Market. There is always a story and always a worry. He views the trade stories as transitory, even if serious. For the long term investor to react too violently is a mistake. You should have set up a mix to get you through times like this. Trump does not want a weak US economy going into an election. If the trade war continues, the FED has shown they have the backing of the markets and so we could see cutting of rates as the trade dispute effects the economy. The markets are reacting as though it is a lose on both sides. Consumer products companies have to reinvent themselves. Valuations on these slow growers have been too high. It is because interest rates were too low and they increased dividends to create a yield to compete effectively with treasuries. One is a riskless asset and the other is a risk asset. You can't view them as the same.

It is a very fine company. They have increased dividends for about 45 years in succession. They are very predictable. They spun off their pharmaceutical division in 2013. They reinvented themselves by buying a heart medication company, a diagnostic company and a strong nutrition business.

US Banks. The industry is a little in flux because of the environment. The FED did a flip flop in January with interest rates. When you make these mistakes the market reacts. Now we are in a falling rate environment and it is not good for the banks. BAC-N is the most levered to mortgage rates. He lightened up on his banking exposure about 3-4 months ago.

He was not happy with their last earnings report. There was a weakening on margins on their generic drug business and they are being affected with BREXIT because of their affiliation with Boots. He owns CVS-N who have a more vibrant long term plan. WBA-Q does not have a catalyst.

The whole drug industry is a slow growth one. It is difficult to get top line growth. That growth tends to come from a revolving set of assets. MRK-N has a bit of a leg up and is growing rapidly. It has a long runway before patent expiration. He prefers MRK-N.

If you want a company that is in the news then this is it. The business is doing just fine. Advertisers love it – Users love it. They also own Instagram and the increasing rate of growth of that is offsetting the slowing rate of growth of Facebook. He is betting that we come up with a hybrid solution of them not being a news outlet with no fake news and yet is a free speech conduit. It will be a rocky road until we get to it.

The issue was that they were accused of monopolistic activities. AAPL-Q settled with them because their switch to INTL-Q did not work out. We have to look through all this noise to realize they are the leader in 5G chips. That is the big deal. This is not an expensive stock and they are the leader in 5G.

(A Top Pick Jun 07/18, Up 22%) They are a big player in the US health insurance business. There is a lot of noise in this area with the Medicare-for-all concept that the democratic candidates are promoting. If Medicare comes into effect it will take a long time. It will be an iterative process. 75% of those privately insured are happy with it. It is a great opportunity for people to get into ANTM-Q.

(A Top Pick Jun 07/18, Down 21%) Their earnings deteriorated when they changed their advertizing approach. They are now seeing a sharp increase in bookings and he thinks the stock price will soon show this. This stock deserves a higher multiple. (Analysts’ price target is $116.00)

(A Top Pick Jun 07/18, Up 14%) He sold in September. They spun off some businesses. He saw a valuation exhaustion. Spinning the companies off created noise. It is a great company but it was due to go sideways for a while.

[Water comes through their cars in a car wash?] He read this news item and has no idea whether it is true. The bigger issue is if you want to hand your money to this one's CEO? He has not been a good manager and not a good steward of your money. A lot of investors are throwing in the towel.

He owns HD-N. LOW-N has been a serial underperformer and has not kept up with the management strength of HD-N. LOW-N has new management and perhaps this is an opportunity but he would go with the proven winner.

He thinks it will do quite well relative to the market. Their new CEO has reinvented the company. They are now a leader in infrastructure. He thinks it will be higher in 3 years.

They provide infrastructure to get telecom equipment into place – into homes. We are rewiring North America for 1 Gig capacity. It's a lumpy company. Cable companies make up the majority of their business. Over time it should do very well.

They own direct TV and just bought Time Warner. They are now in the content business. It has a fine dividend yield. It is watered down in terms of what it gives you as an investor.