Big Money is BUYING HEAVY Here (Actual Portfolios of the 1% in 2026)
Summary
Nolan states that after extensive research, he has identified three central themes where the biggest institutional investors are currently deploying their capital. He begins by showcasing the portfolios of renowned investors like Bill Ackman, Bill Gates, Chase Coleman, Warren Buffett, Chris Hohn, and Harvard University, noting common holdings such as Google, Microsoft, Amazon, Nvidia, and Apple, but also highlighting concentrated bets.
The first major investment theme is **Bitcoin and crypto**. Nolan points out that Harvard's largest holding is the Bitcoin ETF (IBIT) and that this trend is widespread among mega investors. He cites Goldman Sachs and Morgan Stanley launching Bitcoin ETFs, European banks investing in crypto assets, and companies like MicroStrategy and Tesla holding significant Bitcoin. Nolan emphasizes that Bitcoin is increasingly seen as an "institutional hedge," driven by massive inflows into ETFs.
The second theme is **AI, specifically the "picks and shovels" infrastructure**. Nolan explains that while many large investors hold major AI companies like Microsoft, Nvidia, Meta, Amazon, and Google, those seeking "100x" growth are investing deeper into the underlying infrastructure. He spotlights Leo Ausschauerbrenner and his fund, Situational Awareness LP, which manages $5.5 billion and focuses on companies that profit from global AI growth, such as semiconductors, power companies, and data infrastructure. Ausschauerbrenner's portfolio includes large positions in Intel, Broadcom, the VanEck Semiconductor ETF, power producers like Vistra and Constellation Energy, and crypto mining firms like Core Scientific, Iris, and Applied Digital, which are repurposing their facilities for AI workloads. Nolan notes that this strategy is sharpening around electricity generation and computing power, with newer expanded positions in Bloom Energy (now the fund's largest holding), CoreWeave, and Cipher Mining. Nolan acknowledges this type of investing as more speculative and risky but highlights its significant potential.
The third area where mega investors are placing money is **real assets**, outside the traditional stock market. Nolan attributes this to fears of financial system instability, persistent inflation risk, and geopolitical fragmentation, leading institutions to buy assets that "can't be printed." This includes gold, which has seen massive institutional inflows and central bank purchases as an institutional hedge. Other metals and commodities, particularly copper, are also in demand due to AI and infrastructure needs. Finally, real estate and other real assets are being acquired; Nolan personally diversifies his portfolio with rental properties, viewing real assets as a way to mitigate risk. He generally recommends ETFs for stock market exposure but stresses the importance of diversifying with other assets.
Mentioned Stocks
Reasoning: Nolan emphasizes Leo Ausschauerbrenner's "picks and shovels" AI strategy, highlighting his fund's focus on essential AI infrastructure. Broadcom is mentioned as a large position in this "most interesting" portfolio, which targets companies benefiting from global AI growth, particularly in semiconductors. Nolan points to the potential for significant returns, possibly "100x," while cautioning about the speculative and risky nature, recommending it as a high-potential, albeit risky, investment idea.
Reasoning: Nolan highlights Leo Ausschauerbrenner's fund, Situational Awareness LP, which focuses on "picks and shovels" AI infrastructure. Nolan describes this portfolio as "the most interesting" and emphasizes its strategy of betting on companies like Intel that profit from global AI growth in semiconductors. He notes the potential for significant returns, possibly "100x," despite acknowledging the speculative and risky nature of such investments, making it a recommended consideration for high-growth potential.
Reasoning: Nolan expresses admiration for Chris Hohn's investment approach, which prioritizes long-term investments in companies with significant barriers to entry. He includes Microsoft as an instance, noting that it will be "very hard to compete with Microsoft," highlighting its formidable competitive moat and making it a recommended consideration for investors seeking defensible businesses.
Reasoning: Nolan appreciates Chris Hohn's investment strategy, which involves focusing on long-term investments in companies possessing high barriers to entry. He cites Visa as a prime example, remarking that it will be "very hard to compete with Visa," underscoring its robust market position and making it a recommended consideration for investors seeking defensible businesses.
Reasoning: Nolan identifies Bloom Energy as the single largest holding in Leo Ausschauerbrenner's fund, Situational Awareness LP, which focuses on AI infrastructure. Nolan describes this portfolio as "the most interesting" and highlights its strategy of betting on companies like Bloom Energy, a fuel cell power company, that are crucial for electricity generation for AI workloads. He notes the potential for significant returns, possibly "100x," despite acknowledging the speculative and risky nature of such investments, recommending it as a high-growth play in AI infrastructure.
Reasoning: Nolan references the VanEck Semiconductor ETF as a key holding in Leo Ausschauerbrenner's fund, which is betting big on AI infrastructure. Nolan finds this portfolio "most interesting" and highlights its focus on the "picks and shovels" of AI, implying a strong positive outlook on the semiconductor sector. He notes the potential for significant returns, possibly "100x," though he also mentions the speculative and risky nature of such investments, making it a recommended exposure to the AI theme.
Reasoning: Nolan praises Chris Hohn's investment style, which focuses on long-term investments in companies with high barriers to entry. He specifically highlights General Electric as an example, stating it will be "very hard to compete with General Electric," indicating its strong competitive advantage and making it a recommended consideration for investors seeking defensible businesses.
Reasoning: Nolan highlights IBIT as Harvard University's largest holding and a key example of the "Bitcoin and crypto" theme, which he identifies as a significant area where mega investors are placing their money. He notes the "massive and persistent" institutional inflows into Bitcoin ETFs, signifying a strong positive outlook on the asset class and this specific ETF as a recommended way to gain exposure.
Reasoning: Nolan highlights Core Scientific as a company in Leo Ausschauerbrenner's fund that operates massive power-hungry computing facilities, originally for Bitcoin mining but increasingly repurposed for AI workloads. Nolan finds this "picks and shovels" AI strategy "most interesting," noting its focus on data infrastructure and computing power. He suggests a potential for "100x" returns, while acknowledging the speculative and risky nature, recommending it as a high-potential AI infrastructure play.