Trimming Google to take some profits, says Laffer Tengler Investments' Tengler

Trimming GOOGL on valuation & position size, not a fundamental call; still see it as a dominant AI/cloud player. Positioning for a "decent correction" to reload on leaders. The real trade is rotating within tech to high-conviction software (NOW, CRWD, PLTR) and away from seat-based models (exited CRM, ADBE). Adding cyclicals like housing (DHI) on the side. Tactical fade, strategic buy-the-dip.

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Laffer Tengler Investments 7.8
Asset Manager $2.50B
Nancy Tengler 8.0

Trimming Google to take some profits, says Laffer Tengler Investments' Tengler

ndx

We are due for a correction... we think we're going to get a pretty decent correction. She is putting in place protection for clients and expects a near-term pullback, which implies a cautious down view on the Nasdaq in the short term.

4/28/2026 6:30:03 PM	medium term up	20 days later	+6.00%	+6.00%
1/14/2026 9:07:04 PM	medium term up	20 days later	-2.57%	-2.57%

Introduces Nancy Tengler as a longtime Alphabet shareholder and asks if the company's money-printing run will continue.

Brian
Nancy Tengler

Alphabet will continue to outperform, but the stock is fully valued and has become an outsized holding; we are taking some profits by trimming.

We buy from eager sellers and sell to eager buyers; the stock is not super overvalued but is fully valued.
Clarifies that the selling is trimming due to size, not a lack of conviction in Alphabet.

Brian
Nancy Tengler

Alphabet is the most dominant provider of cloud and AI services with vertical integration; the Blackstone announcement will be a problem for competitors like CoreWeave.

We added Google after the Bard debacle when it was out of favor and in the Russell 1000 Value Index; we think they continue to dominate.
References a guest who predicted near-term peaks of 7500 on S&P, 50K on Dow, 30K on Nasdaq; asks where Nancy would look for new leadership.

Kelly
Nancy Tengler

We are due for a correction; we are putting in place protection for clients. We are still in a bull market and want to use dips to add to leaders.

We bought calls on S&P at end of March; now we expect a decent correction. We added DR Horton as a housing play and own Home Depot and Walmart.
Nancy Tengler

Tech will still lead and dominate, but we have shifted focus to software names like Microsoft, ServiceNow, CrowdStrike, and Palantir.

If I get an opportunity to buy more Nvidia at $108 like during DeepSeek, I will. We are investing for 3-5 years, not 3-5 weeks.
Nancy Tengler

We like the vertical integration stack model (ServiceNow) and cybersecurity (CrowdStrike); we exited Workday, CRM, and Adobe because we don't like the seat model.

We want to own the ultimate winners; sometimes we get it wrong, but we are mostly right.

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