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Stock Opinions by James Telfser

COMMENT
New twists to the markets. When you throw liquidity at the market, interesting aspects emerge. Enticing to follow, but a lot of this is just noise. The types of names he looks at are not too impacted.
Unknown
COMMENT
Cyclicals still relevant? Estimates for inflation print tomorrow are ratcheting up. Cyclicals are still a big part of the recovery story. Commodities to industrials. Not too late to add some exposure to your portfolio, at least for the short term. Record commodity prices should flow through to corporate earnings. Some more secular, high growth names have sold off as a result, so he's been picking away at opportunities there. It's a barbell approach, getting into position for when there's a switch back to growth.
Unknown
COMMENT
US tech stocks vs. value and yield stocks. You have to own the FANGs, as they generate so much cash. He'd absolutely choose a basket of those, which will generate returns in excess of GDP, rather than value names that are playing catch-up and likely won't exceed the expectations of the FANGs.
Unknown
BUY
A great business. Outperformed the last 5 years. Great balance sheet, so they can explore global growth opportunities. E-commerce is still just scratching the surface on the retail side. Dominant market share in Canada at 90%. Excellent time to buy.
Transportation & Environmental Services
COMMENT
Being acquired. No competing offer on the horizon. You're not risking much by buying, but doesn't see another deal coming along.
electrical / electronic
HOLD
Frustrating when you get things right on the demand side, but supply doesn't follow through. That's the risk going forward. The chip shortage is catching everyone. Hold on to it. The theme of outdoor recreation is here to stay, and demand will last for quite some time.
Consumer Products
BUY
US financials are in a great position. Benefit from interest rates going higher. Will do well in capital markets and banking. US 10-year is back below 1.5%, and US banks have barely budged, so this signals a good time to buy. Still reasonably priced. Go long.
banks
COMMENT
The CAD. CAD has been on a tear. Not inconceivable that oil and commodities will continue to rally, as inflation has been persistent. In that environment, the CAD will continue to outperform. If we get a miss on inflation, things could move the other way quite dramatically on both commodity prices and the CAD.
Unknown
HOLD
A frustrating position. Imaging clinics in the US. Performing well and acquiring clinics. Higher margins than peers. Positive news has come out, so the rest of the year should be better, closing the gap in the valuation. Generating free cashflow and paying down debt. Alzheimer's drug will push organic demand for scans.
medical services
DON'T BUY

Telehealth player, with more of an unfocused strategy. Whereas AKU is very focused.

Healthcare
BUY

If you look to the future, NVDA will touch all those technologies. Astounding growth profile. Ahead of the competition. Long runway. Hard to get your head around the valuation, but if you buy, you'll probably be happy years down the road. A great company. He owns TSM instead, for the lower risk.

computer software / processing
PAST TOP PICK
(A Top Pick Jun 03/20, Up 68%) Finally getting traction with investors. Great CEO. Building up presence in higher end pharma space. Great story, good backlog. He'd still buy it here.
misc industrial products
PAST TOP PICK
(A Top Pick Jun 03/20, Up 24%) Suffering because supply chain issues should flow through to revenue, but that's taking longer. #1 company that helps companies fix supply chain issues on the fly. Will have a great few years ahead.
0
PAST TOP PICK
(A Top Pick Jun 03/20, Up 55%) Great business. Involved in so many industries with secular growth. Underlevered balance sheet, so they'll be able to take advantage of opportunities.
electrical / electronic
BUY on WEAKNESS
Be cautious putting money into utilities right now, unless you need the income. With the call on cyclicals, you might get some better opportunities to add to those names. As rates move higher, typically those stocks sell off. In the US dividend space, he owns AMT, with its infrastructure/utility type play, predictable cashflow, dividend growth, acquisition opportunities.
Telecommunications
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