Stephanie Link: When to Buy the Dip
About this episode
Stephanie Link discusses her bullish outlook on US equities and the importance of buying the dip during market crises.
Stephanie Link, Chief Investment Officer and Portfolio Manager at Hightower Advisors, returns to The Master Investor Podcast to offer a constructive, theme-driven, bullish case for US equities. She explains why she has repeatedly “bought the dip” at moments of crisis – from the Silicon Valley Bank collapse and April 2025 ‘Liberation Day’ lows through to the recent March 2026 Iran war sell-off – arguing that investors who sell at such points historically miss out on very large subsequent gains. Her conviction rests on a still-resilient US consumer, a solid labour market, healthy bank balance sheets, and AI-driven capex – albeit with the clear caveat that a war lasting months rather than weeks could see higher energy and input costs eventually squeeze spending. The core of Link’s optimism is what she calls the AI “food chain”: a massive, multi-year capital-expenditure boom driven by the big tech platforms that ripples out through data centres, grid upgrades and power generation. She notes that the world will likely need to drastically increase the number of data centres in the coming years, requiring huge investment in infrastructure and specialised engineering talent, and she…
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