Wall Street insiders discuss their stocks to watch in 2026

Big picture. How is your screening or kind of your framework changing, if at all, for 2026? Well, I know I'm not the only one to say this. Hard assets, of course. I mean, we're seeing what's happening with the metals and how that's going to matriculate into other hard assets. So I have not discounted agricultural sector, which has been under a lot of pressure. But yet we're seeing some nice moves this morning in soybeans, for example, sugar back at 15 cents. I think you have to keep your eyes on all of that. And you can look at DBA, which hasn't necessarily broken out, but has potential. Also oil. I mean, right now, everybody in the world seemed to be so bearish on based on an oil glut. But yet here we are almost at $58 a barrel, not just because of the Venezuelan situation, but that could also wind up being more of a theme as the rig counts have gone down. And then beyond that, of course, Julie, I know we've talked so much about the vanity trade, but I still think that may be one of the hottest themes and biotech in general. But looking at the diet drugs and looking at some of the consumer habits that occur because of the fact that there's been a lot of weight loss. I still like semiconductors and some of that space. I'm looking more into other types of more infrastructure aspect of that. I mean, you can't, of course, discount NVIDIA, but even cloud computing coming in or some of the other type of infrastructure players like Hutt, for example, or Carradine. And then beyond that, really, I'd say those are my main, but robotics, I like CERV. Obviously, space now is back hot. And energy play. I think nuclear had a nice sell off, if you're looking at uranium, and that could come back as well. A long shopping list for people to look at for next year. David, I want to bring you into this because I'm curious for you, too. Is there anything that you're adjusting in your screening process for next year, given what you're expecting? Yeah, well, really what I try to figure out is where are the layup bets? Where are the things that are almost definitely going to happen because they're already happening? So I guess there's a few areas where I'm looking for that. One is these secular growth stories. It's a little confusing what's going to happen with the big picture, but an area like healthcare, for example, doesn't change as much with economies. So if you look at a company like an MEDP, for example, they're a CRO. They make it much easier for... CRO? Yeah. So what they do, a contract research organization, they help biotechs go through the process of all of the FDA trials and facilitate those processes. And they do it at scale for many companies, which makes it cheaper, makes it more efficient, makes it just a much more efficient process. And it's a great margin business and it can keep growing. So that's an area I like. Gotcha. And then transmedics is another one in that same, in the medical, obviously, category. Why that one? Transmedics is a really cool business, especially if they can accomplish their end mission, which is to create this end-to-end full ecosystem for organ transplants. Organ transplants that had high failure rates, the transport hadn't been very efficient. Sometimes they just have to throw out perfectly good organs because they weren't transported in a safe way. They're building the whole ecosystem from point to point and making it a far better system. Their company is growing exponentially. Clearly, someone is willing to pay up for an organ that works and have their transplant work. It's pretty much real life or death. So I think transmedics could be a huge growth story over the next few years. Yeah. It's interesting that you guys both have sort of medical picks, but in different areas. I mean, just one quick follow on transmedics, the stock, what, doubled this year already? Oh, yeah. So I understand the appeal of finding something that works that you think will keep working. But at one point, does that sort of thesis get priced in or do you get concerned about that? When earnings don't keep up. But when you look at transmedics, their revenue growth has been exponential. Their earnings growth has been exponential. So it's actually not getting baked in, in the sense that they keep putting up consistent exponential revenue and earnings growth. And there's no reason to think that's going to stop as long as they can actually create that end-to-end system for organ transplants. Gotcha. Mish, I want to come back to you on one of your medical picks, which I believe AbbVie is one that you've liked for a bit here. That one isn't one, I don't think they're in the obesity game as far as I know. So what's the thesis there? Well, twofold, really. They're not in the obesity game per se, but there is Botox, right? And that has become more and more popular and will continue to become more and more popular as a means to deal with skin issues that happen when you lose a lot of weight. So that's more in the vanity area, but it also obviously does a lot of immunology. So yeah, AbbVie had a really nice move this year in 2025 to the point of, can it go higher? It's been in this massive consolidation right now between like 2020 and 2028. And I think this has a lot of potential to make