US stocks continue to hit new highs. The market is comfortable now with the position the Fed is taking, and this has been years in the making. Economy showing signs it's going to skirt a recession, at least in the near term. Earnings are not going off the edge of a cliff, it's just a slowdown. But this whole expansion has been very tepid. Because of this, we should have a short and shallow recession. Investors have to be nimble to outperform indexes in this type of market. We're moving away from growth into value.

How long will the bull market continue? He reevaluates every morning for each of his holdings. Don't look too far down the road. Always good to have a healthy scepticism. You don't want to be too far over your skis.

President Trump signs bill supporting Hong Kong protestors. Market reaction? China won't like it. Could throw a wrench into the trade discussions. The trade agreement is a very shallow attempt at common ground. How China reacts will dictate how markets react. If there's a strong belief that this will sully the talks, it won't be constructive for the markets. This is only one event in many events. Trump needs a deal, and we might get a few days of weakness, but he still needs a deal.

Relatively defensive position, and the market's rotating more towards cyclicals. A great company. Likes it very much. It will have its time in the sun and its time in the shade. Growing earnings and cashflow very smartly. Be patient and let it work over a long time.

One of the headwinds is the trend toward generic products. Consumers aren't as interested in name brands. Only 3-5% growth of revenues and earnings. For a 25x multiple company, that's just not good enough. Investors have pushed the price up to extreme valuations for what the fundamentals support.

Trimmed more than 7 times over 15 years, because it became a dominant position in the portfolios, and this increases risk. As price rises, fundamental value drops. Company hasn't grown as much as its stock price. Recognize that they have a very loyal following of 90%. Services have taken off. Make it a part of your portfolio, not your whole portfolio.

He sold out because it's going to be merged with Bristol Myers, they received full value, and there's always deal risk. Celgene owners may get a premium if 3 drugs come to market and exceeded certain thresholds. This is a side bet, and not the way he likes to invest.

(A Top Pick Nov 13/18, Up 23%) At the start of 2019, the Fed seemed accommodating. But now they're on hold, and this has been a real booster for the banks because they make money off the spread. He sold on the belief that he didn't want to be overly levered to a shallower yield curve.

(A Top Pick Nov 13/18, Up 31%) Liked the deal with 20th Century Fox. It diluted the cord-cutting with ABC and ESPN, and set the stage for Disney to get into the streaming wars. Trading around 20x earnings, while Netflix trades at 3x that value. Disney has the chops to go toe to toe with Netflix.

(A Top Pick Nov 13/18, Down 25%) Sometimes this business is frustrating and you have to be patient. A 5G play. Dycom will participate in a big way when it happens.

Respects them, but the fintech space is crowded. To him, this will end with margin squeezes. Venmo, for splitting the tab, is a great opportunity. Be careful. It's high priced with not a lot of earnings to support it.

He's looked at it over the years. It's a great industrial. What worries him is they're at great litigation risk because of PFAS, in products like Scotchguard. Avoid it.

It's fallen a bit on the back of the Q2 earnings call, when tech spending had tailed off globally. You just have to be patient. This is an excellent entry point. It's also a 5G play, and the next few years will be good for Cisco.

Just because you own it, doesn't mean you have to keep it. The wonderful thing about the market is that you don't have to finish the race on the same horse. Big risk is that you're looking at it as an investment grade company, whereas it's speculative grade right now.

Never discount Goldman Sachs. They're skilled. Management is not afraid of change. Good valuation. But can they execute is the big question. He wouldn't argue with you strenuously if you decided to take a position.