Mark Grammer
Member since: Sep '02
Managing Dir. & Portfolio Manager at
Gluskin Sheff & Associates

Latest Top Picks

(A Top Pick April 20, 2017. Up 51.66%). This is a play on the tight Japanese labour market. Persol has done well as a temporary placement agency and has expanded into recruiting, which is a higher-margin business, and is doing well there. Persol was founded by a woman (and it has made her the wealthiest woman in Japan). It finds opportunities for women in an economy that is somewhat male-dominated. This is a distinctive and successful aspect of its business.
(A Top Pick April 20, 2017. Up 16.98%). This is one of the biggest banks in Thailand. This is conservatively run. The economy slowed down last year during a year-long period of mourning for the deceased Thai monarch. That has finished and the economy is picking back up. He expects infrastructure spending to increase, which will filter into small and midsize enterprises which is Kasikornbank’s sweet spot.
(A Top Pick April 20, 2017. Up 19.98%). This is a well run company. Bernard Arnault is a fantastic manager; he moves people around in the company to broaden their experience, and shakes things up. Grammer sees this as the world’s leading company and as a company he could own forever.
This was his top pick in April 2017 and he is sticking with it. The one risk with Persol is that they generate so much cash, they are now investing outside Japan. They say this gives them another avenue for growth if things slow down in Japan, but there is always risk when a company expands in a way that is far afield of its main strength. (Analysts’ price target is 3145¥)
The street hates BMW right now. Many analysts say BMW’s margins are too high and will come down. He says that BMW has sustained its high margins for a long time. Also, BMW is very strong in diesel and there is a perception that diesel is dirty. The Volkswagen scandal did not help. BMW and Mercedes put filters on that reduce particulate emissions significantly, so they are being tainted with an inappropriate brush. Opportunities for BMW are very good in the US, Europe and China. They build many SUV’s in the US, which will help protect them from Trump. (Analysts’ price target is 96.54€)