The David Lin Report 90% Crash Or Bust: ‘Stay The Hell Away’ From These Assets Warns Fund Manager | George Noble
Mar 11, 2026
George Noble, managing partner at Noble Capital Advisors and longtime Wall Street investor, shares his macro and stock-picking perspective. He argues a regime change favors reflation, energy, miners and emerging markets over U.S. tech and bonds. He warns about software and semiconductors, explains why active management can win now, and outlines a no-bonds, commodity-heavy allocation.
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Dusting Off Fidelity Report Style For Picks
- George dusted off an old Fidelity investment report style to write a modern ICR pitch, choosing Southwest Airlines as a pick.
- He emphasized concise 3–4 page reports focused on drivers, risks, and catalysts, as taught at Fidelity.
Japan Experience Shows Benchmark Tyranny
- George recounts his 1980s Japan experience where Japan dominated the overseas index, forcing managers to own it despite valuation concerns.
- He warns modern managers face a similar benchmark tyranny with US tech concentration in indexes.
Outperform By Underweighting Expensive Tech
- Actively underweight US tech and long-duration expensive stocks to capture rotation returns; you don't need perfect stock picks to outperform.
- George stresses that dispersion creates opportunities for active managers to avoid losers and outperform benchmarks.