Jamie Murray, President, Murray Wealth Group
Focus: Global equities
Top Picks: Meta, Uber, Flowserve
MARKET OUTLOOK:
Our long-term market outlook remains firmly constructive, anchored by an accelerating corporate earnings cycle and robust secular tailwinds. While short-term macroeconomic friction exists, underlying corporate earnings power continues to validate equity momentum.
The fundamental driver remains the massive infrastructure buildout tied to artificial intelligence. Navigating this cycle requires differentiating between artificial intelligence (AI) growth and business-model disruption. We are actively leaning into the businesses across the AI value chain with positions in hyperscalers, semiconductors, AI software beneficiaries, and electrical.
Concurrently, geopolitical tensions involving Iran remain the market’s primary wildcard, driving short-term volatility and pressure across energy markets. Ultimately, tactical asset allocation must respect these regional shocks, but long-term portfolios should be dictated by structural growth. For disciplined investors, macro-driven market pullbacks represent highly compelling accumulation windows for high-conviction compounders.
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TOP PICKS:
Met Platforms (META NASD)
Meta with its three billion-plus users globally is one of a handful of company with unique first party data, financial ability and commercial intent to monetize AI in a meaningful way. Its advertising revenue has outpaced the industry and it continue to find new growth avenues in WhatsApp, business messaging and its advantage plus suite of AI-assisted ad tools. The market is concerned with capex but we think the high margin revenue justifies the spend, particularly with Meta’s new “Superintelligence” team delivering improved model results.
Uber (UBER NYSE)
Uber’s financial profile has shown continued resilience in the face of Robotaxi rollouts by Waymo and Tesla. The company has several autonomous vehicle (AV) partnerships scaling over the next three years and we think the market will start to price in some upside optionality with these investments.
Physical AI is in its infancy and Uber will participate in this growth both directly and through its numerous partnerships and investments. At 16 times 2027 price–earnings (P/E) ratio and a seven per cent free cash flow ratio to fund ongoing share buybacks, we think Uber is tremendous value.
Flowserve (FLS NYSE)
Flowserve is a leading pumps and valve manufacturer to the energy industry. Its maintains a historical bias to the oil and gas sector but has increased its exposure to structural growth subsectors like liquefied natural gas (LNG) and nuclear, most recently with its acquisition of Trillium.
Flowserve generates most of its cash flow from reoccurring aftermarket work from turnarounds and replacements, as this work carries higher gross margins than new sales. We think Flowserve will see continued margin improvement as this focus strategy plays out and strong demand continues in its end markets.
At 15 times 2027 P/E ratio, Flowserve can grow revenue, expand margins and buyback shares in a value accretive way.
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| META NASD | Y | Y | Y |
| UBER NYSE | Y | Y | Y |
| FLS NYSE | Y | Y | Y |
PAST PICKS: JULY 28, 2025
Broadcom (AVGO NASD)
Then: US$294.30
Now: US$414.14
Return: 41%
Total Return: 41%
Qualcomm (QCOM NASD)
Then: US$161.05
Now: US$238.16
Return: 48%
Total Return: 50%
Chemtrade Logistics (CHE-UN TSX)
Then: $11.23
Now: $16.78
Return: 49%
Total Return: 55%
Total Return Average: 49%
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| AVGO NASD | Y | Y | Y |
| QCOM NASD | N | N | N |
| CHE-UN TSX | Y | Y | Y |
