The Wong Picks That Make Everything Go Right
A disciplined look at the market giants shaping North America’s next phase of growth.
North American equities are closing out 2025 with a sense of conviction that few anticipated at the beginning of the year. Markets have weathered rate volatility, political noise, and global uncertainty, yet still find themselves supported by resilient corporate earnings, strong liquidity, and favourable seasonal trends that consistently lift the final quarter. It is in this environment that Stan Wong, portfolio manager at Scotia Wealth Management, presents a thoughtful and disciplined view of where the best opportunities lie.
The numbers speak for themselves. More than 80 per cent of S&P 500 companies exceeded third quarter earnings expectations, a testament to durable profitability across multiple sectors. United States money market assets have surged to a record seven point five trillion dollars, sitting as latent capital that can rotate into equities as interest rates drift lower. Corporate share repurchases have remained aggressive, adding further support to earnings per share growth and signalling confidence from boardrooms.
The macro backdrop tells a similar story. Economic conditions in the United States are cooling gradually rather than contracting, creating a healthier balance between labour supply and demand. Unemployment has edged higher but remains historically low. Inflation continues to moderate and is inching closer to the Federal Reserve’s two per cent target. Expectations for another twenty five basis point cut in December have helped ease financial conditions and improved sentiment.
Against this backdrop, Wong’s investment framework emphasizes selectivity, discipline, and an unshakable focus on high quality businesses. His preferred opportunities align with powerful structural themes including biopharmaceutical innovation, the resurgence in global finance, and the accelerating demand for advanced semiconductors. In his November 13, 2025 top picks, Wong highlights three market giants that he believes will define the next phase of growth: Eli Lilly (NYSE: LLY), Goldman Sachs Group Inc. (NYSE: GS), and Taiwan Semiconductor Manufacturing Company Ltd. (NYSE: TSM).
The Case for Quality and Durability
At The Stan Wong Group, the investment philosophy centres on large cap equities with strong fundamentals supported by short to intermediate term government and investment grade corporate bonds. Wong’s approach is data driven and valuation disciplined. He favours companies that have proven earnings power, durable cash flow, and competitive advantages that stretch beyond cyclical environments. This emphasis on quality is especially relevant in a market where valuations are elevated and the margin for error has thinned.
The broader market outlook remains constructive. Analysts expect S&P 500 earnings to grow nearly thirteen per cent in 2026. Liquidity remains abundant. Technology innovation continues to unlock new economic value. Yet within this optimism Wong maintains a sharp focus on businesses that can consistently deliver financial performance through multiple economic climates.
His three top picks reflect leadership in industries that are expanding, consolidating, or structurally indispensable. Eli Lilly embodies the explosive growth of metabolic medicine and oncology innovation. Goldman Sachs represents the renewal of global finance as capital markets reopen. Taiwan Semiconductor Manufacturing Company stands at the centre of an unprecedented semiconductor supercycle.
Eli Lilly (NYSE: LLY): A Giant Redefining Global Health Care
Eli Lilly has emerged as one of the most influential companies in the world, rewriting the economics of healthcare and transforming the treatment landscape for diabetes, obesity, and cancer. The company is expected to approach seventy six billion dollars in revenue in fiscal 2026 with earnings projected to grow at more than twenty per cent annually. Those numbers alone would be compelling, yet they are only part of the story.
Lilly’s metabolic portfolio has become a global phenomenon. Demand for its diabetes and obesity therapies continues to outpace supply even as production expands. The company is not just meeting consumer needs but reshaping the global conversation around weight management, public health, and preventative care. This momentum has been strengthened by a recent agreement with the U.S. administration that will lower obesity drug prices across several channels in exchange for expanded Medicare access and a temporary tariff grace period. The outcome is improved affordability and far broader long term prescription growth.
Beyond metabolic health, Lilly’s oncology division has become a rising force. Its therapies targeting breast, lung, and hematological cancers are positioned to become significant revenue drivers over the next several years. These advancements reflect the company’s disciplined research strategy that focuses on breakthrough areas rather than incremental improvements.
The company is investing heavily in global manufacturing capacity to meet demand. By expanding production centres across North America and Europe and upgrading distribution networks, Lilly is creating a foundation for sustainable long term growth. Its balance sheet remains strong with solid cash generation and reinvestment capacity that ensures its innovation pipeline stays robust.