much bigger highs as we go into 2026. And picking up on David's point, right, I like some of the other type of stocks that have done more antibody drugs, like Reptimune and also ADCT is another one that's working on immunology through antibodies, which is a different way to treat disease as opposed to just dealing with the symptoms of it. So all of these are very exciting for next year. And Novo Nordisk is one that, obviously that one is in obesity very much so, but of course it's sort of fallen behind Eli Lilly. So do you think this will be a comeback year for them? Well, this is where I think, Julie, I mean, you can't deny the company has a real future, but you got to watch price on this, right? You look at Eli Lilly, well over a thousand, you look at this, it's hovering around 47, 48, can't really seem to get back over 50. So I think if you see a breakout over these more recent lows over the last couple of months, that is an indication that things are starting to improve. And David, just finally to you, healthcare in general, do you think that, I mean, we've talked to a lot of investors who say they think it's going to come back and sort of outperform more next year. Do you share that broader view? I do share that more broadly, but I think especially in healthcare, it's very important that you pick your spots because I think health insurance companies might be a bit under pressure. The benefits that they got from the enormous subsidies from the ACA aren't necessarily going to be there in the future. Whereas these companies that are more the picks and shovels that facilitate the system of healthcare that can pass through price increases for absolutely necessary mission-critical services, I think those are the places you really want to own in the healthcare ecosystem. Tom, I'd love to get your thoughts on what I just dumped out there into the internet sphere on what is driving this AI rally into the year end. Well, you know, it's been an unbelievable year. And to this point, everybody that's been long AI stocks for the entire year, you know, they've gotten paid. So I just think it's a lack of sellers. I'm not nearly as bullish as you are going into January, but for now, I just think it's a lack of sellers. Why not? What gives you pause, Tom? Just price. I mean, if you're, you know, I'm a pretty, I've been a pretty active trader for a long time and price is kind of everything. I don't really think about anything, you know, beyond price. And sometimes you get to the point where you're like, hey, it just becomes a pot odds play, Brian. Where is there more risk? Is there more risk to staying long or is there a better payout being short? That's all it is. Is there underneath the surface of, let's say, NVIDIA, Tom, and some of those well-known AI plays, are there other areas of the market in AI that are breaking down, that are red flags to you? No, not yet. I mean, the small cap AI stocks are trailing a little bit, but not really. And there's a lot of stocks in the pipeline that, you know, also look good that might come out as IPOs in 2026. But for the most part, I think it's just, it's just the mega tech, the mega tech stocks. It's the big, too big to fail companies. And I think in that sense, that's where the real risk is. Brooke, I mentioned here at the top that AI is back in rally mode. I call that NVIDIA Microsoft. But if you dig down a little deeper, it's not every one of these stocks have been rocking the past five or even 10 trading sessions. Yeah, if you take a look, there are some companies that are definitely pulling back some momentum. For example, we do have Oracle moving higher today up about 1.2 percent. But if you take a look over the month, it's down about 2 percent over the past six months, down about 5 percent as we make our way into year end. And also, in addition to that, to take a look at some of the players that did go public this year, take, for example, we have another one like CoreWeave moving higher today, up about 3.5 percent. On the flip side, that stock up nearly 20 percent year or rather in the past month alone as we make our way into the end of the year. I think that investors are really trying to see how exactly they could still get into this this tech rally, still find those spots that maybe have been underperformers as of late in fear that they might miss out. I think we're seeing a bit of FOMO as we make our way into the later days and the last few days of this year's trading session. Indeed, we saw this outperformance this year, Jay. Is that going to continue next year, though? Yeah, we definitely think so, Julie. And it's great to be with you. Happy holidays. Look, these moves, when leadership changes in global equities from the U.S. to non-U.S., they don't last for quarters or for months or for even a year. They last for many, many years. The average is seven to eight years. The U.S., as a reminder, was the best performing stock market in the world from the bottom in 2009 through 2024. So we're way past due for leadership going elsewhere. And we think a number of factors, including global growth, a weak dollar, a commodity super cycle, all lead to continued non-U.S. outperformance. So we look at 2026 as year two of what we think is going to be a multi-year secular change in leadership away from