“From our perspective, both groups have been unfairly punished and we continue to see this relative weakness as a buying opportunity for investors especially considering the fundamental underpinnings for the group... However, given our expectation for price choppiness throughout the remainder of the year, we continue to advocate a highly selective approach when it comes to portfolio positioning.”

 “DoorDash’s position as the most expensive out of its peer group, but also the largest player in the growing on-demand U.S. food delivery market. The company’s size allows it to further expand its market share and capitalize on shifting post-Covid consumer habits that lean more on-demand delivery services.”

 “You have geopolitical risk, you have the election risk, you don’t know how the economy holds up in the face of a delayed effect of rate hikes, and the pace of cuts is still uncertain. Put this together, and it benefits now probably more than ever to strike a cautious tone when providing an outlook.”

 “It’s not an easy environment, with so many moving parts on a company-specific and macro front. The cost of guiding too high — and then disappointing investors if things don’t go as planned — is really high.”

 “The market should price in some risk of future hikes – look to 1998. This cycle could be more akin to the 1998 easing cycle, which was short-lived and led to more rate hikes. If inflation does not return to a consistent 2% the upside tails around future Fed hikes should increase from this very depressed level.”