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Dimitry Nakhla | Babylon Capital®
1/7 Here are five quality stocks that faced bearish narratives this year & ended up being great investments💸
The lesson as we head into 2026 — & one worth remembering & reinforcing every year — headlines create fear, yet independent thinking allows you to capture opportunity🧵 https://t.co/P5BbD5dqZ2
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1/7 Here are five quality stocks that faced bearish narratives this year & ended up being great investments💸
The lesson as we head into 2026 — & one worth remembering & reinforcing every year — headlines create fear, yet independent thinking allows you to capture opportunity🧵 https://t.co/P5BbD5dqZ2
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Fiscal.ai
Taiwan Semiconductor, one of the widest moat companies in the world, still trades at an EV/EBIT of 21x.
And analysts expect revenue growth of 20%+ over the next 3 years.
$TSM https://t.co/YjlegFhew0
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Taiwan Semiconductor, one of the widest moat companies in the world, still trades at an EV/EBIT of 21x.
And analysts expect revenue growth of 20%+ over the next 3 years.
$TSM https://t.co/YjlegFhew0
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App Economy Insights
$SNDK Sandisk is the top-performing stock in the S&P 500 in 2025.
• Spin-off from $WDC in February 2025.
• Up nearly 7x since then (+594%).
• Added to the S&P 500 in November. https://t.co/gnbPX66NWf
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$SNDK Sandisk is the top-performing stock in the S&P 500 in 2025.
• Spin-off from $WDC in February 2025.
• Up nearly 7x since then (+594%).
• Added to the S&P 500 in November. https://t.co/gnbPX66NWf
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EndGame Macro
Silver is a small, thin market where supply cannot ramp quickly, and more than half of demand comes from industry such as solar, electrification, EVs, data centers, and advanced electronics, much of it consumed rather than recycled. On the supply side, China quietly sits at the center of the system, refining roughly 60–70% of the world’s silver, which means even modest export licensing, quotas, or administrative friction can ripple globally. When the U.S. elevates silver into the critical minerals conversation and China tightens control over who can export and when, the system shifts from just in time to just in case behavior. That shift encourages hoarding, forward buying, and hedging, and it starts to strain the link between paper and physical markets. Once those feedback loops take hold, higher prices reinforce defensive buying and the move accelerates. The geopolitical ramification goes beyond silver itself because metals that move electrons become strategic choke points in a world of industrial policy, energy transition, and supply chain weaponization. This move may cool off, but the regime has changed. Silver is no longer being priced as a sleepy precious metal; it is being repriced as a strategic industrial input embedded across power, technology, and national security systems.
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Silver is a small, thin market where supply cannot ramp quickly, and more than half of demand comes from industry such as solar, electrification, EVs, data centers, and advanced electronics, much of it consumed rather than recycled. On the supply side, China quietly sits at the center of the system, refining roughly 60–70% of the world’s silver, which means even modest export licensing, quotas, or administrative friction can ripple globally. When the U.S. elevates silver into the critical minerals conversation and China tightens control over who can export and when, the system shifts from just in time to just in case behavior. That shift encourages hoarding, forward buying, and hedging, and it starts to strain the link between paper and physical markets. Once those feedback loops take hold, higher prices reinforce defensive buying and the move accelerates. The geopolitical ramification goes beyond silver itself because metals that move electrons become strategic choke points in a world of industrial policy, energy transition, and supply chain weaponization. This move may cool off, but the regime has changed. Silver is no longer being priced as a sleepy precious metal; it is being repriced as a strategic industrial input embedded across power, technology, and national security systems.
JUST IN 🚨: Silver melting faces as it rips to $82 for the first time in history 📈📈 tweet
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EndGame Macro
What New York Life Is Really Preparing For in 2026
This isn’t a sell everything message. It’s closer to them saying stay invested, but understand the terrain has changed. On the surface, they talk about policy support into 2026, but read carefully and it’s less confidence than constraint. They’re not betting on growth reaccelerating; they’re betting that policymakers will lean against slowdown. In a world where deflationary pressure creeps in with softer demand, tighter credit and margin compressions equities don’t collapse outright, but they stop forgiving mistakes. That’s why the emphasis shifts to market weight large caps, quality small caps only, and moving away from crowded stories. It’s survival investing, not a victory lap.