U.S. equities. Where in particular do you think that that money will be flowing? Well, we're very constructive on emerging markets in particular. EM has been the leader this year, outperforming IFA as well as the United States. And we look at China. We think China is very attractive. We talked a lot about the Trump administration's national security strategy document in our recent monthly, noting that China is no longer viewed as a pivotal enemy, but more someone to work with on the economic front. We think this is the lead into a rapprochement between China and the U.S. when President Trump visits China next spring that will signal it's an okay signal for U.S. institutions to own Chinese equities, which they haven't really done since Trump 1.0. We also like Latin America. We think Latin America is very attractive, has a great commodity exposure. And also Brazil, which is the biggest market there, is about to launch a significant rate cutting cycle in our view. Real rates in Brazil are at 10 percent. We think you could see 400 basis points of rate cuts in Brazil next year. You mentioned the commodities super cycle, and I know that includes some bullishness on oil, which is a little bit out of consensus, right? Jay, I've seen some estimates out there that oil is going to kind of remain in this range because of the ample supply out here, sort of the Venezuela situation notwithstanding. What do you see that those folks maybe don't? Yeah, no, that's a great point, Julie. And, you know, you have to have something that's out of consensus, right? I mean, I think at this point, you know, non-U.S. is becoming more of a consensus. You can just tell by the performance in EM that you highlighted. And so, look, for us, commodity cycle history is pretty clear. It starts with precious metals. We've had that this year. Gold miners are up 150 percent. It moves to industrial metals. We have that. Copper miners are up about 70 percent year-to-date. And then it moves on to energy. And as you point out, that has yet to happen. And so, as we look at it, it's a really attractive risk-reward environment, mostly because everyone and their brother knows that there's a huge inventory glut. Wall Street has a Brent forecast for next year of 52 to 55 dollars. It's currently at 61 dollars. And so, all the bad news is in the price. And we love when those situations take place. And we've witnessed over the last month or two, you know, continued talk about OPEC plus, adding capacity, adding production back to the market. And what does XLE do? It does nothing. It sits there. And so, the bad news is in the price. Lots of upside if we get the global growth we're expecting, if we get a situation where demand is better than expected. And look, we think that there's just a limited amount of low-cost capacity in the oil and gas sector that is yet to be exploited. And so, these prices, all you're doing is basically shelving production, you're shelving exploration. And so, we think we're setting up for the opposite of an inventory glut, an inventory shortage in the next 12 to 18 months. Very interesting. We'll see how that, we'll hold you to that and see how that plays out, Jay. Jay, just hang on a second. I want to bring in somebody else into this conversation and center it a little bit more on a particular sector. Chris Whalen is joining us now, Whalen Global Advisors Chairman. Jay Pulaski is still with us because I'm interested to get Jay's takes on the banks too. But Chris, obviously you're really steeped in the banking industry. What do you think is going to be sort of a predominant theme for banks next year? You know, we've got rates coming down, we're coming off a pretty strong year certainly for performance and stock performance. So, what are you going to be watching most closely? Well, I think kind of more of the same, Julie, and happy holidays, by the way. Credit costs on the consumer side continue to fall. This is a year trend, by the way. We were looking for a recession, never happened. The commercial side is still a source of pain for the banks. You're going to see more surprises, more idiosyncratic loss events coming out of things like private equity and credit. But mostly the banks are getting back their earnings mojo from the lows of COVID in 2021. We got return on assets almost up to 1.4% across most of the better performing banks, and that'll continue. But I would caution everyone that this is not a very exciting picture. Banks are underutilized. They are being disintermediated by the non-bank sector pretty aggressively. And I think you're going to see some surprises coming out of non-banks, not necessarily happy surprises in terms of credit, because we're into, as Jay was saying, we're into a multi-year, decade-plus rally in the U.S., and we've seen a lot of credit creation, not all of which is perfect by any means. And so you're going to see more first brands, more tricolor-type default events coming out. On the commercial side, the consumer is still a snoozer. On rates, short-term rates, yes, but I think you're going to have a more hawkish Fed coming into the new year. You're going to have some changes in the voting members of the FOMC, and it's possible they may not cut rates for a couple of months, which will obviously not make the White House