Stoltzfus: Resilient earnings, selective AI, broadening market (with Lisa Abramowicz, Annmarie Hordern)

John Stoltzfus

Things are still remarkably good; the operative word remains resilient. Every challenge to resilience is overcome by better-than-expected earnings or debt situations.

Fundamentals remain very positive. We watch fundamentals, not technicians.

John Stoltzfus

The AI trade is not like the internet bubble. Business and consumers have tech deeply embedded in their lives. There will be failures, but also successes.

Uncertainty is common; markets love uncertainty for trading opportunities. For long-term investors, look for babies thrown out with the bathwater.

John Stoltzfus

This is genuinely a 2026 story. Changes happen more quickly than ever. Markets discount news very quickly, which is a benefit.

I've been in this business for 43 years. The structure of everything has changed due to social media and technology.

John Stoltzfus

To hedge the AI trade, I use a barbell strategy in a dividend opportunity portfolio: tech on one side, telephone and utility companies on the other, diversified across all 11 sectors.

It has weathered significant volatility and bounces back well.

John Stoltzfus

There is room on the stage for large, mid, and small caps. We must be selective, avoid junk and value traps, and favor growth at a reasonable price.

In tech, we own some obvious names but also lesser-known supporting names.

John Stoltzfus

A major structural change is the rise of the private investor, who is now more important than institutions. They invest seriously, not for cocktail party chatter, and they stay in the market longer.

They recognize time in the market is more important than timing the market, driven by the need to fund retirement as defined-benefit plans disappear.

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