Investors / stance tracking
What Nancy Tengler is saying
FollowFollowingUnfollowCEO & CIO, Laffer Tengler Investments
27 dated public stances tracked since 2026-01-06, most recently 2026-10-28. 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 Nancy Tengler'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. Nancy Tengler is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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27
tracked stances
21
themes
0
side flips
2026-10-28
last heard
Returns 90d -7.5% 17% correct · 6 calls · 180d -4.4% 33% correct · 6 calls
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. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|---|---|---|---|---|
| 2026-04-20 | ULTA | owns | -14.7% | +3.4% | — |
| 2026-04-20 | TJX | bullish | -2.2% | -7.1% | — |
| 2026-04-20 | GEV | owns | +9.0% | -8.2% | — |
| 2026-04-20 | ETN | owns | -1.3% | -3.6% | — |
| 2026-01-06 | NOW | bullish | -31.2% | -27.5% | — |
| 2026-01-06 | GOOGL | owns | -4.5% | +16.7% | — |
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| GEV | 2 | 2 bullish | 2026-10-28 | |
| AAPL | 1 | 1 bullish | 2026-10-27 | |
| Ai Infra | 1 | 1 bullish | 2026-10-27 | |
| Big Tech | 1 | 1 bullish | 2026-10-26 | |
| ETN | 1 | 1 bullish | 2026-04-20 | |
| GOOGL | 1 | 1 bullish | 2026-01-06 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
GE Vernova is a buying opportunity because its backlog grew 45%, the Trench acquisition adds vertical integration, AI faces a power bottleneck, and margins are expanding.
“It's a dislocation, and you buy it.”
Bloomberg TV uncut 2026-10-28 11:00 ET (30 min)
Apple is a defensive tech holding with the same debt-light, strong free cash flow profile as Microsoft, and recent product quality concerns appear to be an isolated manufacturing issue rather than a structural problem
“Apple's another one... I think it was isolated manufacturer”
Bloomberg TV uncut 2026-10-27 09:00 ET (30 min)
2026-10-27
Ai Infra
bullish
Fox Business (uncut) · uncut_tv
Anthropic's 80% inferencing margins and massive capex requirements confirm that AI beneficiaries are the infrastructure, chip, and hyperscaler names where one company's capital expenditure is another's revenue
“one man's capital expending is another man's revenue. So you want to own the beneficiaries”
Fox Business uncut 2026-10-27 18:53 ET (5 min)
Said again: 2026-10-27 (Fox Business (uncut))
2026-10-26
long AAPL / long MSFT / long NVDA
basket
Fox Business (uncut) · uncut_tv
Apple, Microsoft, and Nvidia are debt-light, cash-flow-heavy anchors that offer both offense and defense in the AI buildout; compressed valuations (NVDA at 13.5x forward earnings) reduce downside risk versus the dot-com analog some fear
“These are debt light companies. They have free cash flow, a lot of free cash flow and a lot of cash on the balance sheet.”
Fox Business uncut 2026-10-26 14:17 ET (5 min)
2026-10-26
long GEV / long PWR
basket
Fox Business (uncut) · uncut_tv
GE Vernova and Quanta Services are AI data center infrastructure plays temporarily pressured by election-driven policy uncertainty, but municipalities are already benefiting from tax revenues and bonuses tied to data centers so demand re-rates post-election
“As soon as the election happens, data centers are good again.”
Fox Business uncut 2026-10-26 14:17 ET (5 min)
Added Eli Lilly after a prolonged underperformance spell and continues to hold as a name worth owning on dips
“We've added Eli Lilly because it had a long spell of underperformance... I think you want to continue to own that name”
Fox Business uncut 2026-10-26 14:22 ET (5 min)
Added to position on a pullback as AI productivity benefits spread beyond tech into retail, with Walmart demonstrating revenue growth not just cost savings
“we added to that name recently because it kind of took us a break”
Fox Business uncut 2026-10-26 14:22 ET (5 min)
2026-10-26
Big Tech
bullish
Fox Business (uncut) · uncut_tv
MAG7 valuations have compressed after a 147% three-year run, making CalPERS' decision to rotate out into private equity (up only 24% over the same period) a mistake
“Valuations have actually compressed in those stocks”
Fox Business uncut 2026-10-26 14:12 ET (5 min)
2026-10-22
long TSLA / long SPACEX
basket
Bloomberg TV (uncut) · uncut_tv
Tesla and SpaceX could benefit from combining into a vertically integrated AI company, while Tesla's rapidly growing, high-margin Megapack business strengthens the long-term case.
“We will continue to on weakness because I think you wanna be in both those names for the long term.”
Bloomberg TV uncut 2026-10-22 14:59 ET (30 min)
2026-10-20
long AAPL / long MSFT / long NVDA
basket
CNBC (uncut) · uncut_tv
Apple, Microsoft, and Nvidia offer defensive AI exposure because their low debt, dividends, and buybacks let investors weather a correction while retaining long-term growth upside.
“You're getting paid to wait also for a number of the names, Apple, Microsoft, and Nvidia.”
The Exchange — 2026-10-20 (CNBC, full episode, ads cut)
2026-10-20
TECHNOLOGY SECTOR
bullish
CNBC (uncut) · uncut_tv
Investors should own technology because the AI revolution offers generational growth while technology companies provide relatively reliable earnings during an economic slowdown.