happy. Meanwhile, the long end of the curve has been going up. Most people, for example, are looking for modest increases in mortgage volumes this year, and that was not what we were talking about six months ago. Right. So we'll see how all that shakes out, but maybe, as you say, not so exciting on the consumer side. What about for you, Jay? It's not bad. Yeah, it's not bad. It's just not blockbuster, I guess. So, Jay, what does that mean for bank stocks and what you want to do with your portfolio with these guys? Well, I've been around long enough to know that you want to listen to Chris when he talks about banks, so I'm not going to say anything counter to that in terms of U.S. banks, but we do global macro investing at TPW Advisory, and so we have the world as our oyster, and we've been quite keen for some time and remain quite keen on European banks. And European banks, the ETF we use is EUFN. They're up 60% year-to-date, again, massively outperforming the U.S. banks, which are up about 14%. And so we like European banks. We think there's a credit cycle that's starting to roll out there in Europe. We think European growth is going to pick up. We think the consumer is fine. So we own U.S. banks as well, but we are more keen on European banks. And in emerging markets as well, there's a great opportunity, we believe, in emerging market financials. So we like the financials broadly as a cyclical play, but we would probably put the U.S. banks third behind European and emerging market banks in terms of kind of relative positioning. Gotcha. And guys, I want to hear more from both of you on this whole private credit risk debate that really has been a hallmark of this year. Chris, you mentioned it. You know, we did have the first brands. We did have Tricolor. We had, you know, on the one hand, Jamie Dimon talking about more cockroaches, but on the other hand, the word I heard more than any other to describe all of this is idiosyncratic, right? It's a one-off. It's not a big deal. Is it a bigger deal? And how will we know when it's a bigger deal if it is? Well, the irony, of course, is the one name we've been talking about the past few weeks is Oracle, which put on an awful lot of debt to chase the AI, you know, race. I worry about this simply because Oracle is such a great company. I followed them for decades. And, you know, the fact that they are willing to double down, triple down on this spend on AI really concerns me because I don't see a lot in AI that we're going to be able to monetize in terms of generating revenue. I think consumers will benefit. But like many things in technology, it's going to be hard for the providers to charge for the service. So I have all kinds of tools online. I have tools that we now see being used by vendors to manage incoming inquiries from consumers. Great. But are you going to be able to monetize these tools and generate revenue to help offset the spend? I don't know. It reminds me of memory chips. Every time a new memory chip comes out and they have vast capital expenditures to make these chips, they fall down to the price of the old chip almost immediately. And you think to yourself, how could this happen? And it's a consumer market. That's that's just the way it works. So I worry about revenue, Julie. I think there are many companies out there that are over levered, that have over promised. And we'll have to just see how it happens. But they will be surprises. Yeah, I mean, we had a couple of them this year and there's the whole sort of business development companies as well that maybe are causing some concern. Jay, how are you thinking about that whole credit picture? Yeah, no, I think it's interesting to see that we are starting to see as a result of this, I think differentiation amongst the mag seven and these big names that have been really driving the market for the last several years. I think that's healthy. I also think kind of the dispersion of credit into the private credit space is also healthy, right? Because otherwise, this would be on the books of the big banks and we'd have more concerns from an equity perspective about the exposure. So I think the I think the evolution of private credit also spreads out the risk, as you said, Julie, kind of idiosyncratic, perhaps on the issuer side, it's also more idiosyncratic on the holder side, which, you know, ultimately is kind of more important from a systemic financial system point of view. And so, you know, you mentioned the BDCs, you know, we've actually taken a position in one of those over the last couple months, thinking that this has kind of gotten a little bit overextended. And Chris mentioned Oracle and the CDSs, everybody's glommed onto Oracle and their CDS spread is like the thing to watch. That tells me it's pretty far down the line of having been, you know, kind of exploited already by markets. And so it's interesting to us, we own one of the big BDC ETFs, and it's outperformed the AG over the last two months. And, you know, it got a yield of 12%. And so we're gonna, we're gonna get paid while this thing plays out. And I think that's not a bad way to have some exposure on the other side of this, because I think it has been pretty well exposed. Very interesting. Gotta leave it there, guys. But let's meet up again in the new year and talk