Opinions by Cameron Hurst | StockChase
387
Cameron Hurst

Chief Investment Officer

ON STOCKCHASE SINCE Aug 2015

Equium Capital Management

387
Cameron Hurst

Chief Investment Officer

ON STOCKCHASE SINCE Aug 2015

Equium Capital Management


Opinions by Cameron Hurst


Signal Opinion Expert Chart
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General Market Comment 

December 7, 2017

Market.  Every month this year the S&P has been up.  Since 1987, we have not had a calendar year with 12 consecutive positive months on the S&P.  It seems like it is a little more on the radar these days.  You have synchronized global growth creating greater global output.  This tightens the labour market.  It attracts capital investment.  He thinks we are getting increasing productivity that could surprise to the upside.  However, we know we are closer to the end of the party than the beginning.  We have to be careful about it.  He thinks inflation is coming.  If rate hikes are coming, he likes the slow and steady policy.  Every end to a cycle has its own flavour.  This one has rates going up.  There could be more increases in futures in 2018.  The market is pricing in two increases.  It could end with compressing valuations as well as decreasing bond prices and decreasing liquidity.

Market.  Every month this year the S&P has been up.  Since 1987, we have not had a calendar year with 12 consecutive positive months on the S&P.  It seems like it is a little more on the radar these days.  You have synchronized global growth creating greater global output.  This tightens the labour market.  It attracts capital investment.  He thinks we are getting increasing productivity that could surprise to the upside.  However, we know we are closer to the end of the party than the beginning.  We have to be careful about it.  He thinks inflation is coming.  If rate hikes are coming, he likes the slow and steady policy.  Every end to a cycle has its own flavour.  This one has rates going up.  There could be more increases in futures in 2018.  The market is pricing in two increases.  It could end with compressing valuations as well as decreasing bond prices and decreasing liquidity.

Unknown
Cameron Hurst

Chief Investment Officer, Equium Capital Manag...

PricePrice
$0.020
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WEAK BUY

Utilities have been fantastic.  You get that bond proxy.  Rates have been okay.  Among that group, water has been great.  He likes the water and utility themes.  He would have preferred an ETF rather than one stock in the space.  The catch here is valuation.  It is an 8-9% grower at a 20+ times earnings.  H does not see a huge risk unless rates go through the roof.

electrical utilities

Utilities have been fantastic.  You get that bond proxy.  Rates have been okay.  Among that group, water has been great.  He likes the water and utility themes.  He would have preferred an ETF rather than one stock in the space.  The catch here is valuation.  It is an 8-9% grower at a 20+ times earnings.  H does not see a huge risk unless rates go through the roof.

electrical utilities
Cameron Hurst

Chief Investment Officer, Equium Capital Manag...

PricePrice
$91.080
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Unknown

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BUY

It’s a good idea to be exposed 10% to the high flyers.  You should use stops.  You have to hang in if you are right too early.  They beat earnings consistently and have a buy back in place right now.  They have good strategy and a good management team in place.  It has not broken technically.

It’s a good idea to be exposed 10% to the high flyers.  You should use stops.  You have to hang in if you are right too early.  They beat earnings consistently and have a buy back in place right now.  They have good strategy and a good management team in place.  It has not broken technically.

0
Cameron Hurst

Chief Investment Officer, Equium Capital Manag...

PricePrice
$174.470
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Unknown

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BUY
Bank of America(BAC-N) 

December 7, 2017

It trades at a 25% discount to WFC-N and JPM-N and is less internationally exposed.  BAC-N are returning capital hand over fist.  Regulations are continuing to come down.  The FED feels capital requirements have hit a max.  Regulatory reform is a big positive.

banks

It trades at a 25% discount to WFC-N and JPM-N and is less internationally exposed.  BAC-N are returning capital hand over fist.  Regulations are continuing to come down.  The FED feels capital requirements have hit a max.  Regulatory reform is a big positive.

banks
Cameron Hurst

Chief Investment Officer, Equium Capital Manag...

PricePrice
$28.780
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Yes

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BUY
CitiGroup(C-N) 

December 7, 2017

WFC-N has been in the news recently with sales practices.  C-N is still in line with JPM-N, which is the best in breed.  C-N is more emerging markets.  You eventually have to choose.

insurance

WFC-N has been in the news recently with sales practices.  C-N is still in line with JPM-N, which is the best in breed.  C-N is more emerging markets.  You eventually have to choose.

insurance
Cameron Hurst

Chief Investment Officer, Equium Capital Manag...

PricePrice
$74.980
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Unknown

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TOP PICK
DowDuPont Inc.(DWDP-N) 

December 7, 2017

It looks like $3 Billion in cost synergies will be conservative.  They have upscaled their verticals.  Next they are going to split up into two.  It is not over valued. (Analysts’ target: $81.00).

chemicals

It looks like $3 Billion in cost synergies will be conservative.  They have upscaled their verticals.  Next they are going to split up into two.  It is not over valued. (Analysts’ target: $81.00).

chemicals
Cameron Hurst

Chief Investment Officer, Equium Capital Manag...

