Kyocera Corp (KYO)

He just doesn’t see this company picking up the pace this year. They are competing in a lot of commodity areas and he tries to avoid companies that compete in commodities. Also, they have the headwinds of the issues in Japan.

Very little top line growth over years and periods where they have lost money. This is a currency driven trade. He is not a big believer in Consumer Tech. Prefers infrastructure (guys who built the parts of the product).

Big, broad, Japanese electronics maker. The stock is brutal. In the last 10 years it has grown the top line by about 3%. The only catalyst he has seen for this stock has really been the economics of Japan pushing the currency lower. This just goes sideways.