Has the stock market bottomed? w/ Puru Saxena

I’m joined by Puru Saxena, a retired money manager based in Hong Kong. 4 months ago I had him on my show and he shared his opinion that the market would go through a correction which we’ve seen. So, I wanted to bring him back on to give an update on his thoughts.

Timestamps:
00:00 - Introduction
00:47 - How has Puru managed his portfolio in past 4 months?
05:05 - How bought growth stocks and also hedged by shorting ARKK
07:10 - Why not just stay out of market vs holding long and short positions?
08:39 - How long does Puru plan to hold growth stocks?
11:15 - Puru's capital gains tax situation
13:08 - Why didn't wait until stock market bottom before buying growth stocks?
16:40 - U-shaped recovery or V-shaped recovery?
20:00 - How does recession impact expectations?
26:44 - What kind of indicators are you looking at to determine the bottom?
32:33 - What kind of companies are you looking for to invest in?
39:44 - Thoughts on Tesla TSLA
47:45 - Top 3 highest conviction stocks - SNOW, TWLO, ADYEY
56:05 - How do you evaluate tech, software, cybersecurity companies?
59:42 - What are resources you rely on? Newsletter, twitter accounts, etc.
01:11:20 - Why doesn't Puru touch commodities market any more?
1:13:35 - Any safe haven investments like gold?
1:18:45 - Conclusion

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💁🏻‍♂️ Disclaimer: All content on this channel is for discussion and illustrative purposes only and should not be construed as professional financial advice or recommendation to buy or sell any securities. Should you need such advice, consult a licensed financial or tax advisor. All views expressed are personal opinion as of date of recording and are subject to change without responsibility to update views. No guarantee is given regarding the accuracy of information on this channel. Neither host or guests can be held responsible for any direct or incidental loss incurred by applying any of the information offered. Author is long TSLA and other stocks at time of original video publish date. When you buy through links in this video description, author may earn an affiliate commission.

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[timp]

I used to listen to Puru in the mid-2000s commodity boom when he would be interviewed on the Financial Sense Newshour with Jim Puplava lol. It’s amazing to watch how much more well-rounded, battle-tested, and humble he has become since then.

[johnmacri]

Dave can’t thank you enough for the amazing content lately. Helping so
Many during this volatile time. Thank you

[JonathanRootD]

Thanks to this guy I sold and avoided most of the drop. Total legend!

[YourCarAngel]

Thanks for all your great content Dave!

[jaygrenham]

Dave I think this was an excellent interview and wonderful guest! Look forward to having him back on your channel.

[AS-gxqg]

Dave is great. He is not just regurgitating the same news as other channels, but actually creating his own content.

[CU]

Hey Dave, you are spot on regarding people that sell investing newsletters and courses versus just making money for themselves in the market. I remember sitting in a finance class listening to my professor explain to us stock analysis and thinking to myself “if this guy really knew all this stuff why isn’t he out there making money?“!🤪
Also, FYI, fast forward 30 years from that finance class… I met that professor and he never really did make it.

[dameeeee]

Thank you for this great interview Dave! And Puru for his valuable insights.

[charleschen]

Timing the market is very hard if not impossible. If one could do that, he or she would be billionaires, but the reality is that there are not many billionaires. Only one sure thing proven historically and statistically is the market will grow over time and the stock value of the companies with great products and services will grow over time.

[Monkmindmatter]

Puru is one of the smartest and logical analyst I've heard recently, thanks to Dave. He balances selecting growth companies with a pulse on business, market/fed and manages risk to revenue (i.e. finds companies with better mousetrap, high future upside and/or low cost of revenue). Thanks again Dave for another brilliant interview, and very timely!

[charleschen]

Puru is the jack of all trades in his investing style. On the one hand, he holds some stocks for years, but on the other hand, he monitors and acts on stock price actions constantly.

[andrasbiro]

He said some funny things about Tesla.
- It's not cyclical, it's growing very consistently.
- It's growing faster than most internet companies.
- It's not even capital intensive, the payback period of their new factories are stupid low.
- It's demand is extremely strong. And they have many levers to pull to increase it before they have to drop prices. Even in a recession they'll be production limited, and will have very high margins.
- The competition has no chance, even they admit it.
- EVs are still only like 10% of the total market, so there's plenty of room to grow. And Tesla is likely to grow it's EV market share, as nobody will be able to keep up, so I think it's safe to assume a 20x by the end of this decade.
- Tesla is moving beyond EVs already. Energy, FSD, AI, robotics, insurance, etc. The growth potential is insane. Tesla won't slow down for at least 20 years.
- Also grossly underestimating AI. FSD will more and more behave like a human, as we are already seeing, so anywhere where a human can drive, FSD will too.
- Regulators are already onboard with driverless cars. It won't take that long.
- FSD can be super valuable even if it still needs human supervision. Autopilot already is that on highways. I won't ever buy a car that I have to drive manually, and most Tesla owners fill the same way.

On the other hand software companies are much more vulnerable. We just saw how even the tech giants can suffer badly, even just at the thought of a recession. Fintech is the same, by definition any economical hiccup will send their stock tumbling down.

[mikegarner]

Got to this video a little late… disagree with Puru on a few points, but he is obviously quite knowledgable. Really enjoyed the interview. Thank you to both Dave and Puru.

[flyshacker]

Intelligent stock market insights without hype. Great guest and terrific interview. Thank you, Dave!

[chiararebecchi]

amazing interview, like always, I am learning so much from every video that you post! great work Dave!!!

[toddsmith]

Dave, please buy Puru a nice microphone.

[MrMrrx]

I realised that I am on the right track. I'm happy.. Than you for all your videos.

[LionheartLivin]

WONDERFUL INTERVIEW, THANK YOU DAVE!!!;)

[ivanxyz]

Dave, please interview Puru as often as he is willing. His perspectives are quite insightful.

[charleschen]

Puru is not sure which EV vendor will be the ultimate winner in the EV market. He certainly has not watched many videos from Dave.