A look back at what actually worked in the first half of 2026 versus what the consensus predicted in January. Great for humility about forecasts and a setup for second-half positioning. Today&#x27;s Stocks &amp; Topics: Clean Harbors, Inc. (CLH), Market Wrap, Microsoft Corporation (MSFT), The Streaming Industry, The Campbell&#x27;s Company (CPB), The Half-Year Scoreboard, Vanguard Information Technology ETF (VGT), State Street Technology Select Sector SPDR ETF (XLK), Xometry, Inc. (XMTR), Iron Mountain Incorporated (IRM), Indexes Performance. Our Sponsors: * Check out Anthropic and use my code Claude.ai/invest for a great deal: https://www.anthropic.com * Check out Chilipad and use my code INVEST for a great deal: https://sleep.me * Check out Chilipad and use my code sleep.me/INVEST for a great deal: https://sleep.me * Check out Plaud AI and use my code INVEST for a great deal: https://plaud.ai * Check out Quince and use my code quince.com/invest for a great deal: https://www.quince.com * Check out Quince and use my code quince.com/invest for a great deal: https://www.quince.com * Check out TruDiagnostic and use my code INVEST20 for a great deal: https://www.trudiagnostic.com Advertising Inquiries: https://redcircle.com/brands

The Half-Year Scoreboard

InvestTalk

# Full Transcript

**Podcast:** InvestTalk

## Participants

- **Justin Klein** (KPP Financial)

## Transcript

This is InvestTalk from KPP Financial, helping investors make sense of the markets one day at a time. Here's your host, Justin Klein.

Good afternoon, fellow investors, and welcome back to another edition of InvestTalk. We are now into the back half of the year. It's crazy, right? The second quarter is behind us. That means the first half is behind us. A lot to unpack during this hour with you. Our job is to give you data and perspective, and today is a special day in the fact that we're able to look back in the first half and start to think about what the second half might have in store.

Usually, you start to see some trends begin in the second quarter that kind of propels us into the back half of the year. We're going to look at that and much, much more on today's show. Now, let me thank all of you who participated in our Wealth webinar yesterday on income, how to produce income, what are the pitfalls of various income generation sources.

If you missed it and you want to watch it again, you can go over to our YouTube channel. It is up over there, so make sure you go check that out. Now, in just a bit, we'll talk about today's Mark performance and run down the show topics, but as usual, we'll tackle this first caller question now. Hello, InvestTalk. I was trying to reach out to you guys about the following ticker symbol CLH. That's Clean Harbors Incorporated.

This is a stock that I've held. It's done very, very well. Do I need to trim my position? Do you think I should buy some more? I'll listen for your answer. Hope you have a good evening. Thanks. Bye. Looking at Clean Harbors, they're engaged in environmental, energy, industrial services.

As you would imagine, in this world where a lot of money is going into and centers, their business is benefited, especially those environmental services, those industrial services, etc. They work with landfills, they have treatment services, storage and disposal facilities, wastewater treatment facilities, and solvent recycling centers as well.

So $16 billion market cap. It has been on a nice run because earnings are growing, and they're expected to grow 18% this year, 10% next year to $9.49. However, $290 stock. So based on forward-looking earnings, you're talking about over 30 times forward-looking multiple, which is kind of on the expensive side.

Now, if you're looking at an enterprise value to EBITDA, that's in about the 15 range, 14 range, shall we say, forward-looking, which is on the high side. It hasn't been this high since 2024. Let me zoom out here. Yeah, that's when you started a broader pullback from about $260 all the way down to $183.

What I will say is technically, it looks like it's probably the beginning of a broader correction. Is that a reason to sell it if you're a long-term holder? No, not necessarily because this correction may be something similar where it goes from $2...

The Half-Year Scoreboard

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

The Half-Year Scoreboard

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.