David Driscoll Cemex SA CX-N DON'T BUY Nov 14, 2016

Starting to perform a little better. The debt levels on the balance sheet are a little high. A pretty good infrastructure play. It is Europe, Mexico, Latin America.

(A Top Pick Sept 6/13. Up 2.21%.) This is his highly leveraged bet on an improving economy, but obviously it didn’t work out very well. If you believe in the economy, it is a good one to own, but feels it is dangerous to own it right now.

One of the top 3 cement producers globally and has an enormous range. With the financial crisis, being geographically diversified didn’t work. It hasn’t done badly over the last 5 years, however it is a construction play. If you are worried about the outlook for the economy, you should consider taking a loss on this if you own.

This was a market favourite pre-financial crisis where it had too much debt. It is one of the most basic industries and has done relatively well. If you are looking for one play on global cement demand, this is the most global of them all.

You have time on this. They are still shutting down production in the shale oil/gas. This is just not the right cyclical moment. Chart indicates that this is starting to turn. He would want to see it stabilize. Give it some time.

Building products, HQ in Mexico. Mainly cement and ready-mix concrete. 1/3 revenue comes from US. Outperforming broader index since mid-2022. 10x forward earnings, 15% growth rate. Likes the industrial space. Decent valuation. Technicals OK, above 200-day MA, which is also trending higher.

Cement business in Mexico. Extremely price sensitive and economically sensitive. Does well when the economy is going great guns, and poorly in recessionary times. Up in the short term, but last 20 years the returns have been between 0-4%. Credit rating of BB High, which is junk, so will always pay more for debt.

In Mexico, he owns KOF.