Stock Opinions by John O'Connell, CFA - Stockchase Experts
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John O'Connell, CFA

On Stockchase since : Aug 2006

Chairman and CEO at Davis Rea

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Stock Opinions by John O'Connell, CFA - Stockchase Experts

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COMMENT
General Market Comment 

February 4, 2019

Amazon's Bezos has been executing his business plan for many years. Last week's earnings were phenomenal. Amazon has a lot of running room, and it will be around a lot longer than its nemesis Donald Trump. He likes tech companies because the healthcare space is ripe for disruption. Amazon has a good start in this space with some early investments. Bill Gross, the Bond King, retired. He endured a couple of tough years and lacked the team he needed in that time. He's also 74. An illustrious career. He put some money to work in December. The problems haven't gone away, but markets were comforted by the Fed saying they'll raise interest rates only if it merits that. Also, trade issues (China-US) have calmed down so markets have risen.
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Amazon's Bezos has been executing his business plan for many years. Last week's earnings were phenomenal. Amazon has a lot of running room, and it will be around a lot longer than its nemesis Donald Trump. He likes tech companies because the healthcare space is ripe for disruption. Amazon has a good start in this space with some early investments. Bill Gross, the Bond King, retired. He endured a couple of tough years and lacked the team he needed in that time. He's also 74. An illustrious career. He put some money to work in December. The problems haven't gone away, but markets were comforted by the Fed saying they'll raise interest rates only if it merits that. Also, trade issues (China-US) have calmed down so markets have risen.
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John O'Connell,

Chairman a, Davis Rea...

Price Price
$0.000
Owned Owned
Unknown

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BUY
Goldman Sachs(GS-N) 

February 4, 2019

Well-run with earnings in the last report very good. Fine revenue growth as was investment banking. Fixed income fine. The Indonesian lawsuit is a concern, though. Trades at 10x earnings and slightly above book value. He loves it.
investment companies/funds
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Well-run with earnings in the last report very good. Fine revenue growth as was investment banking. Fixed income fine. The Indonesian lawsuit is a concern, though. Trades at 10x earnings and slightly above book value. He loves it.
investment companies/funds
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John O'Connell,

Chairman a, Davis Rea...

Price Price
$197.720
Owned Owned
Yes

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DON'T BUY
Cisco(CSCO-Q) 

February 4, 2019

He avoids hardware manufacturers, because there's too much competition and worries about trade issues in tech. There are more profits in software.
electrical/electronic
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He avoids hardware manufacturers, because there's too much competition and worries about trade issues in tech. There are more profits in software.
electrical/electronic
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John O'Connell,

Chairman a, Davis Rea...

Price Price
$47.350
Owned Owned
No

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BUY
Stanley Works, The(SWK-N) 

February 4, 2019

Good recent earnings. He's owned this for a decade. Well-managed and strong balance sheet. It's struggling with currency headwinds which should reverse this year. Tariffs are raising their input costs which should also go away this year. Still positive earnings growth for 2019, but at a slower rate than many were expecting. It's been a frustrating stock the past year, down 40%. That said, it's still growing well. Take advantage of its historical low trading metrics. Industrials like this stock were harshly hit by the recent downturn.
misc industrial products
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Good recent earnings. He's owned this for a decade. Well-managed and strong balance sheet. It's struggling with currency headwinds which should reverse this year. Tariffs are raising their input costs which should also go away this year. Still positive earnings growth for 2019, but at a slower rate than many were expecting. It's been a frustrating stock the past year, down 40%. That said, it's still growing well. Take advantage of its historical low trading metrics. Industrials like this stock were harshly hit by the recent downturn.
misc industrial products
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John O'Connell,

Chairman a, Davis Rea...

