Market Commentary — Page 433

Market Commentary

COMMENT

Canadian tech names. Canadian space if fairly limited. There's SHOP, CSU, OTEX and that's about it. Maybe also BB. Look to the US and Asia for tech names. Loves FB and GOOG. Clampdown in China is presenting opportunities. Try NVDA, TSM, MSFT, MA. Some of these names make a lot of sense when you look at the valuation.

COMMENT

Possibility of paper tantrum? Future interest rate moves won't be a shock to the economy. The Fed is telegraphing well. Rates will remain lower for longer. Inflation is transitory at this point. It will be higher today and next year, but this is due to economic restart not economic recovery, two different things. With a restart, supply is constrained as demand moves higher. With a recovery, supply remains high and demand goes down and starts to move higher. Doesn't see hyper-inflation in this part of the world.

COMMENT

US financials. Likes the US financials, such as JPM. It has great management and execution, yield of 2.35%. He owns some of the European financials like UBS, as well as HSBC, PRU, and WFC.

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COMMENT

Top 15 Buzzing Stocks this Week

COMMENT

Positioning, when bear/bull calls are split 50/50. Expect more market volatility, as seen in the last few months. 87% invested in two dozen tech vendors and end users, coupled with a 61% short equity indices overlay (hedge) on the invested stock portfolio. The hedge protects the portfolio if the stock market were to deteriorate. He has laddered NASDAQ put options. That hedge will incrementally grow as the delta on those put options starts to grow.

COMMENT

Upside missed with hedges in place? It's like an insurance policy, which has a premium attached to it. The beta in the stock market is greater than the beta on the hedge. As the market continues to melt up, he makes money, though perhaps not as much as the NASDAQ. Their benchmark, chosen by the OSC, is 50/50 NASDAQ/Russell, so it gets both sides of the cyclical/growth play. He doesn't make as much, but he's certainly protected on the downside. If the downside is more than 5-10%, the hedge makes money for his fund.

COMMENT

Tech sub-sectors. Bullish calls: he's overweight on semiconductor foundries, designers, integrated manufacturers both on memory and analog. Also overweight on the cloud stacks from AMZN to MSFT and GOOG, and the platform players that use the various infrastructures, plus SaaS. He's underweight on the gaming side and perhaps neutral on social media.

COMMENT

Price targets and selling. When a stock gets within 5-7% of his price target, he starts to take some profits. You have to be disciplined. Have a price at where you're going to enter, but also have a stop on top of that.

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COMMENT

Stock weighting. He never holds more than a 6% weighting of a single stock in his portfolio. Once it gets up to 5%, he starts to take some money off the table. There are lots of other stocks on his shopping list to buy with the proceeds.

COMMENT

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. If interest rates rise, utilities, real estate ,communications and tech tend to be weak. Dividend stocks also decline as there are alternatives. However, markets have done well when rates were rising. Unlock Premium - Try 5i Free

COMMENT

He expects the urban exodus to continue, driven by the spike in cases from the Delta variant. The homebuilding business continues to boom with supply not meeting demand. Remember that interest rates are absurdly low with mortgage broker backed up and struggling to meet demand.

COMMENT

It's harder this year to find underfunded sectors, making it hard for ETF investors. Many sector rose rapidly starting last November (along with the market). It's hard to find value, but he is not selling assets. He's holding onto all his U.S. assets. His cash and bonds sits at 40%. He expects the market to rise. Also expects U.S. companies to buyback shares and raise dividends, because they sit on mountains of cash. For example, he bought US oil (not Canadian) last fall. Beyond FAANGs, US stocks are fairly valued. He's fine buying a broad market index of the S&P. Be ready for volality; he's been waiting for a 15% pullback in the past 6 months (which hasn't happened).

COMMENT

Do you use puts to sell or buy stocks and generate income? He doesn't sell puts for income, because a BMO ETFs already do this for you. Why? His clients don't understand puts. Also, people who do sell puts for income leverage heavily which makes their puts very risky. He never leverages.

COMMENT

Tax-efficient US or Canadian ETF that pays no or low dividends? Look at a total-return swap-based ETF, like what Horizons offers. You don't get paid a dividend, but rather it goes into the total return. Last year, CRA was examining such swap ETFs. Look at the CRA site for updates about this.

COMMENT

No Berman's Call today due to the public holiday and markets being closed.

Showing 6,481 to 6,495 of 21,868 entries

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A Comment -- General Comments From an Expert (A Commentary)

Canadian tech names.(A Commentary)

Possibility of paper tantrum?(A Commentary)

US financials.(A Commentary)

🔒 Premium Content Alert – This buzzing stock opinion is accessible only to Stockchase Premium

Top 15 Buzzing Stocks this Week(A Commentary)

Positioning, when bear/bull calls are split 50/50.(A Commentary)

Upside missed with hedges in place?(A Commentary)

Tech sub-sectors.(A Commentary)

Price targets and selling.(A Commentary)

Stock weighting. (A Commentary)

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research.(A Commentary)

A Comment -- General Comments From an Expert(A Commentary)

A Comment -- General Comments From an Expert(A Commentary)

Do you use puts to sell or buy stocks and generate income?(A Commentary)

Tax-efficient US or Canadian ETF that pays no or low dividends?(A Commentary)

A Comment -- General Comments From an Expert(A Commentary)

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