Speaker · Updated
Brian Belski: latest market views
Humilis Investment Strategies
Summary
Brian Belski is the founder of Humilis Investment Strategies, a Naples, Fla.-based institutional advisory firm he launched after leaving BMO Capital Markets, where he was chief investment strategist from 2012 to 2025.
Chorus has 6 views from Brian Belski across 2 episodes on CNBC Closing Bell since October 13, 2026. Their latest calls: bullish on Apple, Palantir Technologies and Johnson & Johnson.
Where they stand
Their latest bullish or bearish call on each company.
- AppleBullish ·
- Palantir TechnologiesBullish ·
- Johnson & JohnsonBullish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
AppleBullish
Apple's premium multiple is earned by its free cash flow, earnings consistency and ecosystem; he is bullish.
Belski says the 36x multiple reflects a cash flow juggernaut with $136 billion of free cash flow, while Microsoft, Google, Amazon and Meta have had negative free cash flow in parts of the period. He cites no earnings misses since 2022 and says Apple's ecosystem strategy let it avoid overspending on AI. He has owned the stock for 14 years in a long-term portfolio. He expects investors to keep paying for steadiness and balance sheet strength, and says trading around the print is dangerous for a company like this.
“This company is a cash flow juggernaut. $136,000,000,000 of free cash flow where the rest of the [Mag] seven names, especially Microsoft, Google, Amazon have been negative free cash flow.”at 7:52
Palantir TechnologiesBullish
Palantir's free cash flow growth has compressed its multiple; he owns it and is bullish.
Belski says his firm owns Palantir. Free cash flow went from $321 million three years ago to $3.3 billion now. He compares it to Amazon, whose multiple fell as earnings came through. He says the multiple has dropped about 15 points in the last two years as earnings rose. He calls Palantir the company to own for software-based AI security defense, given the balance-sheet and cash-flow support behind it.
“[Palantir had] $321,000,000 of free cash flow [three years ago]. Now it's got 3,300,000,000... The multiple has actually dropped fifteen multiple points the last two years because the earnings are coming in.”at 14:22
Slowing earnings growth, not a decline, is the market's next big threat, over the next six months.
Belski argues companies are delivering on earnings, but the market has to talk the talk. The next big threat is the second derivative, meaning less positive earnings growth, which he expects to be a major trend over the next six months. He stresses positive is still positive and double-digit earnings growth is still very good, and expects the market to get through the malaise after the midterms, CPI and PPI, then reward the earnings.
“I think the next big threat of the market and the negativity with respect to the bulls is the second derivative less positive earnings, which I think is gonna be a major, major trend over the next six months.”at 41:37
Megacap tech is rightly rewarded for fundamentals and margins and can keep the market climbing for now.
Belski argues the megacap tech stocks are doing what they should, rewarded for strong fundamentals and operating margins. Leadership has rotated among the Magnificent Seven all year, with Microsoft in a malaise, Apple underperforming, Google getting going and Nvidia taking off. He says mega caps can keep the market climbing for now because nervous investors seek liquidity in the biggest companies. He expects the broadening trade to work only in the second half if rates ease and growth slows, and says the current negativity is good for the longer-term breadth of the market.
“I think the tech stocks are doing exactly what they should be doing, and they're being rewarded for the great fundamentals and the great operating margins what we've seen so far.”at 42:44
If banks keep saying capital markets and investment banking stay steady in 2027, financials will look positive.
Belski points to record revenues at Citigroup as a positive, while Wells Fargo was squishier and the banks did not discuss wealth management enough. He expects wealth management to be a source of strength in the fourth quarter and into 2027. He adds that if banks keep saying capital markets and investment banking revenue will be steady in 2027, after the huge 2026 uptick, that would be very positive for financials.
“if we see them continue to talk about capital markets and investment banking revenue kind of being steady in 2027, especially after the huge uptick in 2026, I think it's gonna be really positive for financials.”at 44:24
Johnson & JohnsonBullish
J&J's device and non-drug businesses have been very steady, the most consistent of big pharma.
Scott Wapner notes Belski owns J&J. Belski says the device business and the other non-drug side of J&J have been very steady. Of all the big pharma stocks, he argues J&J has been the most consistent, and it did not take much water after big pharma stocks were hit in 2025. He calls the reaction steady despite the stock being down almost 6% on the day.
“their device business and their other side of the business aside from drug has been very, very steady. And of all the big pharmas that you wanna throw it in there, that has been the most consistent”at 44:45
Shows
- CNBC Closing Bell · 2 episodes
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