On the bond side, the signal is even clearer. Tight spreads and a mature credit cycle demand selectivity. Shorter duration, structured credit, buy and hold income: that’s how you position when growth grinds lower and defaults rise gradually, not all at once. This is a grind and the classic deflationary setup where cash flow matters more than upside.
Why The Metals Allocation Is The Tell
This is where the real signal lives. Metals don’t usually shine in pure deflation…the first phase is liquidation and a rush to cash. But today’s risk isn’t clean deflation; it’s deflation layered on top of geopolitical fracture and policy strain. Once deflation forces policymakers to cut aggressively, expand balance sheets, and print to stabilize the system and often while governments are also spending for security, energy, and industrial resilience the regime shifts. Real rates compress, money supply grows, and confidence in clean exits fades. That’s when metals start to work, not as a growth bet, but as insurance.
So when they float up to 20% in precious metals, it’s not a call on runaway inflation. It’s an admission that disinflation could slide into deflation, and that rate cuts and QE may not reliably lift risk assets or make bonds the hedge they used to be. Metals hedge that uncomfortable middle ground: policy works, but imperfectly; liquidity rises, but trust doesn’t fully return. Prices drift lower, debts feel heavier, and correlations behave badly.
Geopolitics amplifies this. Sanctions, trade fragmentation, and energy and supply chain insecurity keep trust premiums elevated and supply elasticity low, even as demand weakens. That’s how metals can stay bid in a deflationary world, not because growth is strong, but because neutrality, scarcity, and credibility matter more than cyclical demand.
What They’re Really Foreshadowing
Strip it down and the message is that returns may still exist, but the path will be uneven, confidence driven, and prone to sudden correlation spikes. The old playbook of stocks going up and bonds save you becomes unreliable when deflation pressure collides with geopolitical stress and policy limits. A larger metals sleeve isn’t a crash call. It’s a quiet acknowledgment that economic gravity may return faster than policy can counter it and that preservation, optionality, and trust matter as much as growth.
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What New York Life Is Really Preparing For in 2026
This isn’t a sell everything message. It’s closer to them saying stay invested, but understand the terrain has changed. On the surface, they talk about policy support into 2026, but read carefully and it’s less confidence than constraint. They’re not betting on growth reaccelerating; they’re betting that policymakers will lean against slowdown. In a world where deflationary pressure creeps in with softer demand, tighter credit and margin compressions equities don’t collapse outright, but they stop forgiving mistakes. That’s why the emphasis shifts to market weight large caps, quality small caps only, and moving away from crowded stories. It’s survival investing, not a victory lap.
On the bond side, the signal is even clearer. Tight spreads and a mature credit cycle demand selectivity. Shorter duration, structured credit, buy and hold income: that’s how you position when growth grinds lower and defaults rise gradually, not all at once. This is a grind and the classic deflationary setup where cash flow matters more than upside.
Why The Metals Allocation Is The Tell
This is where the real signal lives. Metals don’t usually shine in pure deflation…the first phase is liquidation and a rush to cash. But today’s risk isn’t clean deflation; it’s deflation layered on top of geopolitical fracture and policy strain. Once deflation forces policymakers to cut aggressively, expand balance sheets, and print to stabilize the system and often while governments are also spending for security, energy, and industrial resilience the regime shifts. Real rates compress, money supply grows, and confidence in clean exits fades. That’s when metals start to work, not as a growth bet, but as insurance.
So when they float up to 20% in precious metals, it’s not a call on runaway inflation. It’s an admission that disinflation could slide into deflation, and that rate cuts and QE may not reliably lift risk assets or make bonds the hedge they used to be. Metals hedge that uncomfortable middle ground: policy works, but imperfectly; liquidity rises, but trust doesn’t fully return. Prices drift lower, debts feel heavier, and correlations behave badly.
Geopolitics amplifies this. Sanctions, trade fragmentation, and energy and supply chain insecurity keep trust premiums elevated and supply elasticity low, even as demand weakens. That’s how metals can stay bid in a deflationary world, not because growth is strong, but because neutrality, scarcity, and credibility matter more than cyclical demand.
What They’re Really Foreshadowing
Strip it down and the message is that returns may still exist, but the path will be uneven, confidence driven, and prone to sudden correlation spikes. The old playbook of stocks going up and bonds save you becomes unreliable when deflation pressure collides with geopolitical stress and policy limits. A larger metals sleeve isn’t a crash call. It’s a quiet acknowledgment that economic gravity may return faster than policy can counter it and that preservation, optionality, and trust matter as much as growth.