Wong’s conviction in Eli Lilly is anchored in both science and financial durability. In a world shaped by aging populations, rising chronic disease rates, and surging biologic innovation, Lilly is positioned not just as a leader but as a global bellwether for the future of healthcare.
Goldman Sachs (NYSE: GS): A Financial Powerhouse Reclaiming Momentum
Goldman Sachs is re-emerging as a dominant force in an improving financial landscape. After a period marked by sluggish deal flow, muted lending appetite, and a cautious corporate environment, the tide has turned. With approximately three point four five trillion dollars in client assets under supervision and projected revenue exceeding sixty two billion dollars in fiscal 2026, Goldman stands ready to benefit from a broad based market revival.
The firm is experiencing renewed strength across its core pillars. Investment banking is improving as equity and debt issuance reaccelerates. Trading performance remains robust thanks to heightened market participation and volatility. Asset and wealth management are expanding, supported by strong fee generation and higher performance revenue. This multi engine model creates a financial base that is both diversified and scalable.
Wong notes that Goldman has sharpened its strategic focus. It has scaled back from non core consumer ventures and reinforced the areas where it holds enduring competitive advantages. Operational discipline has improved margins. Share repurchase programs remain steady. The firm’s near two per cent dividend yield adds to its appeal as a long term holding.
Political conditions may provide an additional tailwind. A business friendly Republican administration could spur deregulation, reduce corporate taxes, and encourage investment. Goldman is positioned to benefit from all these potential shifts.
Longer term, global wealth expansion and rising demand for alternative investments will drive advisory services, private credit strategies, and asset management growth. Wong views Goldman Sachs as uniquely positioned to capture this momentum thanks to its scale, brand, and deep institutional relationships.
Taiwan Semiconductor Manufacturing Company (NYSE: TSM): The World’s Most Critical Chipmaker
Taiwan Semiconductor Manufacturing Company is the backbone of the digital world. With about 70 per cent of the global foundry market, TSM is the manufacturing engine behind the chips that power artificial intelligence, smartphones, cloud computing, automotive innovation, and national security systems. Fiscal 2026 revenue is projected to approach one hundred fifty billion dollars and earnings growth is expected to reach nearly thirty per cent annually.
TSM’s dominance is rooted in its unmatched technological leadership. It produces the world's most advanced chips, sustaining a generational lead over competitors. Its three nanometre process is already in mass production and significant progress has been made toward two nanometre technology. This leadership underpins long standing partnerships with Apple, Nvidia, AMD, Qualcomm, and other global titans that depend on TSM to execute their most ambitious engineering breakthroughs.
The company is also reshaping its geographic footprint. New fabrication facilities in the United States, Japan, and Europe are strengthening supply chain security and aligning with government incentives aimed at reshoring semiconductor manufacturing. For investors, this global expansion reduces geopolitical risks and supports multi decade demand growth.
Wong sees TSM not as a semiconductor company but as a foundational pillar of the global economy. Artificial intelligence is accelerating at a pace that requires exponential compute power. Data centres are expanding rapidly. Electric and autonomous vehicles are becoming chip intensive machines. Military systems increasingly rely on advanced semiconductors for surveillance, communications, and aerospace technology. TSM sits at the centre of all these long horizon growth drivers.
A Market Rewarding Discipline and Vision
As 2025 winds down, Stan Wong’s top picks capture the essence of where the market’s most compelling opportunities lie. These companies stand not only on financial strength but on structural relevance. Eli Lilly represents the future of healthcare. Goldman Sachs embodies the resurgence of global finance. TSM is the central nervous system of the technological era.
For investors preparing for 2026, Wong’s insights offer clarity in a market filled with noise. His emphasis on quality, durability, and long term trends underscores an approach rooted in stability rather than speculation. In a world where narratives shift quickly and sentiment can swing overnight, Wong’s message remains steady. Focus on companies building the future rather than those merely riding it.
Conclusion
The market environment of late 2025 is defined by resilience, liquidity, and evolving economic dynamics. With expectations for continued rate cuts, expanding corporate earnings, and accelerating innovation cycles, the foundation for 2026 appears strong. Through his top picks, Stan Wong highlights three enterprises that showcase powerful secular growth, strategic clarity, and financial durability. Each reinforces a central truth about modern investing. True leadership is timeless. And true opportunity aligns with the forces shaping the next generation.