Price Price
$128.790
Owned Owned
Yes

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DON'T BUY
Netflix Inc.(NFLX-Q) 

February 4, 2019

They've done a great job growing their business. He's always avoided it due to its valuation. He owns Disney instead; it has a much larger content library, and their acquisition of 20th Century Fox will pay off in the long run. They have a lot more experience delivering content around the world, too. NFLX is growing a lot, but also adding a lot of debt.
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They've done a great job growing their business. He's always avoided it due to its valuation. He owns Disney instead; it has a much larger content library, and their acquisition of 20th Century Fox will pay off in the long run. They have a lot more experience delivering content around the world, too. NFLX is growing a lot, but also adding a lot of debt.
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John O'Connell,

Chairman a, Davis Rea...

Price Price
$351.340
Owned Owned
No

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BUY
Walt Disney(DIS-N) 

February 4, 2019

Disney has a large content library, and their acquisition of 20th Century Fox will pay off in the long run. They have a lot more experience delivering content around the world, too.

entertainment services
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Disney has a large content library, and their acquisition of 20th Century Fox will pay off in the long run. They have a lot more experience delivering content around the world, too.

entertainment services
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John O'Connell,

Chairman a, Davis Rea...

Price Price
$111.800
Owned Owned
Yes

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BUY
Bank of Nova Scotia(BNS-T) 

February 4, 2019

What happens to this if there's a recession? Pays a good dividend. The new CEO is unpopular in the bank because of layoffs, but he's building the bank in the long haul. He likes BNS because of its investments in emerging markets. Recession: if Canadians start losing jobs, this will be a problem. Western Canada is already in a brutal recession though not the whole country. Canadian banks will get caught in a national recession. If you want to avoid this, then buy American banks.
banks
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What happens to this if there's a recession? Pays a good dividend. The new CEO is unpopular in the bank because of layoffs, but he's building the bank in the long haul. He likes BNS because of its investments in emerging markets. Recession: if Canadians start losing jobs, this will be a problem. Western Canada is already in a brutal recession though not the whole country. Canadian banks will get caught in a national recession. If you want to avoid this, then buy American banks.
banks
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John O'Connell,

Chairman a, Davis Rea...

Price Price
$74.230
Owned Owned
Yes

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BUY
Apple(AAPL-Q) 

February 4, 2019

Add on dips? Yes, you can. The company has been going through a transition as iPhone sales are slowing. But the service business will grow as long as Apple continues to make investments. Though Apple has recovered from its dips, don't chase this. Wall St. can be fickle. This will trade at a maximum 15x multiple. Apple needs to build its content in the face of its tech rivals. Overall, a great company.
electrical/electronic
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Add on dips? Yes, you can. The company has been going through a transition as iPhone sales are slowing. But the service business will grow as long as Apple continues to make investments. Though Apple has recovered from its dips, don't chase this. Wall St. can be fickle. This will trade at a maximum 15x multiple. Apple needs to build its content in the face of its tech rivals. Overall, a great company.
electrical/electronic
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John O'Connell,

Chairman a, Davis Rea...

Price Price
$168.400
Owned Owned
Yes

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BUY
Your thoughts on Blackrock (BLK-N) He hasn't looked at BLK recently. Instead, he owns BLK indirectly through PNC which owns 20% of BLK. PNC pays an increasing dividend and trading at 11x earnings. It's buying back 5-6% of its company and growing rapidly.
Financial Services
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Your thoughts on Blackrock (BLK-N) He hasn't looked at BLK recently. Instead, he owns BLK indirectly through PNC which owns 20% of BLK. PNC pays an increasing dividend and trading at 11x earnings. It's buying back 5-6% of its company and growing rapidly.
Financial Services
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John O'Connell,

Chairman a, Davis Rea...

Price Price
$124.630
Owned Owned
Yes

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PAST TOP PICK
Accenture Ltd.(ACN-N) 

February 4, 2019

(A Top Pick Apr 02/18, Up 8%) A safe way to play cloud computing. It's one of the largest business compuer companies; they consult. A wonderful dividend grower. It's cheap.
other services
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(A Top Pick Apr 02/18, Up 8%) A safe way to play cloud computing. It's one of the largest business compuer companies; they consult. A wonderful dividend grower. It's cheap.
other services
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John O'Connell,

Chairman a, Davis Rea...