more about all this stuff. Happy holidays to you both. Gold. I woke up this morning at 2.40 a.m. First thing I saw was a store in gold, hitting a record price. I mean, go figure, this has been the year of gold. Gold, silver, copper. I mean, you have had, look, precious metals have been on a massive historic run this year. They're on pace for their best year since 1979. That's for gold and silver. If you weren't in this trade, you are definitely, you've been missing out. The question is, going into next year, what's going to happen? You've got bullish calls out there. I mean, you've got Goldman Sachs that is saying $4,900 for gold by the end of next year. And very easily, there could be an upside risk to that, because keep in mind that investors, private investors are still under allocated when it comes to gold. The question, though, is could this velocity, this big run that we've seen in gold, indicate sort of a downside coming? And I briefly spoke to Mike McClone of Bloomberg, because he has this thesis that he's seen this scenario. He said, look, in 1979, we saw a huge, what bothers him is the velocity of this run. He said we saw a huge run up, and then gold crashed after that. So he is saying buyer beware. But if you listen to the rest of Wall Street, you've got a lot of analysts out there that are still bullish on this precious metal as interest rates are expected to go down next year. Tom, you think we're in a gold bubble. It feels like for the past six months, we've been talking about AI stock bubble. What about gold? Okay, I'm glad you brought that up, because I've been trading gold all night long, actually started last night when the futures opened at about five o'clock, and I've been trading it straight through the night. You're the man, Tom. That's why I always love talking to you. I mean, I'm a little bit of a junkie, but I've been trading the gold silver ratio, which is all the way down to 64 right now, which is kind of the lowest it's been in, I don't know, probably a decade. But which just means, you know, gold relative to silver. I think silver right now is more overpriced than gold and silver has been in more of a crazy hyperbolic move. But gold's back up, you know, to pretty much the new record highs. Last time it got up to these levels, it crashed pretty good, about, you know, like 10%, 10, 11%. This time, you know, I don't know, I, again, I'm a contrarian. So I'm short gold here, I'm short silver, and I'm short silver versus gold. So I think that, you know, again, this becomes another one of those plays where if you want to play the trend to the upside, we're at record highs. I mean, you know, if that's the way you think, great. But I like fading these moves. And as a contrarian, I like the downside here of both of those. I think they're just grossly overpriced. What takes down gold, you think, Tom? Just they run, gold's like any other commodity. And I don't know how much, you know, you trade different commodities, but they all kind of trade the same way. Eventually, they just run out of steam. And, you know, the buyers dry up and there's not a lot of shorts in most commodities. So there's not a lot of buyers below, like there are in some stocks. So I think the only thing that really turns gold around, it's not going to be some macro thing. It's just going to be that, you know, the buyers, whoever's pushing this up and all the trend players, they're just going to run out of bullets at some point. What does the market have wrong for next year, Tom? You know, we're seeing a lot of these bullish forecasts come out, as usually the case. I mean, you're not going to hear like a Goldman Sachs come out and say, hey, we expect the market to fall 20% next year. But what is everybody missing? The only thing people ever miss is that you've got to remember that nobody really knows anything. So what people are missing is complacency. You know, and you just have to judge your, you know, you have to think about your investments and you have to think about the way that you position your portfolio just based on extremes. And right now, you know, the extreme is in the complacency world. It's not in the opportunistic world. That's just the way I look at it. Brook, let me get back to you. We'll stay on gold, because is the move in gold translating to some of these gold miner stocks, whether it's what, Newmont Mining or even Freeport? Brian, what I'm taking a look at is steel, aluminum, and copper. And the impact that gold's having is we're also seeing record highs within those three as well. A bit of a pullback this morning. But really, it all goes back still to that AI trade, because as we build out these data centers, we're taking a look at wire. That's going to move copper even more. We're taking a look at aluminum steel, or rather steel, in order to build out the structure behind these, and then aluminum largely to build out those cooling racks. And so it really just all goes back to this build out, this next phase within this AI, you know, as Dan Ives likes to call it, from Wedbush, this AI revolution, and how all these different commodities plays are going to play into this momentum behind AI and how exactly that's going to look as we move forward with that. And really the next phase of that, the next phase of this build out