BlackBerry (BB.TO)

It has transitioned out of hardware into software. They have a lot of cash and they make software acquisitions. There is not enough visibility in their top line growth yet.

It's got to catch up to its valuation. They've migrated from a hardware to software business fantastically. But the new business takes longer to grow. Problem was that this stock got ahead of the fundementals. Down the road, this could get sorted out, but not now.

This has been range bound. He has an underweight position on this stock. This is very volatile. If it moves out of this range, it could have a lot of upside. He is confident that it will break out.

Moving from device to software producer. Has a problem when companies are in transition. Stock has pulled back, to a pretty compelling level. Not a bad place to add. (Analysts’ price target is $15.17.)

CEO Chen has done a great job in turning this company around or at least halting its decline. He's transitioned BB from handsets into software, especially among the carmakers (self-driving cars). Is this big enough though? Trading at very high multiples, 3x book. It's unlikely to offer big earnings for several years. BB is more attractive to growth than value investors.

A real success story. Most thought it was dead in the water, now poised to benefit from Chen’s management. Someone might take a run at it for its patents. Still speculative. Tough business. Sees it as surviving and doing better. May have a tougher time in a recession.