Full Signal Podcast – Episode Summary

Episode Title: The WINNING stocks for the next bull run! | Tom Hulick
Host: Phil Rosen
Guest: Tom Hulick, CEO & Founder, Strategy Asset Managers
Date: March 27, 2026

Episode Overview

Phil Rosen sits down with Tom Hulick to dissect the current investment landscape amid rising geopolitical tensions. They discuss strategy amid war and oil spikes, where Hulick sees opportunity (and risk), and his top sector and stock picks—including a deep dive into innovative biotech. Hulick’s optimistic lens centers on technology, the next generation of AI-fueled efficiency, and powerful "coiled spring" cash reserves ready to juice the next bull run.

Key Discussion Points & Insights

1. Geopolitical Backdrop & Market Volatility

[00:00–02:50]

• The ongoing war and oil shocks have led to headlines driving short-term market volatility.
• Hulick’s approach: Maintain a long-term perspective, focusing on high-quality, dividend-paying stocks.
• Hulick emphasizes that active managers must weigh risk but avoid reactive overhauls:

  “We’re staying pretty steady in the stocks that we own and we’re not doing much right now.” — Tom Hulick [01:52]

• Pre-war, economic data was strong: rates trending down, stable inflation, solid earnings.
• Now, the market is mostly trading with headlines.

2. Reasons for Optimism Amid Uncertainty

[02:50–05:02]

• Hulick credits his mentors (including Jack Bogle) for teaching him to favor the long view:

  “You can’t stop innovation and technological advances that we’re seeing.” — Tom Hulick [03:36]

• Market breadth is expanding beyond the "Mag 7" to broader sectors (a healthy sign).
• Large-caps remain solid while some small/mid-caps feel pressure.

3. Market Rotation: What It Signals

[06:37–07:45]

• Rotation into energy, industrials, banking, and dividend stocks signals a broadening and healthy market.

• “When you see a broadening of the market it signals that we have room to, to go on the upside, albeit with a little bit of volatility.” — Tom Hulick [07:11]

• Hulick sees multi-year upside, projecting strength over “the next four, five, six years.”

4. Oil Price Shocks ≠ Market Panic

[07:45–09:53]

• Despite oil surging 20% in days, equities remained resilient.
• Hulick expects oil shock to be short-term:

  “We’re already seeing a settling in the oil market... That signals to us there could be smoother times ahead.” — Tom Hulick [08:45]

• Risk: persistent oil spike could hurt consumers and inflation rates.

5. Fed Dilemma and Policy Expectations

[09:53–12:53]

• Fed is “in a terrible position” due to debt service pressure and inflation monitoring.
• Hulick predicts policy stasis rather than rate hikes, especially in wartime:

  “You can’t hike rates during a war. You can’t. That’s just, it’s not going to happen.” — Tom Hulick [11:58]

• If rate hikes happen (“hasn’t happened in my career”), Hulick’s strategy would become defensive.

6. $8 Trillion Cash "Coiled Spring"

[14:28–15:34]

• Hulick sees record cash on sidelines as a bullish catalyst:

  “I think it is a...coiled spring and we’re going to see much higher highs in the next several years.” — Tom Hulick [15:19]

• Investors are rotating out of private equity and underperforming assets; opportunity is building.

7. Where Wall Street Consensus May Be Too Cautious

[15:34–18:03]

• Wall Street expects 8–10% returns, but Hulick aims higher:

  “As an active manager, we don’t want to be average, we want to be exceptional.” — Tom Hulick [17:28]

• Key is to “follow the smart money,” especially into sectors with government tailwinds (energy, infrastructure).

8. Top Sectors for the Cycle

[18:03–20:39]

• Favorites: Energy, Industrials, Infrastructure, and Technology.
• Deep Dive: Biotech & Pharma (under-discussed but ripe for blockbuster innovation).
  • Large pharmas (ex: Novo Nordisk) acquiring smaller firms to refill drug pipelines.
  • “GLP” drugs for weight loss/diabetes are only the tip; cancer therapeutics could be game-changing.

