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CNBC
5 days ago
- CNBC
What one investor is doing now that stock valuations are at their historical highs
High stock valuations demand a more nimble approach for investors, according to Matrix Asset Advisors president and chief investment officer David Katz. Asked how he steers between sticking with an expensive market on the one hand, or switching to a value-oriented approach with the other, Katz told CNBC Pro on Monday, "You have to do both." "We think that the overall stock market can continue to do OK, but we do think that if you have not been in the market, we would not be jumping in with both feet here," said Katz, who founded Matrix in 1986. Katz is having to navigate the market as stock valuations stand above their average over the past 20 years. The S & P 500 currently trades at a forward price-to-earnings ratio of about 22 times, versus a 20-year historic average of roughly 16 times, according to FactSet data. Megacap technology stocks, fueled by the artificial intelligence trade, have helped the broad market index register gains for the year even against a backdrop of sluggish economic growth and persistent inflation. .SPX YTD mountain The S & P 500 has climbed more than 8% so far in 2025, excluding dividends. Nevertheless, "we do think there are pockets of undervaluation [in the S & P 500] and we think that is the better place to be putting new monies," he said. "We do expect a rotation [into] some of these undervalued areas." Corners of the market that have landed on the Matrix radar as being undervalued and potentially poised to gain include healthcare, consumer staples and even small caps, said Katz, noting that all three have underperformed the broad market in 2025. Elsewhere, the New York University MBA is also partial toward financial stocks, including banks, which as a group trailed the S & P 500 by some 1.3 percentage points as of Monday's close. He said financials could have more room to run. Katz owns big positions in Microsoft , Texas Instruments and JPMorgan Chase , the three largest holdings in the Matrix Advisors Dividend Fund (MADFX) , combined accounting for almost a fifth of its assets. The fund is ahead 10.4% year-to-date, landing it in the 9th percentile of more than 1,100 similarly benchmarked, open end mutual funds, according to Morningstar. MADFX YTD mountain Matrix Advisors Dividend Fund (MADFX) in 2025. Microsoft, Texas Instruments and Qualcomm , the fund's fourth-largest stock holding, notwithstanding, Katz is more cautious on tech stocks generally. San Diego-based Qualcomm, in particular, has been unduly punished this year, Katz argued, falling nearly 4%. He urges a surgical approach when it comes to investing in artificial intelligence, encouraging investors to be selective and deliberate. "We would not get caught up in believing that because of AI and technology doing so well that valuations are less material or that the S & P 500 should be at a higher valuation - those types of things always come back and bite people," Katz said.
Bloomberg
5 days ago
- Bloomberg
Vail Resorts Is Introducing 50% Off Lift Tickets, CEO Says
Skiing is notoriously expensive without a season pass: A walk-up single-day lift ticket at any of Vail's 'destination resorts' cost an average of $261 during the 2024-25 season. On weekends or holidays you could easily push $300. To recalibrate pricing for non-diehards (meaning, season ticket holders), Vail Resorts Inc. is introducing new ticketing options that it hopes will turn lukewarm skiers into loyalists. On Tuesday it announced Epic Friend Tickets, which offers friends or family of Epic Pass holders up to 10 single-day passes at a 50% discounted rate, valid at all 37 of the company's North American resorts without blackout dates.
American Military News
06-08-2025
- American Military News
Israeli military chief opposes Netanyahu's plan to ‘occupy' all of Gaza: Report
A new report claims that the Israeli military's chief of staff has expressed opposition to Israeli Prime Minister Benjamin Netanyahu's plan to 'occupy all of the Gaza Strip' amid the country's ongoing war with the Hamas terrorist organization. In a Monday statement provided to NBC News, Netanyahu's office announced that the Israeli prime minister had made the decision to 'occupy all of the Gaza Strip, including areas where hostages may be held.' Three anonymous Israeli officials told Reuters that Eyal Zamir, the chief of the general staff of the Israel Defense Forces, warned Netanyahu during a three-hour meeting on Tuesday that the Israeli military could become trapped in Gaza if it attempts to occupy the rest of the area and that the total occupation of the Gaza Strip could lead to the remaining Israeli hostages being harmed by Hamas. Reuters reported that the Israeli military has confirmed it already has control of roughly 75% of Gaza after launching a major military operation in the region following the Hamas terrorist organization's attack against Israel in October of 2023. The outlet noted that the Israeli military has consistently expressed opposition to annexing the Gaza territory, building Jewish settlements in the area, or imposing military rule in the area. READ MORE: Iran issues major warning amid 'threat' of future Israeli strikes In a Wednesday statement on X, formerly Twitter, Israeli Defense Minister Israel Katz said, 'Hamas's refusal to release the hostages requires making additional decisions regarding how to advance the war's objectives: eliminating Hamas while creating the conditions for the release of the hostages and ensuring the safety of Israeli communities from now and forever.' Katz emphasized that as the military's chief of staff, Zamir has the 'right and duty' to 'express his position' on the war in Gaza 'in the appropriate forums.' However, Katz said that the Israeli military will follow the direction of the Israeli government after final decisions are made by the country's 'political echelon.' 'The IDF will execute them with determination and professionalism—as it has done so far in all sectors—until the war's objectives are achieved,' Katz stated. 'As the Defense Minister responsible for the IDF on behalf of the government, I must ensure that these things are carried out—and so it will be.' In a statement on X, Netanyahu's office confirmed that the Israeli prime minister met with security officials for three hours on Tuesday. 'Prime Minister Benjamin Netanyahu held a three-hour security discussion today, in which options for proceeding with the campaign in Gaza were presented by the IDF Chief-of-Staff,' Netanyahu's office wrote. 'The IDF is prepared to carry out any decision made by the Security Cabinet.'
