FSD: The Great Rotation — Lumida Wealth : Non-Consensus Invest Beyond the Ordinary

In this FSD episode, the focus is on the rotation happening under the surface of a historic momentum market. There's a look at what SpaceX's post-IPO round trip teaches about order flow, then a breakdown of the momentum basket driving everything (Micron, SanDisk, Intel) and the decision rules for knowing when momentum is fading. The most interesting signal: beaten-down names starting to escape what's called the "factor kill box," flipping from red-red-red to red-green-green, which is where the next opportunities may show up if the fundamentals back it. Also covered: emerging strength in health care and consumer finance, why bonds make no sense right now, a pushback on Jeremy Grantham's bear call, and Micron inspiring TSM to raise prices.

(00:00) SpaceX's $800B round trip and the lesson in order flow
(02:00) The historic momentum rally and what's in the basket
(04:00) When to exit: two red days, trend break, blowoff top
(05:30) Emerging opportunity in health care and Medicare Advantage names
(07:30) Consumer finance strength: Dave, Enova, Bread, adding to Sezzle
(09:00) Travel, leisure, and shrugging off the Strait of Hormuz
(10:30) The great rotation and the trifecta factor doom basket explained
(13:00) Names escaping the kill box and Microsoft's big green bar
(15:30) Adding to Reddit in a retail-driven market
(16:30) The bicentennial time capsule bit
(19:00) Pushing back on Jeremy Grantham's bear case
(21:00) Why there's no reason to own bonds and building synthetic dividends
(22:30) Midterm volatility and the base case for a rotation
(24:00) The bull case vs the sentiment-driven bear case
(25:30) The memory trade is real: earnings, and Micron inspiring TSM to raise prices
(27:30) Why it's not a bubble and a possible shuffle in semi leadership

About the show: Non-Consensus Investing is Ram Ahluwalia's running commentary on markets, where he shares how he's actually positioning capital and talks through the ideas most investors are missing. Real-time analysis, specific names, and a bias toward what's overlooked rather than what's crowded.

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