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Bullish Brian Belski’s 3 Top Stock Picks (+1 bonus pick)

Bullish Brian Belski is back—and yes, he’s still bullish. In this episode of In the Money with Amber Kanwar, the CEO & Chief Investment Officer of Humilis Investment Strategies—fresh off launching his own firm—explains why he still believes the U.S. is the best stock market in the world, with Canada a close second. Belski makes the case for an earnings-driven market where stock picking, discipline, and long-term thinking matter more than macro noise. He also explains why he’s underweight the MAG 7, why U.S. banks look unfairly punished, why risks are building in private equity and private credit, and why that could create a major opportunity in small- and mid-cap stocks.

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Costco Wholesale (COST)

  • Subscription-driven “racket” with massive loyalty: Revenue primarily comes from memberships, creating recurring, high-margin cash flow while training customers to buy everything in bulk — even non-essentials like cases of water or soda. The model turns scarcity and value into a powerful moat.
  • Should be a core holding for North American growth portfolios: One of the top 25 companies in the world by quality; you get what you pay for with its premium valuation because of reliable performance. Bears rotate to cheaper staples, but Costco wins with real customer traffic and resilience.
  • Valuation pushback from the guest — expensive but you get what you pay for: It’s expensive and “everybody owns it,” so you’re paying a premium (around 50x) for that execution. Valuation at best can be limiting (stock can go sideways), at worst you can hit an air pocket if there’s even the slightest miss — though you get what you pay for with its quality.

Alphabet (GOOGL)

  • Dominant in the “three C’s” — Cash, Content, and Consolidation: Core search remains irreplaceable (people still use it daily), while YouTube has become a bigger cash machine than Netflix, positioning Google to win as major sports and content shift to streaming.
  • Smart, diversified management that avoids overreach: Former leaders returned, struck clever partnerships (like the Apple deal), and stayed ahead in AI/software without getting “over their skis” like some peers chasing chips. It’s a thoughtful MAG 7 pick with strong execution.
  • Oversold opportunity with multi-year tailwinds: Was crushed on AI fears a year ago but proved resilient; now benefits from content growth, advertising strength, and being a consolidated winner in communication services. Buy great operators when sentiment turns negative.

Apple (AAPL)

  • The greatest company in the world with unmatched consistency: Massive cash pile (more than some countries), best-in-class product line, and management that delivers iPhone cycle after iPhone cycle while steadily building services revenue.
  • Quietly smart on AI and long-term strategy: While others hype heavy spending, Apple invests thoughtfully without turning capex-heavy, focusing on integrating what works into its ecosystem. Negativity around its AI is often a buying signal.
  • Steady Eddie winner with ecosystem lock-in: Reliability, improved offerings (like Apple Music catching up and adding DJ-like features), and the ability to win in technology over time make it ideal for portfolios seeking consistency. As Warren Buffett reportedly wished he hadn’t sold — it’s a compounding machine.

Bonus Pick: Spotify (SPOT)

  • Superior product that forced even Apple to improve: Better at music, podcasts, and features (like seamless song transitions) for years, driving innovation across the industry.
  • Caught up competition validates the model: Apple’s enhancements in music show Spotify set the bar, highlighting its influence in audio streaming and potential for continued user loyalty and growth.
  • High-conviction media play: Fits the content and consumer tech theme, rewarding disciplined execution in a competitive space.

Submit your questions for our next episode now! Email questions@inthemoneypod.com 

DISCLAIMERS: This text AI generated and should be checked against actual delivery. The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice. The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

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