Logistics, Data, and Dividends: Chris Blumas Connects the Dots
Raymond James' Chris Blumas bets on Descartes, Alphabet, and Brookfield Infrastructure to navigate inflation, volatility, and policy risk in 2025.

When markets wobble and policy uncertainty runs high, investors turn to voices of clarity. Chris Blumas, Portfolio Manager at Raymond James Investment Counsel, offers exactly that. With a sharp focus on North American large caps, Blumas cuts through the noise with a strategy built on free cash flow, rock-solid balance sheets, and the ability to weather storms. His top picks this time? Descartes Systems, Alphabet, and Brookfield Infrastructure Partners. Let’s break down why he’s leaning into these three powerhouses while the broader market remains uneasy.
Unpacking the Macro Landscape
Economic uncertainty is nothing new, but the stakes feel higher in 2025. With Donald Trump back in the White House and proposing sweeping tariffs on virtually all U.S. trading partners, the implications are profound. The first time Trump imposed tariffs on China, inflation barely moved. This time, the tariffs are broader and steeper. Yet, oddly enough, inflation in the U.S. remains tame for now.
Blumas believes it could take 12 to 18 months before consumers feel the full brunt of these price hikes. Businesses are already struggling to pass on costs. After the COVID-19 price surges, household budgets are tighter than ever. The Federal Reserve is waiting things out, holding interest rates steady and watching how inflation and employment evolve. It’s a market defined by caution, and investors are walking a tightrope between opportunity and risk.
Volatility Isn’t the Enemy—It’s the Opportunity
In a climate like this, volatility becomes a feature, not a bug. Blumas emphasizes that long-term investors should stay engaged. History favors those who remain invested rather than attempting to time the market. He stresses the importance of sticking with quality—companies that are self-funded, cash-rich, and positioned to grow regardless of the cycle.
Defensive positioning isn’t about retreating. It’s about advancing smartly. Blumas favors companies that don’t rely on outside capital to survive. The goal is to own businesses that can use tough times to create value by acquiring distressed competitors, expanding market share, and growing cash flow.
