Executive Buying Newsletter July 3, 2026

Please review the following additions to the newsletter:

AMGN (Amgen Inc.) Amgen continues to demonstrate resilience in the biotech sector with solid financial performance. In Q1 2026, the company reported strong revenue growth driven by key products like Repatha, Evenity, and Tezspire, while advancing its obesity pipeline candidate MariTide through Phase III trials with promising monthly dosing potential. Shares have shown steady gains amid broader healthcare momentum, supported by raised full-year guidance reflecting robust demand and operational efficiency. Investors are watching Amgen’s innovation in cardiometabolic and rare diseases as drivers for sustained long-term value.

BRK.B (Berkshire Hathaway Inc. Class B) Berkshire Hathaway remains a cornerstone of stability under evolving leadership, with Greg Abel stepping into the CEO role. The conglomerate has been active with strategic moves, including a major housing-related acquisition and selective increases in tech and media holdings. Operating results reflect disciplined capital allocation amid a high-cash position, while the stock trades at a reasonable valuation relative to its diversified portfolio. BRK.B offers defensive exposure with long-term compounding potential, appealing for investors seeking quality over speculative growth in uncertain markets.

COST (Costco Wholesale Corporation) Costco delivered robust Q3 FY2026 results with net sales up over 11% year-over-year, fueled by strong membership trends, record gas volumes, and accelerating digital sales. Comparable sales growth remained healthy despite some macroeconomic caution, underscoring the retailer’s value proposition and operational discipline. While shares trade at a premium valuation reflecting consistent execution, ongoing investments in warehouses and e-commerce position COST well for market share gains. The company continues to benefit from loyal shoppers and resilient consumer staples demand.

GOOGL (Alphabet Inc. Class A) Alphabet maintains strong momentum powered by search dominance and aggressive AI investments, including significant fundraising for infrastructure expansion and acquisitions like Intersect for data center energy. Revenue growth remains solid in the high teens, supported by advertising and cloud performance, even as the company navigates talent dynamics in AI. Shares have performed well year-to-date, trading near highs with a forward-looking premium justified by earnings power and diversification efforts. GOOGL stands out as a core tech holding amid the AI transformation.

ITB (iShares U.S. Home Construction ETF) The home construction sector, tracked by ITB, has experienced volatility tied to interest rates and housing market dynamics but shows selective resilience. The ETF provides broad exposure to builders and related companies, with recent performance reflecting cyclical pressures yet potential upside from any easing in mortgage rates or policy support. Holdings emphasize established players benefiting from long-term demographic demand. For investors seeking real estate cyclical exposure without single-stock risk, ITB offers a diversified way to play potential recovery in U.S. housing.

IWM (iShares Russell 2000 ETF) Small-cap stocks represented by IWM have outperformed the S&P 500 significantly in 2026, driven by strong passive inflows during Russell reconstitution and broader economic resilience. The ETF has posted impressive year-to-date gains, reflecting rotation into smaller companies amid hopes for lower rates and improved deal activity. While valuations have expanded and risks remain (e.g., sensitivity to Fed policy), the rally highlights renewed interest in domestic small-caps with growth potential across industrials, tech, and financials. IWM serves as an effective vehicle for diversified small-cap exposure.

JPM (JPMorgan Chase & Co.) JPMorgan Chase reported a strong quarter with record Markets revenue and solid investment banking fees, demonstrating the power of its diversified franchise. CEO Jamie Dimon highlighted flexibility for acquisitions in the $10-20 billion range while navigating higher expenses in 2026 from growth initiatives, AI investments, and inflation. The bank’s robust capital position and client-focused expansion support optimism, though valuation remains rich. JPM continues to be a leader in U.S. banking with resilient credit quality and long-term growth prospects.

LLY (Eli Lilly and Company) Eli Lilly has been a standout performer, propelled by its dominant GLP-1 portfolio including Mounjaro and Zepbound, alongside pipeline advancements and new approvals like Jaypirca. Q1 2026 results featured massive revenue and EPS beats, leading to raised full-year guidance, with shares hitting new highs. The company’s expansion into obesity, diabetes, and additional therapeutics via acquisitions underscores its innovation edge. While trading at a premium, LLY’s growth trajectory in high-demand areas makes it a key healthcare growth story.