Portfolio Manager at Gluskin Scheff & Assoc.
Member since: Jan '15 · 23 Opinions
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.
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.
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.