Lyle’s List: Stocks That Don’t Flinch When the Market Shakes
Lyle Stein bets on resilience with a golden hedge, AI power play, and natural gas transition leader in a shifting global market.
In a market driven by shifting interest rate expectations and geopolitical tremors, Lyle Stein, President of Forvest Global Wealth Management, isn’t chasing the latest momentum fads. Instead, he’s reinforcing a disciplined, global approach to value. On July 18, 2025, Stein laid out his top three stock picks—Agnico Eagle, AMD, and Vermilion Energy—with a clear narrative rooted in fundamentals, cash flow, and the potential for upside in uncertain times.
Stein’s market outlook comes as global equity markets teeter at record highs, recovering quickly from the “Liberation Day swoon.” While many investors are hanging their hopes on anticipated interest rate cuts from the Federal Reserve, Stein isn’t convinced that alone will drive sustained gains. The real concern, he notes, lies in the broader picture: earnings expectations aren’t expanding, new tariff regimes are inflationary, and capital is quietly rotating away from the U.S. toward Europe and Asia. Factor in rising global deficits and a weakening U.S. dollar, and you have the ingredients for a reshuffling of global benchmarks. Stein warns that the 10-year U.S. Treasury, once the bedrock of global asset valuation, is losing its appeal. The result? A tougher environment for passive investing and a golden era for stock-pickers.
Agnico Eagle Mines Limited (AEM.TO)
Against that backdrop, Agnico Eagle stands out. In Stein’s view, it’s not just a gold miner—it’s a financial fortress. With a rock-solid management team and assets located in geopolitically safe jurisdictions, Agnico offers the kind of security investors crave during turbulent times. The company has earned its place as the largest equity holding in Forvest’s portfolios, even after recent profit-taking near the $166 level. Stein considers Agnico Eagle one of only two reliable gold equities globally, the other being Newmont, and believes it offers investors refuge from the dual storms of inflation and geopolitical risk. At a time when macro risks are piling up, gold isn’t just a hedge, it’s a necessity.
Advanced Micro Devices Inc. (AMD.Q)
Next up is AMD, a name that many investors may be overlooking after its recent struggles. Stein sees it differently. While Nvidia continues to dominate headlines in the AI space, AMD is quietly matching its rival in projected earnings. Analysts now peg AMD’s 2026 earnings at $5.85 per share—nearly identical to NVIDIA—and project $7.18 by 2027. Valuations across the AI chip space remain frothy, but Stein argues that not all customers will opt for the high-end Cadillac when a perfectly capable and more affordable alternative exists. That’s AMD. The company has been bruised, but not broken, by short-term earnings misses and the unwinding of speculative AI trades. Stein doubled down at $88, a move he sees as a long-term bet on diversification within the semiconductor sector. While it may be unloved in the short term, analyst sentiment is slowly turning. The underlying fundamentals, he insists, are far too compelling to ignore.
Vermilion Energy Inc. (VET.TO)
The final pick—Vermilion Energy—may surprise some, but it perfectly fits Stein’s broader investment thesis. At the height of the Russia-Ukraine conflict, Vermilion thrived as European natural gas prices surged. Prices have since cooled, but even today’s €32 translates to about US$12 per unit—still a lucrative figure for producers. Vermilion remains a top-tier operator with strong cash flow and enviable spreads across its peer group. The recent acquisition of Westbrick, a Deep Basin gas asset, temporarily raised debt concerns. But Stein isn’t alarmed. Post-deal leverage stood at 1.8 times cash flow, with expectations to drop to 1.3 times by year-end. That’s still high, but manageable, and the long-term target of 1.0 times appears achievable. More importantly, Vermilion continues to show capital discipline. It pays a dividend, repurchases shares when appropriate, and has a track record of deleveraging. With a 65 percent natural gas weighting, Stein positions the company as a key player in Forvest’s “Natural Gas Transition” strategy. He added to the position in the mid-$10 range, seeing value well before the rest of the market wakes up to it.
Stein’s broader message is clear. The days of passive gains and tech-led surges are fading. Markets are broadening. Smaller stocks, value plays, and overlooked sectors are staging a comeback. Investors need to be selective, thoughtful, and ready to pivot away from consensus narratives. Whether it's gold for protection, semiconductors for participation, or natural gas for transition, Stein’s picks reflect a deliberate balancing act—one that prioritizes quality, visibility, and long-term positioning in a rapidly evolving global environment.
In short, Lyle Stein isn’t betting on noise. He’s betting on resilience.