Investors / stance tracking
What Brian Belski (BMO) is saying
Chief Investment Strategist, BMO
35 dated public stances tracked since 2025-02-21, most recently 2026-07-03. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Brian Belski (BMO)'s public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Brian Belski (BMO) is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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35
tracked stances
30
themes
0
side flips
2026-07-03
last heard
Returns 90d -3.7% (n=18) · 180d +12.4% (n=12) · 1y +7.0% (n=12)
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances.
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| GOOGL | 2 | 2 bullish | 2026-07-03 | |
| ORCL | 2 | 2 bullish | 2026-07-03 | |
| AAPL | 1 | 1 bullish | 2025-02-21 | |
| AI DATA CENTER INFRASTRUCTURE BENEFICIARIES (NON-HYPERSCALER) | 1 | 1 bullish | 2026-07-03 | |
| AI EFFICIENCY BENEFICIARIES (RETAIL/CONSUMER) | 1 | 1 bullish | 2025-02-21 | |
| AYI | 1 | 1 bullish | 2026-07-03 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2026-07-03
ORCL
owns
The Compound · video
Oracle's selloff is driven by AI-sentiment contagion despite being an early AI infrastructure investor with a meaningful OpenAI relationship — the punishment is unjust relative to the business reality
“I think that's unjustly being punished. So I'm sticking with Oracle”
Brian Belski Returns! | TCAF 249
2026-07-03
GOOGL
bullish
The Compound · video
Google is the preferred communication services pick over Meta because it deploys capital more effectively and will benefit from differentiation as the sector broadens and stock-picking replaces correlated moves
“I think the pick to click is Google. I still think Google.”
Brian Belski Returns! | TCAF 249
2026-07-03
META
bullish
The Compound · video
Meta fits Belski's value framework of operationally-tripped companies with great core assets — the advertising engine is the best in the world and the stock is too cheap at ~16x earnings despite misguided capital allocation headlines
“It's time to buy Meta... 16 times earnings. That's too cheap.”
Brian Belski Returns! | TCAF 249
2026-07-03
AI DATA CENTER INFRASTRUCTURE BENEFICIARIES (NON-HYPERSCALER)
bullish
The Compound · video
The AI capital cycle is rotating away from hyperscalers and MAG7 toward under-the-radar companies selling products and services into the data center buildout, which are attracting investor interest while the hyperscalers lag
“they seem to be more attracted to the companies who are selling products and services to the data center buildout”
Brian Belski Returns! | TCAF 249
2026-07-03
AYI
bullish
The Compound · video
Acuity Brands makes the ceiling tiles that house and thermally manage wiring in AI data centers — an under-the-radar infrastructure beneficiary of the AI buildout with direct exposure to capex spending
“Acuity makes the tiles that keep everything cool”
Brian Belski Returns! | TCAF 249
2026-07-03
GBCI
owns
The Compound · video
Glacier Bancorp wins commercial banking business from large banks through relationship banking in high-growth, low-tax population-influx states like Montana where small banks have a structural local advantage
“Glacier Bancorp, which we own, is winning business from Chase in Bozeman, Montana”
Brian Belski Returns! | TCAF 249
2026-07-03
FNB
owns
The Compound · video
FNB Corp is a small Western Pennsylvania community bank positioned to benefit from regional population migration trends — an overlooked SMID name with fundamental value tied to local economic growth
“we bought this small cap bank in Western Pennsylvania called FNB, another regional thing that takes advantage of where people are moving to”
Brian Belski Returns! | TCAF 249
2026-07-03
NFLX
bullish
The Compound · video
Netflix dominates streaming viewing time and historically recovers from a recurring 4-year selloff cycle; cash generation, content library, and sector consolidation (Comcast/NBCU as a potential target) provide structural long-term tailwinds
“Cash, content, and consolidation. Netflix is going to be the winner.”
Brian Belski Returns! | TCAF 249
2026-07-03
COMMUNICATION SERVICES SECTOR
bullish
The Compound · video
Communication services is cheap, under-owned, and poised to be the surprise outperforming sector in the second half as greater stock-specific differentiation and broadening market trends lift overlooked names
“I think communication services are going to be the surprise sector the second half of the year”
Brian Belski Returns! | TCAF 249
2026-07-03
CHTR
bearish
The Compound · video
Charter is in irreversible secular decline from cord-cutting, carries excessive debt with no PE rescue path, lacks management capable of operational turnaround, and faces existential threat from Starlink competing on broadband — no valuation justifies…
“No price. It reminds me of Boise Cascade... No PE to the rescue.”