LARGEST LIFE INSURANCE PROVIDER IN US, NEW YORK LIFE, WITH $900b AUM, SUGGESTS PRECIOUS METALS ALLOCATIONS UP TO 20% https://t.co/APxze4yma7 tweet
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EndGame Macro
If This Is Real, It’s JPM or Citi And the Market Will Tell Us This Week
If this story is real that a systemically important bank tied to silver and precious metals derivatives got hit with a margin spiral then the two names that fit the footprint are JPMorgan and Citigroup. Not because we have proof, but because in U.S. bank derivatives data the precious metals bucket is overwhelmingly concentrated in those two, and they’re the ones structurally wired into the metals plumbing (dealer intermediation, client hedging, clearing relationships). The catch is important because big notional exposure doesn’t automatically mean directional short exposure. If I was forced to shortlist systemic banks that could plausibly be involved, it’s JPM and Citi first, then everyone else far behind.
Now, if this is true, the market doesn’t wait politely for a press release. The first signs this week wouldn’t be a dramatic headline, they’d be mechanical stress signals. Watch for gapping metals into the open (silver especially), because margin hikes and forced deleveraging can create a squeeze, then an air pocket, then a rebid. Watch bank stocks and CDS behavior because if it’s JPM or Citi, you’d expect relative underperformance vs other banks and a nervous bid in protection. Watch funding markets like repo usage, front end funding rates, and any chatter about balance sheet constraints because a derivatives margin event is really a collateral and liquidity event. And watch cross asset correlation and if there’s even a whiff of counterparty uncertainty, you tend to see the same pattern every time where risk assets wobble, vol firms, the dollar firms, and the long end catches a bid even if the move is brief.
Most importantly, if this is legitimate, you should expect an information vacuum early in the week and a very specific rhythm with “nothing to see here” language from institutions, plus unusually sharp, technical price action (not fundamentals driven). The tell won’t be someone admitting it, the tell will be forced flow with abrupt open interest changes in metals, sudden liquidity grabs, and bank to bank divergence that doesn’t match the broader tape. If none of that shows up by midweek, odds rise that this was just a volatility story dressed up as a systemic scandal.
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If This Is Real, It’s JPM or Citi And the Market Will Tell Us This Week
If this story is real that a systemically important bank tied to silver and precious metals derivatives got hit with a margin spiral then the two names that fit the footprint are JPMorgan and Citigroup. Not because we have proof, but because in U.S. bank derivatives data the precious metals bucket is overwhelmingly concentrated in those two, and they’re the ones structurally wired into the metals plumbing (dealer intermediation, client hedging, clearing relationships). The catch is important because big notional exposure doesn’t automatically mean directional short exposure. If I was forced to shortlist systemic banks that could plausibly be involved, it’s JPM and Citi first, then everyone else far behind.
Now, if this is true, the market doesn’t wait politely for a press release. The first signs this week wouldn’t be a dramatic headline, they’d be mechanical stress signals. Watch for gapping metals into the open (silver especially), because margin hikes and forced deleveraging can create a squeeze, then an air pocket, then a rebid. Watch bank stocks and CDS behavior because if it’s JPM or Citi, you’d expect relative underperformance vs other banks and a nervous bid in protection. Watch funding markets like repo usage, front end funding rates, and any chatter about balance sheet constraints because a derivatives margin event is really a collateral and liquidity event. And watch cross asset correlation and if there’s even a whiff of counterparty uncertainty, you tend to see the same pattern every time where risk assets wobble, vol firms, the dollar firms, and the long end catches a bid even if the move is brief.
Most importantly, if this is legitimate, you should expect an information vacuum early in the week and a very specific rhythm with “nothing to see here” language from institutions, plus unusually sharp, technical price action (not fundamentals driven). The tell won’t be someone admitting it, the tell will be forced flow with abrupt open interest changes in metals, sudden liquidity grabs, and bank to bank divergence that doesn’t match the broader tape. If none of that shows up by midweek, odds rise that this was just a volatility story dressed up as a systemic scandal.
A bank just went under. https://t.co/xBvntpgIXN tweet