Arthur Hayes’ Portfolio: What the BitMEX Co-Founder Is Investing In

The stock market is currently experiencing a period of heightened turbulence. Investors are simultaneously monitoring escalation in the Middle East, fluctuations in oil prices, risks to global logistics, and uncertainty surrounding future decisions by the U.S. Federal Reserve. In such conditions, market sentiment can change almost daily: one session is marked by gains, while the next faces selling pressure. Volatility increases, and investors’ confidence in short-term trends declines.

Even during such periods, however, areas of relative strength continue to emerge in the market. Professional investors and analysts closely watch companies whose stocks show resilience despite overall turbulence. In many cases, future market leaders begin to reveal themselves precisely during unstable periods. While broad indices fluctuate, certain companies gradually strengthen their fundamentals and attract the attention of major funds.

One such company highlighted by analysts is Viking Holdings. It is one of the largest cruise operators, specializing primarily in premium river and ocean cruises. Despite investor concerns about the tourism industry, demand for the company’s cruises remains extremely strong. According to available data, around 86% of cruises for the 2026 season have already been sold. This is a very strong indicator for an industry where bookings are typically spread more evenly over time. A high level of advance sales indicates a stable customer base and shows that consumers are willing to plan expensive travel even amid global uncertainty.

Another company attracting investor attention is General Dynamics, one of the largest defense contractors in the United States. The company produces a wide range of military equipment, including Abrams tanks, nuclear submarines, and Gulfstream business jets. Against the backdrop of rising geopolitical tensions, the defense sector has once again moved to the center of investor interest. Government defense budgets have increased in recent years, and long-term military programs provide companies in the sector with a steady flow of contracts. While many areas of the economy face cyclical fluctuations, the defense industry often demonstrates more predictable revenue dynamics.

Analysts are also paying attention to Ligand Pharmaceuticals, a company operating in the biotechnology sector. Its business model differs from that of traditional biotech firms. Instead of conducting costly clinical trials and bringing drugs to market on its own, Ligand often licenses its developments to partners and receives royalties from drug sales. This approach significantly reduces the financial risks typical of the traditional biotechnology sector, where a single failed clinical phase can dramatically reduce a company’s value. Thanks to a diversified portfolio of licensing agreements, Ligand generates stable cash flows and remains attractive to investors seeking more balanced exposure to the biotech industry.

Among healthcare companies, HCA Healthcare has also attracted attention. It is the largest network of private hospitals in the United States, operating dozens of medical centers and hundreds of clinics across the country. One of the company’s key development areas is the implementation of artificial intelligence technologies to analyze medical data, optimize treatment processes, and improve hospital management efficiency. In this area, the company collaborates with the analytics platform Palantir Technologies. The use of large medical datasets and machine learning algorithms helps identify disease risks faster, improve resource management, and enhance the quality of patient care. For investors, this digital transformation of healthcare represents a long-term structural trend.

Another company in analysts’ focus is BWX Technologies. It specializes in the development and production of nuclear technologies for the U.S. Navy, including reactors for submarines and aircraft carriers. In addition, the company participates in projects related to civilian nuclear energy and advanced reactor technologies. Amid growing interest in energy security and the modernization of U.S. naval forces, BWX Technologies is receiving long-term contracts that ensure stable production workloads for years ahead. For investors, this means predictable revenues and business resilience even during periods of economic turbulence.

Nevertheless, most analysts emphasize that the current market phase remains challenging for aggressive buying. High volatility, uncertainty about interest rates, and geopolitical risks are forcing many investors to act cautiously. Instead of immediately opening large positions, they prefer to build so-called watchlists – lists of companies they closely monitor while waiting for more favorable entry conditions.

Historically, periods of heightened instability have often been the time when future market leaders were formed. While broad indices fluctuate, strong companies continue to improve their fundamentals, increase market share, and secure long-term contracts. When the overall market trend becomes stable again, such stocks are often among the first to begin a confident upward movement.

For long-term investors, therefore, the current situation looks more like a period of observation and analysis than a time for hasty decisions. The market may remain nervous for some time, but it is precisely now that the list of companies that could become the next drivers of growth in the future is being formed.