the call: Monday 12 October

Guests favor AI-capex-adjacent engineering and gold stocks while avoiding property-linked names amid a narrowly AI-driven "K-shaped" market.

• Mars Group overreaction debate: Shares fell 12% on Firmus IPO collapse fallout; David Novak called it a 'nibble' buy citing $1.7bn Heidelberg sale proceeds and $373m already received against $1.1bn FY26/27 work orders, while Jonathan Tacadena held off until charts improve.
• Engineering/data-center plays favored: NRW Holdings rated a double buy with $7.5bn forward orders (up to $22bn pipeline) at ~19x forward earnings, framed as low-risk AI capex exposure (only 7% data-center revenue).

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