearful when others are greedy.” This simple strategy worked once again.

Click for larger graphic h/t The Market Ear

It is perfectly normal to see a lot of summer strength in an election year. June, July, and August are the three strongest months in election years, playing out once again.

Click for larger graphic h/t The Market Ear

The momentum-based Commodity Trading Advisors (CTAs) have moved from massive sellers to net buyers globally and the corporate buyback bids continue to be robust. CTAs are projected to buy $5 billion a day in the US over the next week. Couple that $5 billion from CTAs with the roughly $5 billion daily corporate bid, and you have $10 billion of non-discretionary/unemotional demand during one of the most illiquid weeks of the year.

Click for larger graphic h/t The Market Ear

Market Outlook

The S&P 500 added 0.5% since last Thursday, including the longest (8 day) winning streak of 2024. Last Monday, ZERO stocks in the S&P 500 made a 10-day low. The last time we saw that was October 2022 at the end of that bear market. Before that, it was November 2020 after the election, followed by a huge rally.

The Index is up 16.8% year-to-date. The typical bull market spans 30 months and produces a 90% price gain. So far, we are at 22 months and 61% at the recent peak. So, statistically speaking, don’t bet against the bull yet.

The Nasdaq Composite gained 0.1% as tech stocks recovered half their losses in just seven days. It is up 17.4% for the year. The SPDR S&P Biotech Exchange-Traded Fund (XBI) climbed 2.5%. We are back to XBI over 100, although barely.

Click for larger graphic h/t @BowTiedBiotech

The XBI is up 12.2% year-to-date. The small-cap Russell 2000 booked a 0.7% gain and is up 6.1% in 2024. @jimwpaulsen wrote: “The relative performance of small cap stocks has been closely linked to improved small company confidence and this may be an early sign that the recent jump in small cap stock performance is just the start of a broadening in stock market participation.”

Click for larger graphic h/t <@jimwpaulsen

About 75% of all stocks are trading above their 200-day moving averages – a sign of a healthy market.
The fractal dimension had a consolidation week, which is no surprise. The Presidential election could be about to enter unchartered territory as RFKjr made a strong play to be included in the next debate. We shall see.

Click for larger graphic

Top 5

Changes this week: Removed TGTX from Near-Term because we got the recovery from the overdone pullback

Near-Term – chronological order
SCYX – ScyNexis – Data releases and resolution of the manufacturing problem
AAPL Apple – September iPhone 16 introduction
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
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 estimate of September quarter real Gross Domestic Product growth fell some more, from +2.4% to +2.0%, due to the weakness in housing starts. The Blue Chip consensus is just below +2.0%. The government’s first estimate will be announced on October 30.

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, August 23
J. Powell speech – 10:00am – Jackson Hole Fed conference

Monday, August 26
Short Interest – After the close

Tuesday, August 27
QUIK – QuickLogic – Unspec. – Jefferies Semiconductor, IT Hardware & Communications Technology Conference

Wednesday, August 28
ENVX – Enovix – Unspec. – Smart Manufacturing Summit SMX Automotive Detroit

Thursday, August 29
June Quarter GDP – 8:30am – Second estimate

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

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 – $224.53) coverage was initiated by the MoffettNathanson brokerage firm with a Neutral rating and a $211 target price. They compared the underpinnings of an AI-driven iPhone upgrade cycle to the conditions which prevailed at the start of the 5G upgrade cycle. I don’t know why they would do that, when the 5G cycle depended on carrier upgrades, but they think there are several reasons why it will be challenging for an AI upgrade cycle to match the 5G upgrade cycle. They are focused mainly outside the US – again, I don’t know why – where a combination of regulatory hurdles and geopolitical considerations are likely to restrain Apple’s AI roll-out and adoption.

But, they say, Apple’s valuation today is already substantially more than it was for the 5G cycle while interest rates are now higher, which means that growth rates will have to be significantly higher this time to warrant a similar multiple.

