Opinions by Kash Pashootan | StockChase
625
Kash Pashootan

Sr. VP & Portfolio Manager

ON STOCKCHASE SINCE Jan 2015

First Avenue Advisory, Raymond James

625
Kash Pashootan

Sr. VP & Portfolio Manager

ON STOCKCHASE SINCE Jan 2015

First Avenue Advisory, Raymond James


Opinions by Kash Pashootan


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General Market Comment 

December 6, 2017

Market. One side looks pretty good. Confidence is high and there is earnings growth. US tax reform and Wall Street Reform are positive which helps earnings. The other side can’t be ignored if you are managing money. It’s how investors’ psychology plays into all this. After years of positive markets, with relatively low volatility, he expects that over the next 12-18 months, it will look uglier than it really is because, as we start to get volatility and a pullback, it will be further compounded by it being the first time it’s happened in a while. Once that happens, combined with the fact that there is a lot of bond money in equities, when we start to see some corrections, the volatility and the depth of how much markets go down, will be compounded by investors moving more capital out, taking a pause to digest the fact that every $1 million is now worth something like $900,000, etc. He feels pretty good about the earnings trajectory and what is going on from a global economic perspective. We will be going through a period that is relatively choppy.

Market. One side looks pretty good. Confidence is high and there is earnings growth. US tax reform and Wall Street Reform are positive which helps earnings. The other side can’t be ignored if you are managing money. It’s how investors’ psychology plays into all this. After years of positive markets, with relatively low volatility, he expects that over the next 12-18 months, it will look uglier than it really is because, as we start to get volatility and a pullback, it will be further compounded by it being the first time it’s happened in a while. Once that happens, combined with the fact that there is a lot of bond money in equities, when we start to see some corrections, the volatility and the depth of how much markets go down, will be compounded by investors moving more capital out, taking a pause to digest the fact that every $1 million is now worth something like $900,000, etc. He feels pretty good about the earnings trajectory and what is going on from a global economic perspective. We will be going through a period that is relatively choppy.

Unknown
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$0.020
Owned Owned
_N/A

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COMMENT
Apple(AAPL-Q) 

December 6, 2017

Sold his holdings at around $160 in October. The story hasn’t changed, he still likes it, and is looking for an entry point. Any time you see a stock appreciate 50% in a year, it is ripe for some sort of correction and pull back. This is a name that is going to do very well in a portfolio in the long-term. If you are a “buy and hold”, you could buy it and hold for the long-term, but if you are a little more tactical, buying it on a dip is a better way to make money.

electrical/electronic

Sold his holdings at around $160 in October. The story hasn’t changed, he still likes it, and is looking for an entry point. Any time you see a stock appreciate 50% in a year, it is ripe for some sort of correction and pull back. This is a name that is going to do very well in a portfolio in the long-term. If you are a “buy and hold”, you could buy it and hold for the long-term, but if you are a little more tactical, buying it on a dip is a better way to make money.

electrical/electronic
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$169.010
Owned Owned
No

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SELL
Barrick Gold(ABX-T) 

December 6, 2017

When it comes to gold, you have to ask why you are there. You are either playing defence, or as an offense thinking gold is going to go to $2000 an ounce. When talking about companies, you either feel there is something unique about management or they have a competitive advantage. His strategy for clients is to own gold bullion, which is his way of playing defence. Gold acts as a pretty good hedge against geopolitical or mayhem that may be out there. He would sell this and buy gold bullion.

precious metals

When it comes to gold, you have to ask why you are there. You are either playing defence, or as an offense thinking gold is going to go to $2000 an ounce. When talking about companies, you either feel there is something unique about management or they have a competitive advantage. His strategy for clients is to own gold bullion, which is his way of playing defence. Gold acts as a pretty good hedge against geopolitical or mayhem that may be out there. He would sell this and buy gold bullion.

precious metals
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$17.340
Owned Owned
No

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TOP PICK
City Holding(CHCO-Q) 

December 6, 2017

A regional bank, primarily out of West Virginia, with about 85 branches. They open a handful of branches every year, pretty much focused on day-to-day banking. He likes how the US consumer looks at this point, and this bank tends to benefit from that. Dividend yield of 2.6%. (Analysts’ price target is $71.)

Financial Services

A regional bank, primarily out of West Virginia, with about 85 branches. They open a handful of branches every year, pretty much focused on day-to-day banking. He likes how the US consumer looks at this point, and this bank tends to benefit from that. Dividend yield of 2.6%. (Analysts’ price target is $71.)