Brian Belski Returns! | TCAF 249
2026-07-03
MSFT
bullish
The Compound · video
Microsoft's ~23% YTD decline is a narrative-driven overreaction given 34% ROE, $78B on the balance sheet, and consistent 25% quarterly earnings growth that makes the discount fundamentally unjustified
“34% return on equity, 78 billion on the balance sheet, 25% earnings growth, quarter after quarter, consistent”
Brian Belski Returns! | TCAF 249
2026-07-03
SMID
bullish
The Compound · video
Small and midcap stocks offer ~28% forward earnings growth vs ~23% for large caps, better price-to-free-cash-flow, and are in the early innings of sustained outperformance that will accelerate if 10-year yields decline
“if you get 10-year treasuries to go down, then Smid's really going to rock it”
Brian Belski Returns! | TCAF 249
2026-07-01
SMALL CAP EQUITIES
bullish
CNBC Halftime Final Trades · video
Small caps offer superior earnings growth (28% in H2) combined with attractive price-to-free-cash-flow, ROIC, and dividend metrics versus large caps
“small cap earnings is up 28% for the second half. We still like that area”
The second half setup for stocks
2026-05-28
SMALL AND MID-CAP EQUITIES / MARKET BROADENING
bullish
Tom Lee · video
The shift from a momentum-driven to an earnings-driven market rewards breadth rather than concentration, making small and mid-caps the primary beneficiaries of the broadening-out theme into 2027
Fundstrat's Tom Lee explains the 'three market phases' he is watching this year
2026-04-14
TXN
bearish
CNBC Halftime Final Trades · video
Cash flow yield has compressed relative to dividend yield (spread narrowed due to stock underperformance), making better dividend growth opportunities available elsewhere, including utilities
“the spread between dividend yield and cash flow yield has gone down”
90d -37.1%
Brian Belski on CNBC’s Halftime Report - April 14, 2026
2026-04-14
MBLY
bullish
CNBC Halftime Final Trades · video
Autonomous vehicles are a structural growth theme and Mobileye is a direct play; being added to the small/mid-cap portfolio as small-caps are outperforming
90d +28.0%
Brian Belski on CNBC’s Halftime Report - April 14, 2026
2026-04-14
ORCL
bullish
CNBC Halftime Final Trades · video
Fundamentals support a 12–18 month tactical hold; Oracle is one of their largest positions across US-focused and US-value portfolios and was only trimmed from the dividend-growth sleeve
“we believe in the company”
90d -19.0%
Brian Belski on CNBC’s Halftime Report - April 14, 2026
2026-04-14
RVLV
bullish
CNBC Halftime Final Trades · video
Revolve is the dominant online retailer capturing Gen Z spending, which Belski expects to become a significant secular tailwind for the company
“Revolve is an online retailer where the Gen Zs are buying stuff”
90d -3.4%
Brian Belski on CNBC’s Halftime Report - April 14, 2026
2026-04-14
COMMUNICATION SERVICES
bullish
CNBC Halftime Final Trades · video
Cash generation, content ownership, and consolidation dynamics make communication services the preferred sector for media exposure right now
“I like cash content and consolidation”
Brian Belski on CNBC’s Halftime Report - April 14, 2026
2026-04-14
long CGNX / long GTES
basket
CNBC Halftime Final Trades · video
Cognex and Gates Industrial both capitalize on the robotics/industrial automation buildout and are being added together to the small/mid-cap portfolio where small-caps are ripping
90d +7.3%
Brian Belski on CNBC’s Halftime Report - April 14, 2026
2026-04-14
short WBD / long VERSANT MEDIA
pair
CNBC Halftime Final Trades · video
Swap WBD out now that the merger catalyst has been consumed and rotate into Versant Media, which has better positioned content and consolidation upside within communication services
“the event has happened. We think it's going to go through”
Brian Belski on CNBC’s Halftime Report - April 14, 2026
2025-02-21
SPOT
bullish
The Compound · video
Spotify is excluded from the S&P 500 so all outperformance is pure alpha with no index beta, while it has a superior music product and is ahead of Apple in concurrent video/audio podcast distribution
“100% of the upside is pure alpha. It's not in the index”
90d +4.8% · 180d +15.9% · 1y -23.0%
Live in Naples with Brian Belski | TCAF 179
2025-02-21
CANADIAN EQUITIES
bullish
The Compound · video
Canadian companies including Couche-Tard, Waste Connections, rails, and Shopify have superior long-term management, derive the majority of revenue from the US, and were panic-sold on tariff fears that produced only a 1% market decline versus feared 8-10%
“there are amazing companies in Canada that can, will, and should outperform the market”
Live in Naples with Brian Belski | TCAF 179
2025-02-21
US FINANCIAL STOCKS
bullish
The Compound · video
Financial stocks remain undervalued even after the recent rally because analysts are still negative and a major banking cycle with a wave of IPOs and consolidation deals has not yet materialized
