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Stock Opinions by Paul Harris, CFA

COMMENT
Rates will go significantly higher to control inflation. They will likely go too high and lead to a recession, then start to decline. Actually the economy is probably in a recession now. As to large tech stocks, they have lots of free cash flow but could see earnings numbers come down and multiples may be higher than people think. We have been seeing a massive correction in risk premium.
Unknown
WAIT
Although the price is already down 53%, wait since it could go lower. It is indicative of a falling economy which will get worse before it gets better. It has had a difficult time the last few months. Dividend yield is 3.5%
0
BUY
It should see better scale and a better rate of return. It bought an investment bank in the U.S. and so will see better scale on the investment banking business in the U.S. and Canada. It is at a good price level and the dividend yield is 4.1%. Canadian banks are at a good valuation with lots of capital and room to expand.
banks
BUY
It is in the top five in investment banking. All lines of business including the credit card business are strong. Trades at 10X earnings and 1.1X book. It has a good balance sheet, continues to buy back shares, and has room to grow its dividend. Buy for the long term.
Financial Services
BUY on WEAKNESS
The e-commerce business will continue to grow and has great long term potential. It has a growing advertising business and an advantage in this area since it knows its customers: what they buy and when they buy. It will be difficult to make the big acquisition of Electronic Arts because of regulatory risks. It is a high multiple stock but a great story so buy on pullbacks.
specialty stores
Unspecified
It is good company to own for iron ore and the resources space. It has kept with their core business and is doing much better than years ago. Well valued. BHP is one of its peers and because it is bigger it is less volatile in this space.
other mines
PAST TOP PICK
(A Top Pick Aug 24/21, Down 19%) It is a leader in the design, manufacturing and distribution of lenses, frames and sunglasses. Has a great balance sheet and should have good growth for the next few years. It acquired Grand Vision, mostly European, which changed the dynamics of the company and helps them to have a broader digital component. Has a 2.3% dividend.
Healthcare
PAST TOP PICK
(A Top Pick Aug 24/21, Down 23%) It is a medical device company and had a tough time over Covid. Now there is a big backlog in elective surgeries so much more of its products will be needed. 71% of business is from the U.S. where there is lots of room to grow globally. Also doctors doing the surgeries tend to stay with the same products. Lots of free cash flow.
biotechnology / pharmaceutical
PAST TOP PICK

(A Top Pick Aug 24/21, Down 56%) It was hard to do but he sold their position three weeks ago even though it has a good valuation. Sold it because it is hard to reconcile the impact of privacy changes going on around the world. The FTC sees this as the first company to take to court because of its very large size. Also it spent $27 billion on the Metaverse causing an operating loss and it's hard to see where the Metaverse goes from here.

Technology
BUY on WEAKNESS
It trades at a lower multiple than others in the asset management business. The management is very strong and the company has done very well and is growing.
management / diversified
Unspecified
It has done well re-structuring their business. The economy is slowing down and this will have an effect on their earnings.
0
BUY
He has owned for a long time and it has done well over the market downturn. It has several programs with strong growth prospects. It is in the field of defense where there are needs, especially now. Lots of free cash flow over time.
Transportation
TRADE
It has good numbers. Oil and gas prices will determine the eventual stock price. Owns CNQ because much larger.
oil / gas
Unspecified
It is well capitalized and not trading at a big multiple. Probably easier for it to make acquisitions than bigger companies like JP Morgan or the Bank of America. Great for the longer term.
Financial Services
Unspecified
It has re-structured and is selling off some of its personal care business, thereby concentrating more on the pharmaceutical side. Not expensive and has a dividend yield over 6%.
biotechnology / pharmaceutical
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