PricePrice
$71.370
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Yes

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DON'T BUY

They are having discussions with DIS-N over assets.  DIS-N is best in breed and have the best ability to monetize content.  They are exceptional at it.  Ultimately they will fix the ESPN stuff.  However he would not touch any media right now.  When it turns you want to go with the strong one, DIS-N.

communications/media

They are having discussions with DIS-N over assets.  DIS-N is best in breed and have the best ability to monetize content.  They are exceptional at it.  Ultimately they will fix the ESPN stuff.  However he would not touch any media right now.  When it turns you want to go with the strong one, DIS-N.

communications/media
Cameron Hurst

Chief Investment Officer, Equium Capital Manag...

PricePrice
$34.180
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No

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BUY
Alphabet Inc. (A)(GOOGL-Q) 

December 7, 2017

There is some regulatory risk in that they get so broad that regulators see it as anti competitive behavior.  Regulators would mangle a high growth company like this.  Right now the growth is good even if stretched.  It is all working, but there is nothing new to the story.  Technically it checks all the technical and fundamental boxes.

Business Services

There is some regulatory risk in that they get so broad that regulators see it as anti competitive behavior.  Regulators would mangle a high growth company like this.  Right now the growth is good even if stretched.  It is all working, but there is nothing new to the story.  Technically it checks all the technical and fundamental boxes.

Business Services
Cameron Hurst

Chief Investment Officer, Equium Capital Manag...

PricePrice
$1044.570
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Unknown

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TOP PICK

There is a lot of interest rate sensitivity.  There is cyclical balance from the market data.  Volumes should go higher if times get tougher. 

E.T.F.'s

There is a lot of interest rate sensitivity.  There is cyclical balance from the market data.  Volumes should go higher if times get tougher. 

E.T.F.'s
Cameron Hurst

Chief Investment Officer, Equium Capital Manag...

PricePrice
$62.530
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Yes

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PAST TOP PICK
McDonalds(MCD-N) 

December 7, 2017

(A Top Pick Jun 13/17, Up 17%)  They are engaging mobile and driving traffic.  They have gone to a healthier menu and better suppliers.  They are back to a growth footing. 

food services

(A Top Pick Jun 13/17, Up 17%)  They are engaging mobile and driving traffic.  They have gone to a healthier menu and better suppliers.  They are back to a growth footing. 

food services
Cameron Hurst

Chief Investment Officer, Equium Capital Manag...

PricePrice
$172.910
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Yes

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DON'T BUY
Papa John's Intl.(PZZA-Q) 

December 7, 2017

He would not touch it technically.  The roll over means you have a steep climb back up.  It has had declining earnings estimates. 

food services

He would not touch it technically.  The roll over means you have a steep climb back up.  It has had declining earnings estimates. 

food services
Cameron Hurst

Chief Investment Officer, Equium Capital Manag...

PricePrice
$56.670
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Unknown

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PAST TOP PICK
Raytheon(RTN-N) 

December 7, 2017

(A Top Pick Jun 13/17, Up 16%)  They are focused more internationally, which is one driver.  They are missile defense and cyber security.  Both are good.

electrical/electronic

(A Top Pick Jun 13/17, Up 16%)  They are focused more internationally, which is one driver.  They are missile defense and cyber security.  Both are good.

electrical/electronic
Cameron Hurst

Chief Investment Officer, Equium Capital Manag...

PricePrice
$186.140
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Yes

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TOP PICK
Raytheon(RTN-N) 

December 7, 2017

Higher defense spending is benefiting them.  There is also great call for their cyber security.  It is fully valued but he is sticking with it at this time.  (Analysts’ target: $204.00).

electrical/electronic

Higher defense spending is benefiting them.  There is also great call for their cyber security.  It is fully valued but he is sticking with it at this time.  (Analysts’ target: $204.00).

electrical/electronic
Cameron Hurst

Chief Investment Officer, Equium Capital Manag...

PricePrice
$186.140
Owned Owned
Yes

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WEAK BUY
Banco Santander SA(SAN-N) 

December 7, 2017

Spanish Bank.  Synchronized global growth benefits it.  It drives productivity growth.  So financials should do well.  There is still rate correction to go on there.  The yield curve is steepening there.  It has a history of being aggressive with credit and M&A philosophy so he would be careful there.  On the whole it checks a lot of boxes.

banks

Spanish Bank.  Synchronized global growth benefits it.  It drives productivity growth.  So financials should do well.  There is still rate correction to go on there.  The yield curve is steepening there.  It has a history of being aggressive with credit and M&A philosophy so he would be careful there.  On the whole it checks a lot of boxes.

banks
Cameron Hurst

Chief Investment Officer, Equium Capital Manag...

PricePrice
$6.480
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Unknown

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WEAK BUY
Stryker Corp.(SYK-N) 

December 7, 2017

It is not as diversified as JNJ-N.  He prefers ETFs to capture the theme because you don’t get the risk.

biotechnology/pharmaceutical

It is not as diversified as JNJ-N.  He prefers ETFs to capture the theme because you don’t get the risk.

biotechnology/pharmaceutical
Cameron Hurst

Chief Investment Officer, Equium Capital Manag...

PricePrice
$151.150
Owned Owned
Unknown

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