“I think financial stocks remain undervalued”
Live in Naples with Brian Belski | TCAF 179
2025-02-21
SBUX
bullish
The Compound · video
Contrarian entry when the outgoing CEO was visibly losing the plot on a conference call signaled an imminent management change, and the proven Chipotle CEO hire rapidly validated the thesis
“I said this guy's getting fired. We're going to initiate a 200 basis point position”
90d -24.3% · 180d -18.8% · 1y -12.8%
Live in Naples with Brian Belski | TCAF 179
2025-02-21
UBER
owns
The Compound · video
Uber's S&P 500 industrial-sector inclusion forces index-benchmarked managers to buy, its market share grows against autonomous vehicle competition because it is the better company, and current pricing around $79 is deeply discounted to fair value of $100-120
“That's my biggest conviction long. I bought it 2 months before it got into the index”
90d +11.5% · 180d +18.8% · 1y -10.4%
Live in Naples with Brian Belski | TCAF 179
2025-02-21
AAPL
bullish
The Compound · video
Apple's price-to-free-cash-flow valuation and exceptional earnings consistency justify holding at market weight indefinitely until there is a fundamental or operational breakdown
“why would I sell Apple if Apple's one of the best companies in the world”
90d -17.9% · 180d -7.7% · 1y +8.9%
Live in Naples with Brian Belski | TCAF 179
2025-02-21
GOOGL
owns
The Compound · video
After selling Meta during its metaverse distraction, redeploying into Google as a communication services proxy with similar price correlation but far better fundamental clarity on core advertising and AI businesses
“I'm just putting all my Meta stock into Google. And it's worked out okay”
90d -4.8% · 180d +11.2% · 1y +74.1%
Live in Naples with Brian Belski | TCAF 179
2025-02-21
SHOP
bullish
The Compound · video
Shopify is the dominant e-commerce portal for small and mid-cap businesses and is among the Canadian stocks that should outperform after being oversold on tariff panic
“Shopify's amazing company. It's the portal for small mid-cap companies”
90d -10.6% · 180d +18.8% · 1y +1.5%
Live in Naples with Brian Belski | TCAF 179
2025-02-21
AI EFFICIENCY BENEFICIARIES (RETAIL/CONSUMER)
bullish
The Compound · video
Costco and Walmart are among the greatest AI stocks because operational AI efficiency gains in inventory, logistics, and customer personalization flow directly to margin, making them beneficiaries most investors overlook when thinking only about chip makers
“some of the greatest AI stocks aren't even technology stocks. They're Costco and Walmart”
Live in Naples with Brian Belski | TCAF 179
2025-02-21
SMALL CAP AND MID CAP VALUE STOCKS
bullish
The Compound · video
Deep Seek exposed that investors were buying Nvidia because it was going up, not on fundamentals, catalyzing a broadening rotation into small cap, mid cap, and value stocks that have been beaten down and will now be bought on fundamentals
Live in Naples with Brian Belski | TCAF 179
2025-02-21
DIVIDEND GROWTH STOCKS
bullish
The Compound · video
Dividend growers with free cash flow yields above their dividend yields have outperformed the S&P 500 by 4.4pp in bull markets, offer both offense and defense, and have a strong cyclical tilt that makes them far less defensive than commonly assumed
“dividend growth stocks actually eclipsed the broader market by 4.4 percentage points on average”
Live in Naples with Brian Belski | TCAF 179
2025-02-21
RDDT
owns
The Compound · video
Reddit is an experiential platform that captures Gen Z's preference for community-driven content and spending, representing the generational equivalent of what social media platforms were to millennials
“That's what got us in Reddit. That's what kept us in Reddit”
90d -40.9% · 180d +31.2% · 1y -14.4%
Live in Naples with Brian Belski | TCAF 179
2025-02-21
SHAK
bullish
The Compound · video
Shake Shack occupies the same generational cultural role for Gen Z that Chipotle played for millennials, benefiting from the secular shift toward experiential dining and premiumization among younger consumers
“I think Shake Shack is to the Zers what Chipotle was to the millennials”
90d +7.9% · 180d -5.6% · 1y -17.6%
Live in Naples with Brian Belski | TCAF 179
2025-02-21
short TSLA / long AMZN / long LULU / long HD (+2 legs)
basket
The Compound · video
Barbell consumer discretionary by underweighting Tesla and overweighting Amazon alongside fundamentally stronger non-Mag7 names to gain positive tracking error while maintaining sector exposure
“we're going to neutralize Amazon and Tesla and we're going to overweight Lululemon, Home Depot, TJ Max, Marriott”
90d -3.5% · 180d -3.6% · 1y -2.9%
Live in Naples with Brian Belski | TCAF 179
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