Oddly, they added that in many cases their estimates are above consensus. But they think the sell-side earning consensus does not fully capture the level of optimism that is built into Apple’s current price/earnings multiple, whatever that means.

Will Apple’s AI rollout be slower in Europe? Probably, as the Brussels bureaucrats continue to kneecap their economic growth. But it is the US adoption and upgrade rate that will drive the stock for at least the next 12 months. AAPL is a HOLD – I expect to move back to Buy under $175 for new iPhones.

Corning (GLW – $41.27) was upgraded from Neutral to Outperform by Mizuho. They increased their target price on the stock from $44 to $47. They wrote: “We are upgrading Corning Incorporated to Outperform ahead of the upcoming Sept. 19 review of its Optical glass fiber business and following the recent pullback in the stock, as we’re aware of no overall slowdown in the company’s business and growth programs. Optical glass fiber and related products are GLW’s largest segment (34% of sales) and account for 50%+ of targeted sales growth through 2027. Optical has historically displaced copper wire due to distance and/or bandwidth needs, but now optical power/cooling advantages are driving growth to data centers.”

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 .

Palantir (PLTR – $31.92) formed a joint venture with Surf Air, a client since 2021, that is developing a regional airline using electric aircraft. The joint venture, Surf Air Technologies, will develop and market AI-powered software tools and create a system for the advanced air mobility industry.

Using Palantir, Surf Air has been able to increase revenue 25 % per trip. Surf Air said: “Surf Air, already built upon the Palantir Foundry platform, will develop and sell SurfOS, as the operating system for the air mobility industry. Now, Palantir will aid Surf Air to expand and sell its tools to multiple brands beyond the air mobility market.”

Palantir also partnered with LIG Nex1, a major South Korean defense contractor, to develop advanced weapon systems that leverage big data. The memorandum of understanding includes unmanned surface vehicles, small synthetic aperture radar satellites, mine clearance, and electromagnetic spectrum operations.

The US Government released a bid of up to $1.5 billion for producing approximately 94 TITAN systems between 2026 and 2031. Palantir won a $184 million contract in March to develop and produce 10 TITAN prototypes in collaboration with Anduril and other defense contractors. Last week, it sent the first prototype to the Army.

The New York Times wrote an interesting article on CEO Alex Karp: Alex Karp Has Money and Power. So What Does He Want?

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

PayPal Holdings (PYPL – $71.52) hit a 52-week high today at $73.25 Why, it’s almost like rapidly fixing mobile checkout, Fastlane’s conversion edges, Venmo monetization, prioritizing Braintree profit, more cost cutting, and tighter focus are all positives. It’s almost like ripping out and replacing an archaic, siloed architecture would unleash better data leveraging and product velocity. It’s almost like the company desperately needed a talented, hungry leader, and it’s almost like Alex Chriss is that guy.

PayPal announced Adyen (ADYEY) as their first Fastlane distribution partner in the US, with plans to extend this offering globally in the future. Adyen and Stripe are the leaders in white-label payment processing, and PayPal’s Braintree is third. This partnership combines PayPal’s brand, trust, and global scale with Adyen’s customer base and relationships with enterprises to help make PayPal available everywhere customers shop. This strategic partnership demonstrates that PayPal is evolving into a “platform of choice” by enabling other payment processors to thrive and achieve greater success. It sets a new standard for collaboration and innovation across the industry.

Chriss has aggressively pivoted Braintree’s focus away from growth at any cost to profitable expansion. It has cut cash-burning contracts, renegotiated other deals, pushed to layer on software products to enhance value, and worked to drive awareness of its best-in-class authorization rates.

Braintree is no longer indiscriminately adding business regardless of profit margin, which catalyzed transaction margin dollar growth last quarter for the first time in years. In Adyen’s last earnings call, they spoke positively about PayPal’s change and how it continues to “price to value” – Braintree is not trying to undercut anyone. PYPL is a Buy under $68 for a double in three years.

