Always fun to fade Barron’s covers, and this article is no different…..
At their core, ETFs are access vehicles and tools you can use to achieve a desired portfolio mix, and they have some advantages…
A big difference from mutual funds is intraday liquidity. You can buy or sell ETFs like a stock. Orders for mutual funds, by contrast, are priced once at the 4 p.m. market close. Liquidity is a big reason ETFs are so widely used by hedge funds, and it can be helpful if there’s a big market move and you want to sell a position quickly.
These arcane details of ETFs have big tax consequences, since security swaps, unlike sales, don’t register capital gains to a fund.
Here’s the inevitable advice to make sure your portfolio stays mediocre…..
While the ETF world includes some wild beasts, the place to start is with low-cost index funds as the core of your portfolio.
Then you see headlines like this…..
This is the wrong question of course. The right question is which themes you are going to buy into, and which stocks are the first order, second order, and possibly third order winners, regardless of geography.
Will you be ok doing this? Probably. If you are ok just being ok, then this is fine. Is it easy to achieve extraordinary results? No, if it was then the Forbes 400 would be the Forbes 40,000. Is it doable? IMHO it is. Tune into my webinar July 31st at 2pm EST. I will be going over a bunch of concepts that you can use to help…..
The Investment Strategy Wall Street Hopes You Never Discover
-Why the 60/40 strategy is dead and what to do instead
- How to use AI to uncover today and tomorrow's hottest themes
-4 unknown edges that still exist in today's market
- How to set up your portfolio for asymmetrical returns
- Little know asset class that has limited risk and potentially unlimited returns
- 4 ways to hedge your portfolio that don't include bonds
We also talked Tony Dong about this yesterday…..
Meanwhile, we had the inevitable down day yesterday, the market can’t go up forever. The narrative as that the drop was about tariffs, which it probably was, but when the market is this extended you don’t need an excuse to take profits. As long as Trump is engaged in the market, as evidenced by his all time highs tweet the other day, then I am buying dips as long as we are in an uptrend.
We see the increased tariff announcement as a speed bump, rather than something that would derail the risky asset story. From here on, we would expect the tariff announcements to be incrementally positive with trade deals likely announced with a number of countries over the coming weeks. Singling out certain countries for higher tariffs is a way of putting pressure on these and other countries to agree to a deal sooner rather than later.
Our overall view on tariff remains unchanged. When the dust settles we see average tariffs around 10-15%. The additional tariff revenue would be used to pay for Trump's tax cuts. While still negative from a macro perspective, the world can live with additional 10-15% tariffs.
Thus, we remain in the camp of a slow grind higher in risky assets and a range bound view on rates.
I would argue that Trump is giving you certainty. His tweet about all time highs in the market for example is what I’m focused on, not all the back and forth on tariffs which is probably Art of the Deal stuff.
Twin uncertainties about tariffs and whether President Trump will honor U.S. security guarantees have prompted governments and companies to pour money into defending themselves, helping stocks.
There’s no uncertainty there. We told you last year to buy European defense stocks, for anyone who saw Trump 1.0 this was obvious.
On the tariffs, as I said above, just focus on what Trump is saying about markets. When he says he doesn’t look at the market then you know to get out, when he talks about all time highs then you want to be in.
Covered this yesterday…..
Rule number one of investing. Follow the money.
— #Porter Collins (#@Seawolfcap)
1:15 PM • Jul 7, 2025
One area that was strong yesterday were SPACS….
🔥 HEAT Formula Playbook: Asymmetry- SPACs
I could have told you that, wait I have been telling you that. Meanwhile…
.@grabagun is taking their mission public in partnership with $CLBR , exclusive interview with CEO Marc Nemati tonight on my triggered podcast 6 pm et on rumble!! $PEW $PEW
— #Donald Trump Jr. (#@DonaldJTrumpJr)
6:24 PM • Jul 7, 2025
This is the ultimate Trump’s Inner Circle trade. Don Jr. is on board and pumping it, it’s guns so you have second amendment, and it’s a SPAC so you have asymmetry. Not as much asymmetry any more though as it’s over $16.