9. Stock Picks & Investment Theses

a. Eli Lilly (LLY)

[20:43–23:14]

• Long-term holding for Hulick; driven by GLP drugs (weight loss/diabetes, anti-inflammatory, muscle preservation).
• New "triple agonist" (Retatrutide) could drive continued 50% earnings growth due to massive global obesity.
• Blockbuster drugs in this category have broad addressable markets:

  “The GLP triple agonist drugs right now... reduces weight but does not deteriorate your muscle mass. That’s just the evolution there.” — Tom Hulick [22:37]

b. Merck (MRK)

[23:14–24:33]

• Hulick’s firm also owns Merck, lauds their cancer therapeutic Keytruda.
• Stresses need for new drugs to backstop blockbusters as patents expire.

c. Intuitive Surgical (ISRG)

[26:51–31:47]

• Makers of the Da Vinci robotic surgery platform.
• Creates a layered AI/biotech play: AI-driven surgery, global collaboration (surgeons in different countries), and potential for worldwide expansion.

  “Intuitive Surgical has benefited from AI... That carries over to AI and the optical trade that is there with companies like Corning and Sienna.” — Tom Hulick [28:24]

• Infrastructure enablers: Corning (fiber optics), Sienna (traffic management).
• Real-world impact: surgeons can operate remotely, with unmatched precision—“game changer for medicine.”

10. What Could Derail the Bull Case?

[31:47–35:06]

• Prolonged war with Iran, persistent oil spikes, resurgence in inflation, Fed forced to hike—any of these could reverse market momentum.

  “The risk that we say is a prolonged conflict... oil spiking above 100, that’s not going to be good. That’ll take money off the table for the average American... and you’ll just start to see a slowdown.” — Tom Hulick [34:06]

• Hulick’s base case: conflict resolves, oil/inflation stabilize, and Fed can shift back to potential easing.

Notable Quotes & Memorable Moments

• On Innovation & Optimism:

  “You can’t stop innovation and technological advances that we’re seeing.” — Tom Hulick [03:36]

• On Market Breadth:

  “We’re optimistic that we’re no longer concentrated in the Mag 7 and it’s broadening out into multiple sectors now. That’s very healthy for the environment.” — Tom Hulick [05:30]

• On Cash as a Catalyst:

  “I think it’s a coiled spring and we’re going to see much higher highs in the next several years.” — Tom Hulick [15:19]

• On Intuitive Surgical’s Potential:

  “Robotic surgery is here, it’s improving, and Intuitive Surgical is the benefactor through the da Vinci robot. And that’s why we think that there’s so much promise down the road for this company.” — Tom Hulick [31:36]

Segment Timestamps

| Segment | Timestamp | |-----------------------------------------------|----------------| | Geopolitical Impact & Hulick’s Approach | 00:00–02:50 | | Hulick’s Optimism: Long-Term & Tech-Driven | 02:50–05:02 | | Market Rotation: Energy, Industrials, Banks | 06:37–07:45 | | Oil Shocks & Market Resilience | 07:45–09:53 | | Fed Policy Dilemmas | 09:53–12:53 | | Wall St. Consensus & 8T Cash on Sidelines | 14:28–15:34 | | Where to Find Exceptional Returns | 15:34–18:03 | | Favorite Sectors (esp. Biotech/Pharma) | 18:03–20:39 | | Eli Lilly Thesis (GLP & Innovation) | 20:43–23:14 | | Merck & Blockbuster Pipeline | 23:14–24:33 | | Intuitive Surgical Deep Dive (ISRG) | 26:51–31:47 | | What Could Go Wrong (Bear Case Risks) | 31:47–35:06 |

Conclusion

Tom Hulick brings an unwaveringly optimistic, innovation-driven view to the current market despite volatile headlines and geopolitical shocks. His focus on broadening sector leadership (beyond tech giants), transformative biotech (Eli Lilly, Merck), and layered AI/healthcare platforms (Intuitive Surgical) points to structural reasons for bullishness—especially with trillions in cash ready to flow back to risk assets. Hulick’s warning: watch for prolonged, escalating conflict as the clearest near-term threat, but so long as those clouds pass, the next several years could bring outsized market gains.