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Stock Opinions by Peter Mann

N/A

Markets. It does not appear there is a floor to oil prices. No one can predict earnings on oil stocks now. In his US portfolios he has no exposure to oil and has not for some time. He focuses on fundamental businesses with cash. Thinks heightened volatility will continue. Prefers domestic (US) companies rather than international. The US is in a very good environment right now. The equity markets have gone up for 6 straight years and the wind at the back is drawing to a close.

Unknown
HOLD

Buffet has done a tremendous job. This is one of the largest market caps in the world today. It is fairly fully valued, but correlated to an improving US economy.

insurance
HOLD

Part of the wonder has been ESPN and theme parks. It is very free cash flow generative. A number of the parks they are in are having the cap-X rolling off, so it gives them capital to invest. It is fairly fully valued so be weary of buying at these levels.

entertainment services
DON'T BUY

He struggles when it comes to owning businesses that are not free cash flow generative. They have been very creative in their capital raising and in their management. It will stand the test of time. It will be challenging in this environment, however.

0
HOLD

A very, very good business. Free cash flow generation is very strong and the computer cycle was better than anticipated in 2014. Thinks it will be a sound business still in 2015. A great alternative for people looking for fixed income. It will be challenged to grow going forward however.

electrical / electronic
BUY

He sees it as a software business that sells hardware. There are only two ecosystems. IOS and Android. Once you are hooked into one, you stay with it. Will generate a tremendous amount of excess cash this year. He expects it to continue. We are in the midst of an upgrade cycle and will continue into 2015.

electrical / electronic
BUY

A business he likes very much, extraordinarily run. It had a tremendous run. They are well structured in terms of balance sheet. It has been a boon in that they are a pharmacy benefit manager with a retail division. It deserves the multiple it has. Lots of cash getting returned to shareholders in shareholder-friendly ways.

specialty stores
BUY

Likes it very much. Earnings are dramatically understated. They spend a lot of what they earn and don’t return it. This could be the year in which they start to return capital to shareholders. Search will still be able to generate tones of extra cash.

Business Services
DON'T BUY

Challenging environment for commodities. It will be hard for farmers to buy seed. There are currency issues abroad. This is probably a challenging environment.

agriculture
BUY

Phenomenal business. The wonder is their cure for Hepatitis. From a cash flow basis it is hard to predict. Made an announcement today that they will be the exclusive supplier of the drug to CVS-N.

biotechnology / pharmaceutical
BUY

There was a bid to purchase it from FOX and it did not go through. They have HBO and it would be a great fit with FOX. It is not cheap. But it is one of the core assets if you are going to own media stocks.

Broadcasting
DON'T BUY

Got split off from Allstream. Land line is a very challenging business in the US. Very hard to grow in this environment. He does not like businesses that pay out ALL of their cash flow in the form of dividends.

telephone utilities
BUY

99% of revenue is from the US. The big headwind on legal should be starting to subside. A very, very strong consumer-based business. He likes it very much and thinks it will continue to move higher.

banks
BUY

Extremely well managed business with a large order backlog. A good business.

Transportation
WEAK BUY

Small airline. Thinks for the first time in history the infatuation with small airlines is justified. There are probably better avenues to play the airlines in the US. He owns Delta (DAL-N).

Transportation
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