Financial Services
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$68.840
Owned Owned
Yes

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COMMENT
CI Financial Corp(CIX-T) 

December 6, 2017

Sell this and buy Shaw Communications (SJR.B-T) or BCE (BCE-T)? He likes all 3. It really comes down to your portfolio and what else you own. These are 3 very different businesses. BCE is the most boring name and is the “Steady Eddie”. You’re getting a dividend of about 4.7%, and the stock is up about 6% this year giving you a 10% return. He would steer you more towards BCE.

investment companies/funds

Sell this and buy Shaw Communications (SJR.B-T) or BCE (BCE-T)? He likes all 3. It really comes down to your portfolio and what else you own. These are 3 very different businesses. BCE is the most boring name and is the “Steady Eddie”. You’re getting a dividend of about 4.7%, and the stock is up about 6% this year giving you a 10% return. He would steer you more towards BCE.

investment companies/funds
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$28.680
Owned Owned
Unknown

Must be logged in to use chart
COMMENT

After its 1st leg of recovery, as the stock started to go sideways, he sold his holdings. He has a tough time seeing a business pay a 10% yield when they have the challenges this company has. Dividend yield of 9.78% which he doesn’t think is safe, as they should cut it to do better allocation of capital.

entertainment services

After its 1st leg of recovery, as the stock started to go sideways, he sold his holdings. He has a tough time seeing a business pay a 10% yield when they have the challenges this company has. Dividend yield of 9.78% which he doesn’t think is safe, as they should cut it to do better allocation of capital.

entertainment services
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$11.520
Owned Owned
No

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COMMENT

This and Bank of Montréal (BMO-T) are similar in that, year to date they haven’t done much. Trading at somewhat of a discount to the others. He likes this one, but wouldn’t bet the farm on one bank only.

banks

This and Bank of Montréal (BMO-T) are similar in that, year to date they haven’t done much. Trading at somewhat of a discount to the others. He likes this one, but wouldn’t bet the farm on one bank only.

banks
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$119.000
Owned Owned
Yes

Must be logged in to use chart
TOP PICK

A regional bank. Over the next year, with the confidence the US consumer is going to get with Wall Street Reform and tax reform, this is a name that tends to benefit. Located in a more affluent geography, in the Pacific Northwest, where there is growth in terms of jobs and income. Trading at around 20X. Dividend yield of 1.9%. (Analysts’ price target is $46.)

banks

A regional bank. Over the next year, with the confidence the US consumer is going to get with Wall Street Reform and tax reform, this is a name that tends to benefit. Located in a more affluent geography, in the Pacific Northwest, where there is growth in terms of jobs and income. Trading at around 20X. Dividend yield of 1.9%. (Analysts’ price target is $46.)

banks
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$45.560
Owned Owned
Yes

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PAST TOP PICK
Cisco(CSCO-Q) 

December 6, 2017

(A Top Pick July 18/16. Up 31%.) Historically they’ve been very active in doing acquisitions, and have been buying up all sorts of different businesses. After seeing a meaningful double-digit return and at how many acquisitions they have done and their need to digest them, he wasn’t sure what direction they were heading in, so he locked in his profit. Still likes the name, but is out of it.

electrical/electronic

(A Top Pick July 18/16. Up 31%.) Historically they’ve been very active in doing acquisitions, and have been buying up all sorts of different businesses. After seeing a meaningful double-digit return and at how many acquisitions they have done and their need to digest them, he wasn’t sure what direction they were heading in, so he locked in his profit. Still likes the name, but is out of it.

electrical/electronic
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$37.410
Owned Owned
No

Must be logged in to use chart
PAST TOP PICK
DineEquity(DIN-N) 

December 6, 2017

(A Top Pick July 18/16. Down 34%.) Had bought this as a deep value play, but the stock went from cheap to cheaper. Sold his holdings at around $55. Today it is trading at around 10X Price to Earnings with a dividend close to 9%.

food services

(A Top Pick July 18/16. Down 34%.) Had bought this as a deep value play, but the stock went from cheap to cheaper. Sold his holdings at around $55. Today it is trading at around 10X Price to Earnings with a dividend close to 9%.

food services
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$49.500
Owned Owned
No

Must be logged in to use chart
BUY
Exchange Income(EIF-T) 

December 6, 2017

Regional planes and aftermarket parts distribution. He likes the business. It’s been under pressure from a Short seller making comments about using debt to pay the dividend. He is not convinced. They’ve been fairly active doing acquisitions, and he looks at the debt as being for acquisitions. Trading at a reasonable valuation at about 16X, and pays a great dividend of almost 6%. He is buying for new clients.