SoftBank (SFTBY – $28.60) plans to invest about $684 million in Japanese electronics company Sharp, according to this morning’s Kyodo News Japan. This investment is linked to SoftBank’s plans to acquire up to 60% of Sharp’s Sakai plant, intended for the construction of an AI data center. The Sakai factory is built on reclaimed land in the bay of Osaka. SFTBY is a Buy under $25 for a first target of $50 in the next two years.

Small Tech

Enovix (ENVX – $10.23) was added to Oppenheimer’s list of best ideas for August-September. They wrote: “A pioneer in the commercialization of silicon anode technology with defensible IP in product architecture and manufacturing processes, which are enabling new form factors, functionality, and end markets for its customers.”

They held the Fab2 Grand Opening. Preview here:

And Recap here:

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.

First Trust NASDAQ Cybersecurity Exchange-Traded Fund (CIBR – $58.50) should benefit from Palo Alto Networks’ (PANW) raise in their next four quarters of guidance to slightly ahead of consensus for a firm that loves to sandbag and is going through a major strategic shift. The buying environment seems fine for cybersecurity – the least discretionary bucket in enterprise software. We’ll soon hear what other endpoint, network, and cloud players have to say. I’m raising the CIBR Buy limit to $60, still for a 3- to 5-year hold as the need for cybersecurity gets stronger and stronger at every level of society.
Primary Risk: A technology emerges to stop hackers.

Speaking of which, Fastly (FSLY – $6.23) published their Fastly Threats Insight Report, which found 91% of cyberattacks – up from 69% in 2023 – targeted multiple customers using mass scanning techniques to uncover and exploit software vulnerabilities, revealing a trend in attacks spreading across a broader target base. 19% of attacks targeted over 100 different customers. Additional findings showed unwanted bots, short-lived IP addresses, and out-of-band domains are widely used by adversaries to commit cybercrime and avoid detection. Tech was the top industry targeted, accounting for 37% of attacks. Other top industries for 2024 include Media & Entertainment (21%) and Financial Services (17%).

The stock ticked up amid some takeover speculation after Fastly changed some of its bylaws in an 8-K filing. They made some additional requirements for stockholder proposals and nominations, which started some activist speculation. Fastly is vulnerable to an activist investor after the stock dropped 32% on May 2 when it lowered its full-year guidance. FSLY is a Buy up to $10 for a 3- to 5-year hold to $80+ as Compute@Edge drives customer acquisition and revenue growth.
Primary Risk:Content and applications delivery networks are a competitive area.

Rocket Lab USA (RKLB – $6.84) jumped after they shipped the two Mars Mission satellites to NASA. What, did people think they wouldn’t build and ship them? No, I know, it’s just the idiot computer bots “reading” the headline and trying to be first to buy the stock and then sell it seconds later to bank a few pennies. Someday I’d love to hear the SEC explain how this benefits anyone besides SEC lawyers planning to get a cushy job with a high-frequency trading shop.

CEO Sir Peter Beck gave an interview to Yahoo Finance saying Neutron can break SpaceX’s medium-lift monopoly. He has positioned himself as an outsider since the company’s inception in 2006. A New Zealand native with no college degree, Beck has long been seen as the anti-Elon Musk. He often reminds employees: “We have no money, so we have to think.”

