| That old stock market saying about "sell in May and go away?" It's not such a great idea — unless, of course, your goal is to totally unplug on a beautiful beach. (In that case — genius move.) While it's rarely wise to fiddle much in the short-term with a portfolio built for the long term, completely ignoring the markets can mean missing opportunities. At the very least, staying on top of emerging trends and investments can help shape your portfolio going forward. With that in mind, we asked five experts to share ideas about where to invest $1 million right now. The not-so-surprising result? Lots of AI bets. The more surprising result: The bets are far from your usual suspects. But before we get into that... Three things to know: … Now back to investing. The future for AI leads David Daglio, chief investment office of TwinFocus, to copper and natural gas. Many more data centers will need to be built, and "a center is basically a big copper wire with a lot of electricity going into it and a ton of chips," he said. Those centers require copper (and, sadly, the buildup of munitions around the world means more demand for copper). As well, the increased demand for electricity will require more use of natural gas, Daglio figures.  Photographer: Dhiraj Singh/Bloomberg Lauren Goodwin, chief market strategist at New York Life Investments, also sees potential in AI infrastructure outside of the most obvious players. The strategist sees other smart investments tied to big global shifts such as supply chain re-globalization (a shift back towards efficiency over self-reliance), energy transitions and more. Then there are all the companies that will see greater productivity from investing in AI technology, as well as companies that specialize in security. That's where Linda Duessel, senior equity strategist at Federated Hermes, sees promising opportunities. Outside of AI, it's the changing world of emerging market debt that catches Andrea DiCenso's eye. DiCenso, a portfolio manager and strategist at Loomis, Sayles & Co., sees potential in the global high-yield universe as countries long known for being serial defaulters are now run by more centrist leaders showing more fiscal discipline. Another area where risks are evolving is in reinsurance — the business of providing insurance to insurance companies. That's where Eric Freedman, chief investment officer of U.S. Bank Asset Management, sees a need for more capital, and an opportunity for investors to find good yields. But what if that $1 million had to be put toward a personal passion rather than going to an investment? The experts would all spend their windfall on travel, but in different ways. DiCenso would make a down payment on a house on the Amalfi Coast, while Daglio would take an epic road trip to visit friends across the US in a massive Winnebago. Duessel would enjoy a luxury cruise around the world. It was Goodwin, however, who took the travel theme to a whole new level: "Can I make an early-stage investment in beaming myself to the 2024 Olympics?" she asked. —Suzanne Woolley Send questions about your own financial decisions to bbgwealth@bloomberg.net. This week we're looking to speak with people whose housing decisions are being impacted by interest rates topping 7% again. Whether you're a current homeowner who was hoping to refinance this year, someone who hoped to finally sell their home, or a first-time homebuyer looking to catch a break, we'd like to hear from you. Some of our best journalism at Bloomberg Wealth comes from your own stories and we'd love to hear from you, your friends or clients. Please email bbgwealth@bloomberg.net to share. We may contact you if the story goes ahead. My 30-year-old son says he shouldn't have to contribute to Social Security because it won't be there for him. Does that seem likely? John Rekenthaler, vice president of research for Morningstar, writes: I have three responses for your son. First, when I started working at Morningstar at 27 years old, I was told the same thing that he now hears. Social Security was there for my parents' generation but would be gone when I retired. That was in 1988. Thirty-six years later, Social Security payments continue – and they are significantly larger, in after-inflation terms, than they were when I was warned of the program's demise. Second, the common idea that Social Security benefits are paid from a rapidly depleting Trust Fund is an accounting illusion. In practice, Social Security operates like other federal programs, in that it is funded each year both from 1) fees collected specifically from that program and 2) if necessary, with supplemental funding from general government revenues. Should the Trust Fund be deemed insolvent, Congress would simply pass a law permitting that process to continue. Third, although the Social Security system need not be self-funding, it could achieve that goal, should the politicians desire. Slightly reducing the scheduled cost-of-living increases, increasing the payroll tax, and raising the retirement age to 69 would balance Social Security's books for the next 75 years. Again, such steps need not be taken – but they could be, if Washington passed that legislation.
 New Jersey's Millburn town dump, where 75 units of affordable housing may be built. Photographer: Nacha Cattan/Bloomberg What are your favorite safe havens? Is gold the best shield against inflation and geopolitical risks? Share your views in the latest MLIV Pulse survey. Can prosperity and instability comfortably coexist? Join us in Hong Kong on June 5 as we gather leading investors, economists and money managers for a day of solutions-driven discussions on wealth creation. Register your interest here. | 
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