You can try to buy SPACs yourself, or if you prefer there is an ETF for that…..
🔥 HEAT Formula Playbook: Themes-AI Power
There is no doubt that AI is going to need to grab up a ton of power, so I often write about companies that can provide power or power infrastructure. I’ve talked about the midstream companies a lot lately as well, specifically KMI, LNG, and WMB. TD Cowen came out with a report on the sector on Monday…..
I first asked Chat GPT why this matters…..
🧠 The Big Picture: Why This Report Matters
TD Cowen’s report initiates coverage on six major U.S. midstream companies, emphasizing the shift in thematic focus from Natural Gas Liquids (NGLs) to LNG exports and AI-driven data center power demand.
Key macro trends:
🟩 +20 BCF/day U.S. gas demand growth by 2030, largely from LNG and data centers
🟩 Peak power demand increasingly stresses current pipeline capacity—1:1+ pipeline buildout needed
🟩 M&A activity is ramping up, indicating sector consolidation and cash flow confidence
This is a multi-year secular opportunity—one that midstream names with exposure to Gulf Coast LNG and AI-related power hubs are positioned to dominate.
I then asked for it to rate the stocks from 1-10….
📊 Ratings: Midstream Stocks by Future Potential (1–10)
Company | Rating | Investment Thesis |
|---|---|---|
Kinder Morgan (KMI) | 9.0 | Top pick. Strong asset base in Texas & Louisiana, best exposure to Gulf Coast LNG and data center gas burn. Low leverage, massive moat. Cowen Buy. |
Cheniere Energy (LNG) | 9.0 | LNG pure-play. Direct beneficiary of export demand and pricing power. Long-term contracts = cash flow fortress. Cowen Buy. |
Energy Transfer (ET) | 8.5 | Wide footprint across Permian and Gulf. Slight NGL overhang, but strong leverage to LNG and M&A optionality. Cowen Buy. |
Williams Companies (WMB) | 8.0 | Appalachia-focused with growing SE footprint. Big AI/data center exposure. Low risk, stable contracts. Cowen Buy. |
Targa Resources (TRGP) | 6.5 | NGL-heavy. Quality assets, but leverage to slowing Permian production caps upside. Cowen Hold. |
ONEOK (OKE) | 6.5 | Strong gas processing and NGL network, but mixed exposure to AI/LNG themes. Cowen Hold. |
Enterprise Products (EPD) | 6.0 | Solid cash cow, but less growth—capex pipeline and Permian linkages less relevant now. Cowen Hold. |
Looking at the top 4, they are volatile, but they all also look buyable at these levels.
Before You Go Some Ways I Can Help
ETFs: The Antidote to Wall Street
Inside HEAT: Our Monthly Live Call on What Wall Street Doesn’t Want You To Know
Financial HEAT Podcast https://www.youtube.com/@TuttleCap Freedom from the Wall Street Hypocrisy
Tuttle Wealth Management: Your Wealth Unshackled
Advanced HEAT Insights: Matt’s Inner Circle, Your Financial Edge
The views and opinions expressed herein are those of the Chief Executive Officer and Portfolio Manager for Tuttle Capital Management (TCM) and are subject to change without notice. The data and information provided is derived from sources deemed to be reliable but we cannot guarantee its accuracy. Investing in securities is subject to risk including the possible loss of principal. Trade notifications are for informational purposes only. TCM offers fully transparent ETFs and provides trade information for all actively managed ETFs. TCM's statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. Trade notification files are not provided until full trade execution at the end of a trading day. The time stamp of the email is the time of file upload and not necessarily the exact time of the trades. TCM is not a commodity trading advisor and content provided regarding commodity interests is for informational purposes only and should not be construed as a recommendation. Investment recommendations for any securities or product may be made only after a comprehensive suitability review of the investor’s financial situation.© 2025 Tuttle Capital Management, LLC (TCM). TCM is a SEC-Registered Investment Adviser. All rights reserved.