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 – $6.95) was the subject of a negative Seeking Alpha article: Compass Pathways: Sector-Wide Reality Check Needed Post FDA Lykos NDMA Decision. The author makes some good points but misses the crucial one: The Phase 3 results coming at the end of this year should catapult the stock above the PIPE warrants exercise price, leading to a capital inflow. 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

TG Therapeutics (TGTX – $24.40) got FDA approval to start a Phase 1 trial of azercabtagene zapreleucel (azer-cel) for progressive forms of multiple sclerosis. Azer-cel is a new allogeneic CAR T therapy developed by Precision BioSciences that TG in-licensed. Buy TGTX under $12 for a target price in a buyout of $30 or more.
Primary Risk:Briumvi, the MS drug, fails to sell.
   Clinical stage of lead product: Approved
   Probable time of next FDA approval: NM
   Probable time of next financing: Never

Inflation MegaShift

Gold ($2,520.00) rallied to an all-time high after Democratic Party Presidential candidate Kamala Harris proposed price controls on food and government subsidies requiring more debt and money printing. With gold bars typically weighing about 400 ounces, gold over $2,500 an ounce makes each one worth more than $1 million.

According to Bloomberg, in the first half of 2024 central banks purchased 483.3 tons of gold, equivalent to almost 40,000 bars. Global central banks are stacking gold at the fastest pace in history.

Click for larger graphic h/t @NewLowObserver

Remember when Japan accumulated massive quantities of gold and then experienced a 20-year decline? There’s a suspicion that China’s gold buying could be hedging against an economic bust.

Click for larger graphic h/t @WinfieldSmart

The fractal dimension is in a trend up, with lots of energy for more new highs.

Click for larger graphic

Cryptocurrencies

Bitcoin (BTC-USD on Yahoo – $60,351.91) continues to resist every attempt to push it under $60,000. 75% of bitcoin hasn’t moved in over six months, suggesting that most bitcoin owners just want to hold it – and it is not available for sale to fill the institutional demand for exchange-traded funds.

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- $34.35) 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- $19.76) became the first ethereum exchange-traded fund to hit $1 billion in net inflows in only one month. ETHA’s net inflows exceed the combined total of the next three highest ETF inflows. Again, I think we picked the right horse. ETHA is a Buy.
Primary Risk:Ethereum falls due to over-regulation or is surpassed by another cryptocurrency.

Commodities

Click for larger graphic h/t @chigrl

Oil – $72.93

According to Standard Chartered Bank’s head of commodities research, global oil demand hit an all-time high 103.01 million barrels a day in June. Yet sentiment is so bad on energy that Interactive Brokers just ran out of the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) to short. According to Bloomberg, there are 12.3 million XOP units short out of 19.8 million units outstanding – 62.1%. Units recently peaked on April 15 at 28.3 million, so there’s been a 70% liquidation since then. It can always get more lopsided, but wow…

Oil demand in China is contracting, taking a tailwind away from global energy prices and further illustrating the domestic and global softening of the Chinese economy and its export partners’ demand.

Click for larger graphic h/t @Mayhem4Markets

At current oil production, Saudi Arabia needs prices over $100 a barrel to balance its budget rather than run deficits and take on debt. The estimate includes government spending and domestic investments by the sovereign wealth fund.

Click for larger graphic h/t @ZiadMDaoud

Current oil prices tell me that the market is willing to overlook the currently depressed crude exports from OPEC+.

Click for larger graphic h/t HFI Research

Even though US crude storage continues to fall:

Click for larger graphic h/t HFI Research

The market appears to believe that even if inventories draw today to an absolutely low level, production will far exceed current consumption, thus making any price improvement temporary at best. Because of the reflexive nature of the oil market, being so bearish on oil market balances means OPEC+ is forced to act – and they will. I expect them to extend their current production cut agreement to the end of March, at the least. An oil price spike is coming by October.

The July 2026 Crude Oil Futures (CLN26.NYM – $66.51) 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 – $37.47) is a Buy under $40 for a $100+ target.

Vermilion Energy (VET – $9.97) is using their strong cash flow to first pay down debt and then return capital to shareholders by increasing dividends and buying back stock. I believe that the compounding effect of meaningful share buybacks will lead to an inevitable re-rating of energy company valuations, given how valuable the last theoretical remaining share would be. (The same is true of SoftBank.)