going into 2026. And as I can't wait for this moment of truth, when all these companies, they're all going to report earnings in late January, early February, and markets are going to be so excited. Maybe, Ines, maybe we should all be contrarian like Tom. Yeah, look, I am really pleased to hear Tom's view, because I've heard few views like that. I just mentioned Mike McClone's from Bloomberg that is more contrarian in this, and he's a bull though. But nevertheless, there is something that, there's this sort of thesis about the central banks that have been buying gold, and whether central banks are moving away from treasuries, diversifying more into gold, and they are sticky buyers. And then Goldman also talking about the ETF inflows. And so it's interesting to hear this contrarian view of where gold could go or that, you know, you could see it drop off significantly from these record high levels, because you have everyone else that is sort of getting on the, you should have been on this boat. And by the way, this is a structural move that is going to lift these gold prices higher going into 2026. Tom, is that a chat for you and me, if I do not ask you about options? What are you trading in the options market right now and why? Well, I mean, I'm primarily an option trader. I mean, that's all the technology we've built in the last, you know, 40 years has all been, you know, derivatives of futures and options technology. In the option world right now, we're about, because volatility is so low, we're about equal trading, you know, listed equity options and also futures and commodity options. But I mean, the public hasn't moved that far away from the biggest liquid names like Tesla, Nvidia and that group, and basically the top, you know, 10 tech stocks. But in the commodity world, you know, gold and silver are hot. Crude oil just started to pick up a little bit. I mean, we are very active right now in the bond market. That's the one market I think is cheap relative to the other markets. So on the 30-year and on the 10-year, you know, we're starting to like those markets now because relative to everything else, those are the cheapest things I see out there. Tom, outside of this, you and I haven't talked for a while. It feels like yesterday, but we haven't talked for a while. And this year has been a year of really major, I don't know, innovations in the financial services ecosystem. You know, I'm going to have an interview soon after this with Circle CEO Jeremy Allaire. He's pushing out there with stablecoin. What do you think about this rapid pace of change in the industry? I mean, personally, I love it. I mean, we're building our own digital ecosystem, launching a stablecoin also, because I think that, you know, the change in payment rails and the future of digital ecosystems are going to be critical to all the stuff that, you know, everybody's building in the fintech world. And we're clearly going in that direction as well. So my favorite thing about 2025 was just the expansion of new markets into like a more into a digital world, into also an event based world, which we kind of like, you know, just that just the explosion in growth. And of course, the continued, you know, just the move from stocks to derivatives has been something that's just been fun to watch. And as let me go off to real quick, it has been a, you know, when I was researching Circle to talk to Jeremy, you know, I follow the company, but I was really surprised to see the stock, I mean, almost cut in half relative to the IPO. And Jerry made a made a very good point. Like we shouldn't be put in a box. We shouldn't necessarily trade with crypto. But that's what seems to have happened to Circle post its IPO. Yeah, and Circle is working on so many, so many infrastructure plays that it's just that it shouldn't be put in that box. And it is just because of what's happening with Bitcoin. Circle had an enormous run from its IPO and into the Genius Act in July. And yes, it's been sold off. But look, going into next year, what will be interesting is to see how Bitcoin plays and how all the rest of crypto plays into next year. There are some more sort of cooler calls out there when it comes to crypto going into next year. There's also some prominent voices, some prominent bulls that have sort of cut their exposure because they're saying that they're not expecting that it's not going to be a crypto winter as long as some prior crypto winters. But nevertheless, going into the first half of next year, you even had Sean Farrell coming out with a call of 60 to 65. He says he's not a bear. He's definitely a bull, but he just sees some headwinds and a better buying opportunity later on. So with some of these equities, there may be also a better buying opportunity. We'll have to see. Evan, it's great to see you. And I'm really curious to hear your thoughts for next year. I want to start with policy, right? Because this is something that is still evolving, depending on your perspective, I guess, in terms of sort of pricing pressure from the administration. What are the implications of that for the biopharma industry? Well, first off, thanks for having me ahead of the holiday this week. Into 2026, we've had a bit of resolution, including some deals last week with the administration and