Stewart Fitzell @defense_investor: "𝗠𝗮𝗿𝗸𝗲𝘁 𝗮𝗻𝗱 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲: -𝗧𝗵𝗲 𝗦𝗲𝘁𝘂𝗽..."

Ireland

𝗠𝗮𝗿𝗸𝗲𝘁 𝗮𝗻𝗱 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲: -𝗧𝗵𝗲 𝗦𝗲𝘁𝘂𝗽 𝗙𝗼𝗿 𝗬𝗲𝗮𝗿-𝗘𝗻𝗱 𝗮𝗻𝗱 𝗕𝗲𝘆𝗼𝗻𝗱 This week, markets recovered strongly as expectations for a December Fed rate cut firmed and buyers stepped back in. The portfolio is currently –3.27% for the month, but 𝙩𝙝𝙚 𝙡𝙤𝙣𝙜-𝙩𝙚𝙧𝙢 𝙨𝙩𝙧𝙪𝙘𝙩𝙪𝙧𝙚 𝙧𝙚𝙢𝙖𝙞𝙣𝙨 𝙨𝙩𝙧𝙤𝙣𝙜 𝙖𝙣𝙙 𝙥𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚 𝙞𝙨 +𝟯𝟬% 𝙮𝙚𝙖𝙧 𝙩𝙤 𝙙𝙖𝙩𝙚. 🔹️𝙏𝙝𝙚 𝘽𝙞𝙜 𝙋𝙞𝙘𝙩𝙪𝙧𝙚: 𝙎𝙚𝙣𝙩𝙞𝙢𝙚𝙣𝙩, 𝙍𝙖𝙩𝙚𝙨, 𝙈𝙖𝙘𝙧𝙤 The recent pullback has not been exceptional and was to be expected after seven months of very strong growth. 𝙒𝙝𝙞𝙡𝙚 𝙨𝙪𝙘𝙝 𝙢𝙤𝙢𝙚𝙣𝙩𝙨 𝙢𝙖𝙮 𝙝𝙚𝙞𝙜𝙝𝙩𝙚𝙣 𝙨𝙤𝙢𝙚 𝙥𝙚𝙤𝙥𝙡𝙚'𝙨 𝙖𝙣𝙭𝙞𝙚𝙩𝙮, 𝙩𝙝𝙚𝙮 𝙖𝙧𝙚 𝙖𝙘𝙩𝙪𝙖𝙡𝙡𝙮 𝙖 𝙝𝙚𝙖𝙡𝙩𝙝𝙮 𝙥𝙖𝙧𝙩 𝙤𝙛 𝙩𝙝𝙚 𝙞𝙣𝙫𝙚𝙨𝙩𝙞𝙣𝙜 𝙘𝙮𝙘𝙡𝙚. 𝟭. Markets have been pushed around by 𝙫𝙤𝙡𝙖𝙩𝙞𝙡𝙚 𝙐.𝙎. 𝙞𝙣𝙩𝙚𝙧𝙚𝙨𝙩 𝙧𝙖𝙩𝙚 𝙚𝙭𝙥𝙚𝙘𝙩𝙖𝙩𝙞𝙤𝙣𝙨. December rate cut odds have swung sharply, dragging on higher-beta areas, and markets are now pricing a high chance of a cut. 𝟮. Confidence is still low, many investors remain underexposed, and more stocks have started turning positive — the type of setup that often precedes recoveries. 𝟯. 🇺🇸 𝙌𝙪𝙖𝙣𝙩𝙞𝙩𝙖𝙩𝙞𝙫𝙚 𝙏𝙞𝙜𝙝𝙩𝙚𝙣𝙞𝙣𝙜 𝙞𝙨 𝙨𝙚𝙩 𝙩𝙤 𝙚𝙣𝙙 on 1 December as the Fed halts Treasury balance-sheet runoff, while earnings across most sectors remain broadly resilient. 𝟰. 𝘼𝙚𝙧𝙤𝙨𝙥𝙖𝙘𝙚 & 𝘿𝙚𝙛𝙚𝙣𝙨𝙚 stocks are likely to see a recovery following the news that Russia is unlikely to accept an amended Ukraine war peace proposal. This is separate to the more structural & long-term backdrop of increased investment in defense capabilities across Europe which has been the real driver of this sector. $RHM.DE (Rheinmetall AG) , $RR.L (Rolls-Royce) , and $AVAV (AeroVironment Inc.) ,which we hold, have steadied as a result. 