Given that most energy companies, including Vermilion, have just recently hit their final debt targets in the past quarter or so and are pivoting to 75% to 100% of Free Cash Flow going to return of capital, we have yet to see the real impact of buybacks on valuations. VET is a buy under $11 for a target price of $24 or more.
Primary Risk:Oil prices fall.

EQT (EQT – $32.90) benefited after the US drew down natural gas stockpiles during the summer for the first time since 2016, taking a big bite out of the surplus that has weighed on prices.

Click for larger graphic h/t @RyanDezember

Producers are holding to their cutbacks:

Click for larger graphic h/t @HFI_Research

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 – $4.60) acquired RadTran, a private company specializing in the separation of critical radioisotopes, to further Energy Fuels’ plans for development and production of medical isotopes used in cancer treatments. RadTran’s expertise includes separation of radium-226 and radium-228 from uranium and thorium process streams.

Since July 2021, Energy Fuels and RadTran have been working under a Strategic Alliance Agreement to evaluate the feasibility of recovering Ra-226 and Ra-228 from existing uranium process streams at Energy Fuels’ White Mesa Mill in Utah. Recovered Ra-226 and Ra-228 would be made available to the pharmaceutical industry and others to enable the production of actinium-225, lead-212, and potentially other leading medically attractive isotopes that are critical components in the development of targeted alpha therapies for cancer treatment.

The global shortage of Ra-226 and Ra-228 is a significant barrier to the advancement and commercialization of these therapies. The demand for Ra-226 and Ra-228 is underscored by the extensive clinical research currently underway. More than 30 clinical trials are evaluating Ac-225, a product of Ra-226 and a crucial component of targeted alpha therapies, highlighting the urgent need for reliable isotope supply. Several of these trials have reached Phase 3, targeting neuroendocrine tumors and leukemia, with many more earlier-stage trials already initiated to address common cancers, including prostate cancer.

Critically, a shortfall in Ac-225 production (for which Ra-226 is the limiting raw material), is now delaying trials and challenging the transition to full commercial and clinical availability of these drugs. Energy Fuels intends to alleviate this supply bottleneck and support development of this important new class of life-saving cancer therapies.

Separately, Energy Fuels received written confirmation from the Foreign Investment Review Board that the Australian government has no objections to its proposed merger with Base Resources (BSRUF). The acquisition still needs approval from the Malagasy Competition Council, the Federal Court of Australia, and Base Resources’ shareholders, who are scheduled to vote on September 5.

The deal will establish a global leader in the critical minerals sector with a focus on rare earth elements, uranium, and heavy mineral sands production. It will create a platform for the funding and development of Base’s Toliara project in Madagascar, with future monazite production from the project to be processed at Energy Fuels’ White Mesa mill in Utah. UUUU is a buy under $8 for a $30 target.
Primary Risk: Uranium prices fall.

Freeport McMoRan (FCX – $43.30) was stronger a few months ago the crowd was chasing copper for the AI connection. Copper has moved in close tandem with Nvidia (NVDA) and the E-mini Philadelphia Semiconductor Sector Index (SOX). The most recent gap is huge:

Click for larger graphic h/t @TheMarketEar

Meanwhile, Chinese demand has picked up since last month as power grids increase orders, leading to weaker Chinese exports and higher copper prices. Chinese exports dropped in July from an all-time high, suggesting a demand recovery in the world’s largest consumer. The arbitrage window for importing refined copper reopened this month as the Yangshan premium, which measures demand for overseas metal, rebounded. Stockpiles on the Shanghai Futures Exchange have also eased from their June peak. Cargoes booked during the export arbitrage window had all been shipped by the end of July, so August’s volume will drop further to the levels seen in normal months.

Click for larger graphic h/t @chigrl

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

Click for larger graphic

* * * * *

RIP Bobby Hicks

* * * * *

China’s population is declining at an accelerating rate.
Each year will be like losing an entire small European country.
This will change the world.

