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Stocks In The News
Daily Market Highlights
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to acquire audit services firm Confirmation
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revenues above expectations + big loss
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Latest Stock Opinions and Top Picks from Market Call Guests
NORTH AMERICAN - LARGE & ETFs
High yield bonds are an equity part of your portfolio even though they pay a dividend. It is a basket of the worst quality balance sheets in corporate North America. It is very high risk from a price perspective. The realized default rate even in the great recession was about 10% or so. So when the bonds do go bad, it is about 10% of the companies that are affected. So long as you think about it as an equity-like risk, then he has no issue with it. He has no issue with holding it indefinitely. This one is hedged to the Canadian dollar.read more
Top Picks
This week there were 27 Top Picks in a wide range of industries: Basic Materials, Energy, Technology, Finan...
read more
NORTH AMERICAN
BAC vs. Citigroup if a recession happens He owns both, but he prefers Citigroup, because it has a lower valuation, trading below tangible book value and pays a higher dividend. Citi is viewed as an international bank, whereas BAC is viewed as American. The upside is better at Citi in the coming years.read more
Why is it flat despite impressive metrics? Yes, he's frustrated too. Why is it flat? MFC remains a show-me story. MFC needs to right the ship in annuities. True, Asia is their growth engine, but MFC needs a higher yield curve; rates are flat or lowering. So, this hurts all lifecos as well as banks. That said, MFC pays a good dividend and it's cheap, so he continues to hold it. Over time, investors will get rewarded, but until then, you will be rewarded by that dividend. MFC is pushing its investment service. Also, they will bring their asset management expertise in India in a new joint venture and this will let them pick up more assets to manage and develop into a new growth engine in the next 20 years.read more
Top Picks
They bought Time-Warner in a huge deal, so the big knock against them is taking on debt to do that. Also, can they blend TW successfully? Another knock is not growing their wireless subscribers; it's been slow and uneven. That said, ATT still generates a lot of free cash flow. Their priority is to pay down that debt, which will bring economic value to shareholders. It's simple math. Expect a 10% return + huge dividend of 6%. (Analysts’ price target is $34.28)read more
The Aetna purchase hasn't officially closed; there's another round of court hearings in July then the judge decides. He expects it to pass. The companies have already integrated. He loves this integration. Low valuation that pays a nice yield just below 4%. (Analysts’ price target is $69.97)read more
They have a big catalyst coming up at the end of the year with the big Deutsche Bucht offshore wind project in the North Sea which will bump up their free cash flow by a third. With this they can raise their dividend (nearly 5% now) or buy back shares. You should get low-teens returns in the next few years. He expects the payout ratio to fall below 60% in 2020. (Analysts’ price target is $27.17)read more
The stock market has been experiencing volatility due to a variety of macro factors. The treasury yield fel...
read more
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BIG WIN
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HORIZON
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GLOBAL EQUITIES
Proxy in Southeast Asia. Very diversified. Chinese economy is slow, so they're having difficulty. EMs are getting slammed with the US dollar. They've said this year will be sluggish. Not a lot of debt. Generate a ton of cash flow. Yield is around 2.7%. Trading around 12x earnings. Has no problems adding to it at these prices.read more
China sales make up 1/3 of sales. Shortsellers have targeted it. Company says shortseller's information is not true or fair. Starting water treatment business in India. Next year will be sluggish. Plenty of cash available, and they'll buy back shares. Once China gets straightened out, they'll be fine. Could buy a half position today. Yield is about 4.5%.read more
Top Picks
Bill Gates has known investments in the gene-editing industry. Genetic Engineering is the field of science ...
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Today's Market Outlook
Larry Berman CFA, CMT, CTA
Market. He does not think there is anything more important going forward than the trade issues between the US and China. There is an important dinner meeting Saturday night and we will see how that goes. Trump is being urged to take a very hard line on theft of intellectual property. Any deal that does not include China admitting this exists and how they are going to get rid of it will be judged as a soft deal and a non-win for Trump. This is going to become a political issue going into 2020. Trump wants a rate cut. China has less risk in the talks and more staying power. But technology companies in China are going to hurt US suppliers. Regarding Iran, diplomatic solutions are always the best. Trump was initially against war but he is adamant about doing deals and putting his stamp on things. There is always going to be a hot potato in the middle east and that is never going away. Gold prices have soared on the geopolitical tensions, the Fed easing again and the weaker dollar. All of that is bullish for gold and it is one of his biggest equities.
More market comments
Market Comments
Signal
Opinion
Expert
COMMENT
COMMENT
June 24, 2019
High yield bonds are an equity part of your portfolio even though they pay a dividend. It is a basket of the worst quality balance sheets in corporate North America. It is very high risk from a price perspective. The realized default rate even in the great recession was about 10% or so. So when the bonds do go bad, it is about 10% of the companies that are affected. So long as you think about it as an equity-like risk, then he has no issue with it. He has no issue with holding it indefinitely. This one is hedged to the Canadian dollar.
High yield bonds are an equity part of your portfolio even though they pay a dividend. It is a basket of the worst quality balance sheets in corporate North America. It is very high risk from a price perspective. The realized default rate even in the great recession was about 10% or so. So when the bonds do go bad, it is about 10% of the companies that are affected. So long as you think about it as an equity-like risk, then he has no issue with it. He has no issue with holding it indefinitely. This one is hedged to the Canadian dollar.
Larry Berman CFA, CMT, CTA
Chief Investment Officer, Partner, ETF Capital Management Inc.
$0.000
Unknown
COMMENT
COMMENT
June 24, 2019
[Is there an unhedged version or can he recommend a NASDAQ version] Larry recommends the QQQ-Q as there is no unhedged Canadian version.
[Is there an unhedged version or can he recommend a NASDAQ version] Larry recommends the QQQ-Q as there is no unhedged Canadian version.
Larry Berman CFA, CMT, CTA
Chief Investment Officer, Partner, ETF Capital Management Inc.
$0.000
Unknown
COMMENT
COMMENT
June 24, 2019
[Is there an unhedged version or can he recommend a NASDAQ version] Larry recommends the QQQ-Q as there is no unhedged Canadian version.
[Is there an unhedged version or can he recommend a NASDAQ version] Larry recommends the QQQ-Q as there is no unhedged Canadian version.
Larry Berman CFA, CMT, CTA
Chief Investment Officer, Partner, ETF Capital Management Inc.
$0.000
Unknown
