Yes, I’m aware of the court case involving Andrew Left, but I’ll continue to publish stock-picking advice anyway.
Left is a noted short seller, betting on certain stocks to decline. He was convicted of fraud for making short-term that conflicted with his published advice to investors.
Left is appealing the verdict.
Some investment managers told the Wall Street Journal that the Left case makes them hesitant to publish advice. I’m not worried, because my opinions change rather slowly.
When I buy a stock, I usually hope to hold it for three to five years. In practice, the world changes, and so do my opinions. My actual holding period is typically closer to two years.
Here are the 25 stocks in my Model Portfolio. These are the ones I hold for the majority of my clients. I own most of them personally as well.
Industrials
Eight of my 25 model stocks are industrials. Europe is under pressure to increase defense spending, so I hold three European defense stocks: Babcock International Group PLC (BCKIY), BAE Systems PLC (BAESY) and Dassault Aviation SA (DUAVF).
With military conflicts ongoing, and international tensions high, I also hold a U.S. defense stock, General Dynamics Corp. (GD).
Sterling Infrastructure Inc. (STRL) has been in my model since July 2021. It’s had great success in recent years building data centers. It’s been the most successful holding of my career, but I’ve been trimming it lately as the stock has become expensive.
My other three industrials are Mueller Industries Inc. (MLI), which makes metal and plastic parts, Central Japan Railway Co. (CJPRY), which runs the bullet trains in Japan, and Ferrovial NVF (FER), which builds toll roads and airports.
Technology
Four of my model holdings are technology stocks: ASML Holding NV (ASML), Jabil Inc. (JBL), Taiwan Semiconductor Manufacturing Co. (TSM), and Western Digital Corp. (WDC). I’m heavy in semiconductors, which poses some concentration risk.
Western Digital has shot up more quickly than I anticipated (172% in 2026 through June 5), and I’ve been shaving the holding a bit lately.
Alphabet Inc. (GOOGL) is technically a communications stock, not a tech stock. But it certainly has a strong tech flavor.
Financial
My model contains three banks: JP Morgan Chase & Co. (JPM) in the U.S., Mitsubishi UFG Financial Group Inc. (MUSF) in Japan, and Credicorp Ltd. (BAP) in Peru. Banks do best when long-term interest rates are much higher than short-term ones. I think we are headed that way.
In addition, I have my old favorite, Berkshire Hathaway Inc. (BRK.B), which was run for many years by Warren Buffett. It has a tremendous cash hoard and a glorious history.
Energy
Some people fear that oil prices will fall fast once the Iran war ends. I say only that we should be so lucky.
I have two energy stocks in my model: Total Energies SE (TTE) and Diamondback Energy Inc. (FANG).
Gold
To me it makes sense that gold should do well in times when most governments are running big deficits. Gold also tends to do well at times of inflation or international tension. Right now, I believe all of these conditions apply, and the U.S. budget deficit is unpleasantly wide.
Therefore, I have two gold holdings: SPDR Gold Trust (GLD), which gives investors shares of a humongous stock of physical gold, and Anglogold Ashanti, which mines gold in Africa, Australia, South America and North America.
The rest
The other four holdings in my model portfolio are in a variety of industries.
• Cal-Maine Foods Inc. (CALM) is the largest U.S. egg producer.
• Meritage Homes Corp. (MTH) is a homebuilder, concentrating mostly on Southern and Western states.
• Edwards Lifesciences Corp. (EW) makes artificial heart valves and other medical devices.
• Duke Energy Corp. (DUK) is an electric utility serving six states (notably the Carolinas and Florida).
Performance
Almost all of my columns contain this caveat statement: My column results are hypothetical and shouldn’t be confused with results I obtain for clients.
However, today’s column is a look at stocks I actually own for clients. So, it seems appropriate to give my performance track record, which covers 26¼ years through March 2026.
During that time, a composite of my firm’s individual accounts has returned 1,096.39%. By comparison, the Standard & Poor’s 500 Total Return Index has returned 620.34%.
Disclosure: I own all of the stocks discussed in today’s column for clients. I own 13 of them personally. In a hedge fund I manage, I hold some smaller and more speculative stocks, as well as some short positions and options.