Josh Brown’s ‘HALO’ Stocks Strategy: Investing in What AI Can’t Replicate

In this week's episode of WSJ’s Take On the Week, co-hosts Telis Demos and Miriam Gottfried examine the shifting power dynamics at the Federal Reserve as Kevin Warsh’s chair nomination moves toward confirmation. Then, they break down some of the biggest earnings reports from this week, including private markets giants Apollo Management, KKR, and Sixth Street Specialty Lending. Plus, they look ahead to Disney and McDonald’s earnings, and talk about how these companies are keeping up with consumers.  Josh Brown, CEO of Ritholtz Wealth Management and co-host of The Compound and Friends podcast, explains his "HALO" framework—Heavy Assets, Low Obsolescence—and why the era of "capital light" software dominance is facing an existential threat from AI. Brown details why physical incumbents like Caterpillar, McDonalds, and Walmart are emerging as the preferred AI trades, as investors seek refuge in companies with physical moats that cannot be replicated by large language models.  This is WS...