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Speaker 1: Welcome to Fear and Greed, summer investing series brought to

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Speaker 1: you by vant specialists in compliance led growth. I'm Sean Elmer.

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Speaker 1: Everybody wants to know about Magnificent seven, the household names

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Speaker 1: on Wall Street, But what are some of the other

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Speaker 1: stocks on global markets that we should be looking at today.

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Speaker 1: We've got an expert in the space to pick out

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Speaker 1: stocks he thinks are worth watching. As always, this is

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Speaker 1: general information amy and you should seek independent device before

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Speaker 1: making investment decisions. William lou is a senior investment analyst

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Speaker 1: at where Global. William, welcome back to Fear and Greed.

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Speaker 2: Thanks Sean. Great to be here.

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Speaker 1: We have about four minutes. I know there are six stocks.

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Speaker 1: Let's jump into it. Trade Web that's trying to be quick.

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Speaker 2: The trade Web, they're better leading platform for fixed income,

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Speaker 2: particularly US treasuries. They're a market leader in the space.

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Speaker 2: They have a dominant position, particularly in US treasury. So

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Speaker 2: we think the electronification of the fixed income market is

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Speaker 2: a secular trend and there's no reason why trading should

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Speaker 2: move electronics. So most of the trades are done through

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Speaker 2: voice right now. We see with other asset classes as

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Speaker 2: they move towards electronic trading get better liquidity, better price transparency,

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Speaker 2: better workflows. So we think it's inevitable that fixed income

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Speaker 2: trade will move electronic tradeer being a dumbinant player. They're

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Speaker 2: doing extremely well in US treasuries, and they started to

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Speaker 2: get a really strong handle in US corporate credit as well.

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Speaker 1: Okay, Number two market access a double xit, yeses isn't

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Speaker 1: it's an unusual spelling.

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Speaker 2: Yes, it's actually quite so. Market access and trader to

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Speaker 2: fit into a similar bucket. They both benefit from under

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Speaker 2: electronification of fixed income markets trade Web, which I mentioned earlier.

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Speaker 2: It's stronger in US treasuries. Market Access has a stronger

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Speaker 2: foothold in corporate debt, both high grade and investment grade

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Speaker 2: and high yields. So again it's a similar thematic with

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Speaker 2: the long term secular driver of moving to electronic trading.

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Speaker 2: As I said earlier, better price transparency, better workflows, better liquidity,

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Speaker 2: and we can see that the unit economics typicalarly flow

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Speaker 2: to the two dominant platforms, and where we're very convicted

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Speaker 2: that there's there's a great long term opportunity for both

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Speaker 2: tradeor and market access.

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Speaker 1: Okay, we'll move out of the training space.

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Speaker 2: SAP SAP. It's one we've held in the fund for

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Speaker 2: a long time and where we're super convicted on and

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Speaker 2: so we think it's a big beneficiary of AI. We've

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Speaker 2: seen the AI beneficiaries in the infrastructure layer, so we

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Speaker 2: talked about Nvidia and the hyperscalers, so clearly they're seeing

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Speaker 2: the greatest amount investment dollars right now. We think for

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Speaker 2: the productivity and e phishing gains of AI, a lot

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Speaker 2: of that will actually move to the software application layer,

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Speaker 2: and we think SAP is going to really benefit from that.

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Speaker 2: So companies are their customers are realizing the most valuable

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Speaker 2: data in their organizations, it's on the SAP system. So

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Speaker 2: they can match the most valuable data for a company

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Speaker 2: with a LED language model and really generate some really

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Speaker 2: unique insights for business ar. On top of that, they're

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Speaker 2: transitioning the business model from licensed to recurrent cloud based revenues,

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Speaker 2: and we see a really good visibility for or earning

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Speaker 2: thread the head.

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Speaker 1: Okay, we are racing through them Adobe one that we

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Speaker 1: all know of, but why do you like Adobe?

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Speaker 2: A similar vein? Again, we think it's a benefictary of

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Speaker 2: AI in the software application layer. We think they have

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Speaker 2: the leading enterprise software provider for creative professionals and sophisticated marketers.

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Speaker 2: We see Adobe as advantage given their superior product in

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Speaker 2: the sense of design tools, capabilities, distribution, and its library

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Speaker 2: of content. And we're encouragingly seeing lead indicators ar proliferation

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Speaker 2: with significant engagement in its AI tools, generation capabilities, and

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Speaker 2: the use of its tools such as Jenai Studio and Fireflight.

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Speaker 2: We expect positive catalysts in FY twenty five as they

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Speaker 2: monetize these capabilities and announce you pricing strategies.

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Speaker 1: Okay, we're changing sectories here. Expedia, We've all used that one.

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Speaker 1: Why do you like Expedia?

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Speaker 2: Yes, so Expedia, as we are probably know, it's online

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Speaker 2: travel agency based in the US. That's really three core brands,

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Speaker 2: which is brand Expeedi, Verbo, which is its alternative accommodation business,

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Speaker 2: and Hotels dot Com. So the reason we like Expedia

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Speaker 2: is that we think that cossumers continue to prioritize experiences.

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Speaker 2: While the cossumer sector has been quite volatile, cossumes are

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Speaker 2: clearly being more discerning. It is clear travel and entertainment

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Speaker 2: continue to be really resilient categories. The company also under

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Speaker 2: took a difficult decision to re platform. It's entire technology

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Speaker 2: stuck into a single platform, so they're coming out the

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Speaker 2: other side of that now. Better ploy is to drive

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Speaker 2: more efficient operations, more efficient advertising and marketing, driving customer

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Speaker 2: loyalty across as different brands. We've been really impressed with

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Speaker 2: the CEO, Arian Gooro. She previously led the B to

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Speaker 2: B business fork Expedia, which has been an exceptional performer

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Speaker 2: and it's still really undappreciated by market. So it's training

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Speaker 2: at thirteen times PE for double digit EPs growth and

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Speaker 2: we think that's really attractive.

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Speaker 1: Okay. The final one, William, it's a German ticketing and

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Speaker 1: live entertainment company c TS Venum.

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Speaker 2: Yes, in a similar vein to Expedia. CTS Venum is

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Speaker 2: the dominant ticketing platform in Europe and the company is

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Speaker 2: based in Germany. So again they benefit from consumers prioritizing

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Speaker 2: experiences over goods and we can see a really good

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Speaker 2: visibility into the twenty twenty five pipeline. The events pipeline

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Speaker 2: remains strong and expected to be another strong year food

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Speaker 2: industry and we expect the industry to grow high single

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Speaker 2: digits in the coming years. We continue to see some

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Speaker 2: of the long term secular growth drivers intact as well,

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Speaker 2: including the online mobile migration of ticket sales, increased artists

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Speaker 2: tune because they're replacing some of the declining recorded music sales,

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Speaker 2: and more differentiated ticket pricing models, which has become a

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Speaker 2: bit more dynamic. So it's tent twenty four times. It's

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Speaker 2: a market leader in Europe. It's stuff that we really like.

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Speaker 1: Wow, plenty to think about. William, thank you for your time.

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Speaker 2: Thanks Sean.

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Speaker 1: That was William Louis and your investment analyst at WAYM Global.

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Speaker 1: Remember to get your own independent advice before making investment decisions.

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Speaker 1: This is for and Greed Summer Investing series brought to

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Speaker 1: you by v Van to automates compliance for frameworks like

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Speaker 1: at Banta dot com, slash here and Greed. I'm Sean Elmer.

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Speaker 1: Enjoy your day,