Investing Experts This is a stock picker's market
Feb 19, 2026
Jack Bowman, macro analyst (The Macro Obsession) digs into rare earths, metals and resource geopolitics. Kenio Fontes, Brazil-based contrarian covering tech and retail, discusses Amazon, valuation gaps and long-term buys. Julia Ostian, tech and AI analyst, focuses on momentum, NVIDIA risks and cash-flow concerns. They debate tech earnings, chip designers vs manufacturers, rotating sectors and why it is a stock-picker’s market.
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Be Contrarian In Beaten-Down Tech Names
- Kenio sees a stock-picker's market with beaten-down tech creating contrarian long-term buys.
- He prioritizes Amazon as a conviction buy on a multi-year ROI view despite short-term CapEx noise.
Amazon's CapEx And FCF Raise Questions
- Julia downgraded Amazon from strong buy to buy due to falling free cash flow and rising CapEx.
- She'll wait several quarters to see if CapEx allocation justifies the large investment.
Robotics Are Shrinking Amazon's Workforce
- Jack links Amazon layoffs to rapid warehouse automation and growing robot deployment.
- He expects automation to materially reduce labor needs and reshape margins over years.