Transportation & Environmental Services

Regional planes and aftermarket parts distribution. He likes the business. It’s been under pressure from a Short seller making comments about using debt to pay the dividend. He is not convinced. They’ve been fairly active doing acquisitions, and he looks at the debt as being for acquisitions. Trading at a reasonable valuation at about 16X, and pays a great dividend of almost 6%. He is buying for new clients.

Transportation & Environmental Services
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$36.520
Owned Owned
Yes

Must be logged in to use chart
COMMENT
GameStop Corp.(GME-N) 

December 6, 2017

The world’s largest video game retailer. They’ve done a lot of things well. To combat online gaming, they have a great trade program. If someone is tired of a game, they can take the video to this company, and get credit for the new hot game they want, and that ability is not available online. The challenge is that they are going through a transition of being known as a video game retailer to being a sort of entertainment media outlet, and are doing that in a variety of ways, including getting into selling mobile phones. Expects this will trade at a discount because the market is worried about what it will look like 5 years from now. The balance sheet looks pretty good and pays a juicy dividend of 8%.

specialty stores

The world’s largest video game retailer. They’ve done a lot of things well. To combat online gaming, they have a great trade program. If someone is tired of a game, they can take the video to this company, and get credit for the new hot game they want, and that ability is not available online. The challenge is that they are going through a transition of being known as a video game retailer to being a sort of entertainment media outlet, and are doing that in a variety of ways, including getting into selling mobile phones. Expects this will trade at a discount because the market is worried about what it will look like 5 years from now. The balance sheet looks pretty good and pays a juicy dividend of 8%.

specialty stores
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$19.010
Owned Owned
No

Must be logged in to use chart
DON'T BUY
Laurentian Bank(LB-T) 

December 6, 2017

Announced some problems with mortgages resulting in a knee-jerk selloff. This bank is similar to Canadian Western Bank (CWB-T). They are not large compared to the big Canadian banks, so they are not as diverse and don’t have as many revenue lines. They generally have more volatility. The valuation is not that much different from some of the bigger banks, so unless it was sufficiently cheaper, it would not be his first pick.

banks

Announced some problems with mortgages resulting in a knee-jerk selloff. This bank is similar to Canadian Western Bank (CWB-T). They are not large compared to the big Canadian banks, so they are not as diverse and don’t have as many revenue lines. They generally have more volatility. The valuation is not that much different from some of the bigger banks, so unless it was sufficiently cheaper, it would not be his first pick.

banks
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$55.270
Owned Owned
Unknown

Must be logged in to use chart
TOP PICK

In a world where everything is expensive, you try to choose a name that is expensive, but gives you growth. This company continues to be positioned well. The stock has taken a bit of a pause, so he likes that as an entry point. They are doing a lot of things right. They are continuing to do acquisitions and grow. The key is the recent softness on the share price. A bonus is some of the tax reform which they will benefit from. Dividend yield of 2.5%. (Analysts’ price target is $62.)

income trust

In a world where everything is expensive, you try to choose a name that is expensive, but gives you growth. This company continues to be positioned well. The stock has taken a bit of a pause, so he likes that as an entry point. They are doing a lot of things right. They are continuing to do acquisitions and grow. The key is the recent softness on the share price. A bonus is some of the tax reform which they will benefit from. Dividend yield of 2.5%. (Analysts’ price target is $62.)

income trust
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$52.930
Owned Owned
Yes

Must be logged in to use chart
DON'T BUY
PepsiCo(PEP-N) 

December 6, 2017

There is a lot of pressure on carbonated beverages. It’s shrinking year-over-year. This has transitioned away better than Coca-Cola (KO-N) has. More than 50% of revenues comes from non-carbonated beverages. They have over 20 brands that generate over $1 billion a year. He would consider this if it were cheaper. Trading at over 20X Price to Earnings. 

food processing

There is a lot of pressure on carbonated beverages. It’s shrinking year-over-year. This has transitioned away better than Coca-Cola (KO-N) has. More than 50% of revenues comes from non-carbonated beverages. They have over 20 brands that generate over $1 billion a year. He would consider this if it were cheaper. Trading at over 20X Price to Earnings. 

food processing
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$118.900
Owned Owned
No

Must be logged in to use chart
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