Click for larger graphic h/t @cremieuxrecueil

* * * * *

Your reviewing the Solid State of Affairs Editor,

Michael Murphy CFA
Founding Editor
New World Investor

All Recommendations

Priced 8/22/24. 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 – $41.27) – Buy under $33, target price $60
  Gilead Sciences (GILD – $75.90) – Buy under $80, target price $120
  Palantir (PLTR – $31.92) – Buy under $22, target price $100+
  PayPal (PYPL – $71.52) – Buy under $68, target price $136
  SoftBank (SFTBY – $28.60) – Buy under $25, target price $50

Small Tech
  Enovix (ENVX – $10.23) – Buy under $20; 4-year hold to $100+
  First Trust NASDAQ Cybersecurity ETF (CIBR – $58.50 – Buy under $60; 3- to 5-year hold
  Fastly (FSLY – $6.23) – Buy under $14; 3- to 5-year hold to $80+
  PagerDuty (PD – $18.96) – Buy under $30; 2- to 5-year hold
  QuickLogic (QUIK – $8.76) – Buy under $10, target price $40
  Rocket Lab (RKLB – $6.84) – Buy under $13, target price $30+

$20-for-$1 Biotech
  AbCellera Biologics (ABCL – $2.51) – Buy under $6, target $30+
  Akebia Biotherapeutics (AKBA – $1.47) – Buy under $2, target $20
  Compass Pathways (CMPS – $6.95) – Buy under $20, hold a long time for a 10x return
  Editas Medicines (EDIT – $3.79) – Buy under $6 for a double in 12 months and a long-term hold to much higher prices
  Inovio (INO – $7.39) – Buy under $14, hold a long time
  Medicenna (MDNAF – $1.56) – Buy under $3, first target $20, then maybe $40
  ScyNexis (SCYX – $1.68) – Buy under $3, target price $20, then $50
  TG Therapeutics (TGTX – $24.40) – Buy under $12 for buyout at $30+

Inflation
  A Short-Sale or REO House – ($415,400) – Hold
  Bag of Junk Silver – ($28.94) – hold through silver bull market
  Sprott Gold Miners ETF (SGDM – $30.54) – Buy under $28, target price $50
  Sprott Junior Gold Miners ETF (SGDJ – $35.38) – Buy under $39, target price $100
  Sprott Physical Gold and Silver Trust (CEF – $23.02) – Buy under $18, target price $30
  Global X Silver Miners ETF (SIL – $33.31) – Buy under $30, target price $50
  Coeur Mining (CDE – $6.31) – Buy under $5, target price $20
  First Majestic Mining (AG – $5.68) – Buy under $11, next target price $23
  Paramount Gold Nevada (PZG – $0.43) – Buy under $1, first target price $10
  Sandstorm Gold (SAND – $5.48) – Buy under $10, target price $25
  Sprott Inc. (SII – $40.60) – Buy under $40, target price $70

Cryptocurrencies
  Bitcoin (BTC-USD – $60,351.91) – Buy
  iShares Bitcoin Trust (IBIT – $34.35) – Buy
  Ethereum (ETH-USD – $2,614.44) – Buy
  iShares Ethereum Trust (ETHA- $19.76) – Buy

Commodities
  Crude Oil Futures – July 2026 (CLN26.NYM – $66.51) – Buy under $70; $200+ target
  United States 12 Month Oil Fund, LP (USL – $37.47) – Buy under $40; $100+ target
  Vermilion Energy (VET – $19.97) – Buy under $11; $24 target
  EQT (EQT – $32.90) – Buy under $35; $70 first target
  Energy Fuels (UUUU – $4.60) – Buy under $8; $30 target
  Freeport McMoRan (FCX – $43.30) – 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 – $224.53) – Expect to move back to Buy under $175 for new iPhones
  Meta (META – $531.93) – 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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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!