several biopharma companies that I cover, helping kind of lay out groundwork for drug pricing, the MFN pricing that we had talked about. So that is a good kind of removal of a policy overhang. I think there's still a lot of concern around the FDA. That still seems to be a bit in flux. I know there's always been articles, it seems, in The Wall Street Journal, The New York Times, highlighting a bit of disarray with some of the folks at the FDA, which is a concern for my sector. So all in, we are cautiously optimistic. We like the deals that we're seeing with the administration. They are far worse than folks had feared. Tariff fears are going away. But you need the FDA for the sector to work. And that's where, if I were to point to one specific point that I'm concerned about, that's where it would be. In other words, the FDA not approving drugs, not working as it's supposed to in as efficient a fashion, is that where the concern lies? Well, they're approving drugs, but it just seems to be kind of shooting from the hip in terms of policy. There had been this thing called the Commissioner's Priority Review Voucher. There was an article last Friday in Stat News, for example, highlighting the potential legality around it. And then this small company that I covered, Dysmedicine, they were mentioned by Vinay Prasad as, with their drug may not being as effective as some had thought. All hearsay, but it definitely kind of put the stock in a tizzy and just creates that uncertainty, which is the big issue that I think makes it harder at some point for someone to invest in the sector. And then to come back to the pricing negotiations for just a minute here, as you said, it's not the worst case scenario there for pricing. And it doesn't affect a very broad swath of drugs at this point. But is it going to, eat away at profit margins for these companies, or is it something that's sort of negligible? There's always going to be some impact, right? If you're getting less, even if it's in a small portion in Medicaid, for example. When you look at kind of what Bristol did with Eloquist, that's going off pat in the next year or so. So that's less of an issue. And then some company like Gilead, Big Target was spared from the negotiations, and that's their key HIV drug. Gilead is one of our top picks next year. So they were able to negotiate some of their older drugs to be part of this program, which shows how these companies understand how to give the administration what they want while preserving what's most important for their businesses. One of the other themes I know you're looking for next year is some M&A. We've been talking about the patent cliff for a long time now. I mean, it's sort of a rolling patent cliff for a lot of companies, but a lot of companies will be losing their exclusivity for certain drugs. You think that's going to drive them into the market and make some purchases. So how as an investor do you try to take advantage of that? Well, I mean, you always want to pick the company that's getting acquired, which is hard to do. I think buying the XBI is always a great place to start. The XBI is up quite a lot this year. But more specifically, if you're picking stocks, you have to find companies that have high-quality de-risked assets. That's why we do like at Disc Medicine. For example, it's our small cap top pick. Of course, definitely we'll probably see something in the obesity space. We know Structure Therapeutics, for example, had some great data earlier in December. So a long way of saying if a company has a drug that has differentiated data, has shown to be effective and unique, that is going to be an asset that is going to be looked at by big biopharma. And just for folks keeping score at home, Disc Medicine, the one that you've mentioned a couple of times, IRON is the ticker on that one like the thing that you iron clothes with. And of course, we can't have a conversation without mentioning GLP-1s and obesity. Of course, we've got to talk about it. And some kind of oral medication is the next stage here. So what do we watch there in terms of the horse race of who's going to be first to market? Great question. So between now and the end of the year, I expect the Wigovi Pill, Sinovonordis oral option to be approved. We know that they're going to be launching it come January. And then at some point in the first half of next year, potentially March, Lily's Orphoglipron is likely to be approved. The dates on that are less firm because they're still working through a priority review voucher there. But what that does is open up the space to highly effective oral options. We can parse through which is better. I think they're both great for different patients. The Wigovi Pill is a little more efficacious, whereas Orphoglipron has some more flexibility around dosing. What this does is it expands the market and gets GPs prescribing GLP-1s, which should help get more patients on these products, get folks who are needle-phobic. So all in, it's still bullish on the GLP-1 space. We like Lily, but we are definitely watching what Novo does with the Wigovi Pill or whatever it's called as soon as they launch it. Evan, gotta leave it there. Thank you so much for joining us, and Happy New Year, if we don't talk over then. Happy New Year to you. Thanks.