“If you think growth is slowing, you've got to own technology because they're the reliable earners.”
The Exchange — 2026-10-20 (CNBC, full episode, ads cut)
Tesla should be owned because a prospective SpaceX merger could transform it from an EV company into a fully integrated AI company.
“I think it's a name you have to own in your portfolio.”
The Exchange — 2026-10-20 (CNBC, full episode, ads cut)
Said again: 2026-10-22 (Fox Business (uncut))
The bull market should continue and rally strongly into year-end because corporate and consumer conditions remain supportive, although a correction is overdue.
“I think we rally hard into the end of the year, and this bull market continues.”
The Exchange — 2026-10-20 (CNBC, full episode, ads cut)
Said again: 2026-10-27 (Fox Business (uncut)), 2026-10-27 (Fox Business (uncut))
2026-10-06
long LLY / long JNJ / long ABBV
basket
Bloomberg Open Interest · video
Healthcare names that underperformed in the recent tech-dominated rally will benefit from AI-driven drug discovery acceleration, offering high-quality entry points with durable earnings growth
“you want to look at names in healthcare where they will be beneficiaries of the AI buildout”
Open Interest 10/6/2026
Capital-markets-focused banks like Goldman Sachs will benefit as the IPO pipeline reopens, making current weakness driven by rate fears a buying opportunity
“we've used the weakness to add to names like Goldman Sachs because the IPO market will return”
Open Interest 10/6/2026
Said again: 2026-10-26 (Fox Business (uncut))
Morgan Stanley's wealth management business will continue accumulating assets as individual wealth grows, regardless of short-term disruption from AI-driven discount platforms
“companies like Goldman, like Morgan Stanley will continue to accumulate assets”
Open Interest 10/6/2026
Nvidia's AI capex cycle is confirmed ongoing by Micron's strong quarter, and the stock remains cheap at roughly 17x forward earnings with record buyback support making it a growth-value holding
“we put it in our value portfolio during the summer swoon and we're very happy we did”
Open Interest 10/6/2026
Said again: 2026-10-20 (CNBC (uncut))
Micron's earnings proved the AI infrastructure capex trade will sustain, validating continued accumulation in semiconductor names exposed to data-center buildout
“the AI trade is alive and well and will sustain for some period of time — the capex trade, that is”
Open Interest 10/6/2026
Meta is now showing it can monetize its AI capex spend via the Muse enterprise product, reversing the bear case that AI spending would not convert to revenue
“I've not liked the name for a very long time and we moved back into it”
Open Interest 10/6/2026
Said again: 2026-10-22 (Bloomberg TV (uncut))
Microsoft's enterprise dominance gives it a VHS-over-Betamax lock-in advantage in AI adoption — the product does not need to be technically best to win, just most embedded — pointing to unexpected earnings upside
“Microsoft seems pretty well poised because of their dominance in the enterprise space”
Open Interest 10/6/2026
Said again: 2026-10-27 (Bloomberg TV (uncut)), 2026-10-27 (Bloomberg TV (uncut))
2026-04-20
SOFTWARE STOCKS
owns
Bill Miller · video
The narrative that AI would eliminate software was overblown, compressing valuations to cheap or dirt-cheap levels that have created a buying opportunity supported by strong Q1 fundamentals
“we had added to uh software. That that feels pretty good right now”
Oil Surges After Iran Strait Closure | Open Interest 4/20/2026
Data center and electrical grid build-out driven by AI and energy security creates durable capex demand for power infrastructure companies, making GE Vernova a core holding
“what we've been doing recently is adding to names like GE Vernova”
90d +9.0% · 180d -8.2%
Oil Surges After Iran Strait Closure | Open Interest 4/20/2026
Eaton benefits from sustained spending on data center power and electrical grid infrastructure as AI buildout and energy security concerns drive capex
“the data center and electrical grid names so power Eaton GE Vernova. Those are names that we hold pretty significant positions in”
90d -1.3% · 180d -3.6%
Oil Surges After Iran Strait Closure | Open Interest 4/20/2026
Consumer discretionary is an overweight given tailwinds from tax refunds and potential energy rebates for consumers, with Ulta added as beauty demand rebounds
“Consumer discretionary is another overweight so we added to Ulta and TJ Max recently”
90d -14.7% · 180d +3.4%
Oil Surges After Iran Strait Closure | Open Interest 4/20/2026
Consumer discretionary overweight with discount retail positioned to capture value-seeking behavior as consumers adjust spending amid elevated energy costs
90d -2.2% · 180d -7.1%
Oil Surges After Iran Strait Closure | Open Interest 4/20/2026
Alphabet's AI augments rather than destroys search, it delivered its first $100B revenue quarter, and despite 500% appreciation over 7 years it still trades at attractive valuations relative to its earnings power
“it's still pretty cheap... we've owned it in growth for seven years, it's up 500% for us”
90d -4.5% · 180d +16.7%
Open Interest 1/6/2026
ServiceNow was indiscriminately painted with the 'enterprise software is dead' narrative, but it still grows above 20%, has a savvy CEO making strategic acquisitions, and functions as the AI control tower in cloud computing — creating a mispriced entry…
“Think of them as the control tower on the AI control tower in cloud computing”
90d -31.2% · 180d -27.5%
Open Interest 1/6/2026
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