𝙏𝙝𝙚𝙨𝙚 𝙨𝙝𝙞𝙛𝙩𝙨 𝙝𝙖𝙫𝙚 𝙨𝙪𝙥𝙥𝙤𝙧𝙩𝙚𝙙 𝙩𝙝𝙞𝙨 𝙬𝙚𝙚𝙠’𝙨 𝙧𝙚𝙗𝙤𝙪𝙣𝙙. 🔹️𝘾𝙧𝙮𝙥𝙩𝙤 & 𝘼𝙄 𝙏𝙧𝙚𝙣𝙙𝙨 Crypto stopped leading after the sharp 10 October liquidation triggered by a stablecoin pricing glitch and heavy deleveraging, but expectations for $BTC remain constructive: supply is capped, much of it sits with long-term holders, and the forced selling is gradually easing — conditions that can support higher prices over time, though nothing is guaranteed. AI continues to lead equity gains, especially among companies with strong cash flow and clearer monetisation paths. This has particularly been the case with $GOOG (Alphabet) recently. 🔹️𝙊𝙪𝙩𝙡𝙤𝙤𝙠 & 𝘼𝙘𝙩𝙞𝙤𝙣 As we move toward year-end and into next year, the focus stays on companies generating consistent profit and cash flow. Pairing these with a balanced mix of traditional assets and select alternatives should help steady returns as markets adjust to shifting policy and rate conditions. I remain confident we’ll see a strong end to the year. 𝘿𝙪𝙚 𝙩𝙤 𝙩𝙝𝙚 𝙥𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤’𝙨 𝙥𝙤𝙨𝙞𝙩𝙞𝙤𝙣𝙞𝙣𝙜, 𝙙𝙧𝙖𝙬𝙙𝙤𝙬𝙣𝙨 𝙘𝙖𝙣 𝙨𝙤𝙢𝙚𝙩𝙞𝙢𝙚𝙨 𝙗𝙚 𝙡𝙖𝙧𝙜𝙚𝙧 𝙩𝙝𝙖𝙣 𝙩𝙝𝙚 𝙗𝙧𝙤𝙖𝙙𝙚𝙧 𝙢𝙖𝙧𝙠𝙚𝙩, 𝙗𝙪𝙩 𝙧𝙚𝙘𝙤𝙫𝙚𝙧𝙞𝙚𝙨 𝙖𝙡𝙨𝙤 𝙩𝙚𝙣𝙙 𝙩𝙤 𝙗𝙚 𝙨𝙩𝙧𝙤𝙣𝙜𝙚𝙧. On Monday, 1 December, I’ll add cash to the portfolio, and I invite you to add cash to your copy as well. It's a good way to gradually build your investment over time. 𝙋𝙤𝙨𝙩: 𝙖𝙙𝙙𝙞𝙣𝙜 𝙛𝙪𝙣𝙙𝙨 𝙤𝙣 𝟬𝟭 𝘿𝙚𝙘𝙚𝙢𝙗𝙚𝙧 👇 etoro.tw/4pwd1jT 👍 Please like, comment & share - this really helps. As always I welcome questions. Regards, Stewart 🔹️𝙋𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤 𝙄𝙣𝙩𝙧𝙤𝙙𝙪𝙘𝙩𝙞𝙤𝙣 & 𝙁𝘼𝙌 etoro.tw/3BqjOb2 Risk Warnings: Copy Trading does not amount to investment advice | Your capital is at risk | Past performance is not indicative of future results.

Not investment advice. The author may have financial interests in the mentioned instruments.