Markets are in chaos. The Dow is sinking, oil is surging past $100, and the Iran conflict has investors scrambling for cover. But David Miller, the chief investment officer overseeing $13 billion at Catalyst Funds, isn’t panicking — he’s shopping. Here are the five names he’s buying right now.
Palantir (PLTR) — Down 21% in 2026, Palantir might seem like an odd pick during a geopolitical crisis. But Miller sees it as a stealth defense play. Palantir doesn’t build missiles; it builds the software that helps militaries make decisions. “The fact that they’re creating software for the defense industry that is a beneficiary of AI and intelligence gathering is what determines, in many respects, how you do or do not win wars,” Miller told Business Insider. With defense budgets expanding globally and AI integration accelerating across military operations, Palantir’s 21% drawdown might be one of the better entry points of the year.
RTX Corp (RTX) — Formerly Raytheon, RTX is the most direct play on the surge in weapons demand. The company builds the missile defense systems that are literally being deployed in the current conflict. RTX stock is already up 14% year-to-date, but Miller thinks there’s more runway. “The companies that have the most exposure to missile defense systems are the ones that are gonna be the biggest beneficiaries of increased demand.” When the world is buying weapons, you want to own the weapons makers.
Chevron (CVX) — With Brent crude above $100 and Goldman Sachs warning about $150 oil, energy producers are printing money. Chevron is up 26% in 2026 and Miller sees it as especially well-positioned because of its dual exposure: existing operations in Venezuela give it optionality on sanctions relief, while its core business benefits directly from rising WTI and Brent prices. Big oil hasn’t been this relevant since the 2022 spike.
Talos Energy (TALO) — Miller’s small-cap energy pick focuses on natural gas exploration and production. While large-cap producers like Chevron are the safer bet if the conflict drags on, Talos trades at much lower levels and offers leveraged upside to sustained high oil and gas prices. The stock is up 22% this year, and if Goldman’s $150 oil scenario plays out, smaller E&P names like Talos could see outsized gains. Higher risk, but higher potential reward.
Agnico Eagle Mines (AEM) — Gold is the classic crisis hedge, and Miller is playing it through Agnico Eagle, one of the world’s largest gold producers. With geopolitical uncertainty at its highest level in years, inflation fears mounting from the oil shock, and central banks already accumulating gold at record pace, the precious metals trade has multiple tailwinds. Agnico gives you exposure to gold prices with the added kicker of operational leverage — when gold goes up, miners’ profits go up even faster.
Miller’s overarching thesis is straightforward: the world just changed, and the stocks that benefit are defense, energy, and hard assets. The digital-first, asset-light darlings that dominated the last decade are taking a back seat. Whether you agree with every pick or not, the rotation is undeniable — and the smart money is already positioned.