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.