Price Price
$156.550
Owned Owned
Yes

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PAST TOP PICK
Facebook(FB-Q) 

February 4, 2019

(A Top Pick Apr 02/18, Up 9%) He sold it, fearing government regulations on this space. He regrets it, but still sees many risks. It's a great company but can't stomach all the risk.
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(A Top Pick Apr 02/18, Up 9%) He sold it, fearing government regulations on this space. He regrets it, but still sees many risks. It's a great company but can't stomach all the risk.
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John O'Connell,

Chairman a, Davis Rea...

Price Price
$169.250
Owned Owned
No

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PAST TOP PICK
(A Top Pick Apr 02/18, Up 12%) Loves it. Has had 36 or 37 quarters of 20%+ growth that nobody has achieved. Buy it--it's cheap. Their operating margin is down YOY, not because of lower sales, but because they are investing in the future like buying property and hiring smart staff.
Business Services
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(A Top Pick Apr 02/18, Up 12%) Loves it. Has had 36 or 37 quarters of 20%+ growth that nobody has achieved. Buy it--it's cheap. Their operating margin is down YOY, not because of lower sales, but because they are investing in the future like buying property and hiring smart staff.
Business Services
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John O'Connell,

Chairman a, Davis Rea...

Price Price
$1141.420
Owned Owned
Yes

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BUY
He started researching the cannabis sector because he thought cannabis was a pump-and-dump play--and it's largely true. The ones who'll make lasting money in this space are the insiders who sold stock and their investment bankers. He's owned TRST the past 9 months. Research said that TRST tells the truth and is well-financed, and a low-cost operator with modern operations. Yes, it's been frustrating because TRST tells the truth and they do what they say they'll do. They're about to list in New York, but keep in mind who their investment bankers will be. This listing will attract Canadian coverage from banks, as well as from BAC and GS in the U.S. This will raise their profile and shareholder base a lot. A well-run company that wants to build sustainably for the long run.
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He started researching the cannabis sector because he thought cannabis was a pump-and-dump play--and it's largely true. The ones who'll make lasting money in this space are the insiders who sold stock and their investment bankers. He's owned TRST the past 9 months. Research said that TRST tells the truth and is well-financed, and a low-cost operator with modern operations. Yes, it's been frustrating because TRST tells the truth and they do what they say they'll do. They're about to list in New York, but keep in mind who their investment bankers will be. This listing will attract Canadian coverage from banks, as well as from BAC and GS in the U.S. This will raise their profile and shareholder base a lot. A well-run company that wants to build sustainably for the long run.
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John O'Connell,

Chairman a, Davis Rea...

Price Price
$10.150
Owned Owned
Yes

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DON'T BUY
Square Inc(SQ-N) 

February 4, 2019

Buy Visa or Mastercard instead--their scale is crucial. Or even PayPal which is riskier.
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Buy Visa or Mastercard instead--their scale is crucial. Or even PayPal which is riskier.
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John O'Connell,

Chairman a, Davis Rea...

Price Price
$71.750
Owned Owned
No

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DON'T BUY
Manulife Financial(MFC-T) 

February 4, 2019

This will continue to be a random return opportunity. They earn a lot of money off capital markets returns. They're dealing with the hangover of low interest rates and mispriced products that'll hound them for many years. The street will always give MFC the benefit of the doubt, because they're large capital markets users. MFC isn't doing anything wrong, but are suffering obligations to their policy holders, which they do by selling new obligations in a slow-growing, low-return environment. Instead, look at BNS, RY or TD Bank.
insurance
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This will continue to be a random return opportunity. They earn a lot of money off capital markets returns. They're dealing with the hangover of low interest rates and mispriced products that'll hound them for many years. The street will always give MFC the benefit of the doubt, because they're large capital markets users. MFC isn't doing anything wrong, but are suffering obligations to their policy holders, which they do by selling new obligations in a slow-growing, low-return environment. Instead, look at BNS, RY or TD Bank.
insurance
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0 comments
John O'Connell,

Chairman a, Davis Rea...

Price Price
$21.040
Owned Owned
No

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