Last week, I had the privilege of sitting down with George Noble, Whitney Tilson, and Enrique Abeyta – three rock stars in the investing universe — to glean their wisdom on investing today, with the S&P 500 at all-time highs.

George formerly worked with (legendary) Fidelity manager Peter Lynch, Enrique has managed two billion-dollar hedge funds, and Whitney is one of the best known faces in the investment newsletter industry today. 

I’ll share the AI summary below, but this group brought their A-game – and stock ideas for you. 

Please watch the video by clicking on the image below (or click here) and scroll down to the summary underneath the image. 

James

p.s. Pardon the choppy audio in the beginning – it gets better!

Curia Investment Show #5 — Audience Cheat Sheet

1) Market Outlook: Bubbles, Bulls & American “Exceptionalism”

James: The market is at all-time highs, despite troubling headlines (inflation, China tensions, Fed threats).Whitney: Still bullish—no obvious bubble or collapse like 2000 or 2008. Stocks are richly valued but not wildly so.George: The market is “three markets”: 1) AI bubble, 2) Meme stock insanity, 3) Everything else (fairly valued).Enrique: Fiat currencies are all debasing—stocks, Bitcoin, and gold are better long-term stores of value.

Plain takeaway: The market isn’t cheap, but it’s not doomed. Stay invested, especially outside the mega-cap names.

2) Growth vs. Value: The Debate Gets Spicy

James: Value beats growth long-term—right?Enrique: “Hot garbage.” Only growth wins long-term. Coke and Apple didn’t rise because they were cheap—earnings soared.Whitney: Agrees with growth momentum but highlights long-term reversion for small-cap and international stocks.George: Sector composition matters. Cheap foreign stocks aren’t always better—dig deeper.

Plain takeaway: Don’t blindly chase “cheap.” Long-term winners have real earnings growth.

3) Tesla: The Big Short Idea

George: Tesla earnings are declining—2025 profits expected to drop ~30%.Fair value? Down 90%, especially if Elon Musk leaves. Robotaxis and self-driving? “Complete canard.”Whitney: Tesla is #3 on his “Stinky 6” short list—wildly overvalued despite growth.Enrique: Agrees, but also points to Oklo and IONQ as even bigger “lottery-ticket” short opportunities using put options.

Plain takeaway: Tesla may have peaked. High valuation + slowing growth = risk.

4) Stock Picks of the Week

• George Noble:Short idea: Tesla. Valuation completely disconnected from earnings. A return to auto-industry multiples implies 90% downside.
• Whitney Tilson:Long idea: Global Payments (GPN).Buying WorldPay, hated deal, but fundamentals strong. Trading at 6x earnings (historical avg = 18x). Triple potential in 2 years.Backed by activist investors (Elliott, Silver Lake), committed to buybacks.
• Enrique Abeyta:Long idea: Talen Energy (TLN)10 GW of power, owns a major nuclear facility. Huge cash flow.TLN = “incredible buy” at $400, could hit $600+ next year. AI demand will drive power prices higher.

Bonus short strategy:Buy long-dated puts on scams like Oklo, IONQ. 2-year 50–70% OTM puts could return 3–5x.

Plain takeaway: GPN and TLN are legit value/growth picks. Use puts (carefully) to bet against extreme bubbles.

5) Lightning Round — Audience Q&A

Q: Do tech dividends still make sense?

• James: Yes. Most AI plays will fail. Only a few pay off.
• Enrique: Prefer growth, but dividends have a place.

Q: Market highs + scary headlines—trim or hold?

• Whitney: Hold quality stocks. Trim frothy names (e.g. Palantir).
• James: Market goes up 70% of the time. Stay invested.

Q: How to spot real opportunities?

• George: Turn off CNBC. Avoid shiny objects.
• Whitney: Trade often, or rarely. Either way, ignore noise.

Q: Where to invest now?

• Small caps, international stocks, overlooked names.
• Stay cautious on big-cap AI hype. Look for fundamental growth.

Final Reminders

• Tesla, Palantir, Oklo, IONQ — extreme valuations = caution or short.
• TLN = energy bet tied to AI future.
• GPN = deeply undervalued blue-chip in payments.
• Stay diversified: don’t overbet on Magnificent 7.
• Use long-dated puts for asymmetric downside bets—carefully.
• Subscribe to guest newsletters (links below video).

Disclaimer & Risk Warning

The content provided in this cheat sheet is for informational purposes only and does not constitute financial, investment, or other professional advice. All opinions expressed are those of the speakers and do not reflect the views of Curia Financial or its affiliates. Investing involves risk.

Past performance is not indicative of future results. Always do your own research and consult with a licensed financial advisor before making investment decisions. Neither the presenters nor Curia are responsible for any investment actions taken based on this material.