Bruce Murray

If you go back a year ago, the world was coming to an end, it was disaster. Meanwhile, the S&P is up 22%. What the experts missed was the common sense part, which was that production was really constrained, and demand was far outstripping it. That's not the environment for a recession, and we're still in that. There are still shortages out there, but they're getting better. 

If there's an inventory-type recession, it will probably be 9-18 months from now, when production finally catches up to demand and we start to see excess ordering work itself through the system. Other than that, the day we declare a recession the market will take off, because we'll be in a recovery.

We've seen the boom come back in travel, and that's been pretty impressive. A lot of money has been recovered in that area. There have been flight delays, but travellers aren't being told they're not going to reach their destinations at all.

Finally getting back to a pretty good baseline. Uranium industry will take a long time to ramp up. Cameco's mines in Canada are difficult to mine. Kazakhstan is now dominant supplier. Fully valued, at a 10-12 year high, take profits.

Great company. Issue is China, as demand hasn't come back and economy's slowing. Is Air Jordan getting old and tired? Competitors are showing up. He believes in the story.

Stock's worth around $2. Affected by oil and gas prices lower than last year. Need booming energy prices to get things moving. Renewable diesel plant is great, but scale is quite small, minimal impact on profitability.

Extremely well run. Moving into software via acquisition, laying people off to save costs. He's been trimming on the way up, leaving him with a 2% weighting.

Dividend will be maintained, forecast to grow mildly at 2-3% a year. Major dividend growth holding for him. Selloff directly correlated to rise in interest rates. Issue is ability to grow as we move away from petroleum. Funds with ESG constraints may not buy it.

A year ago, it was losing subscribers and a lot of dreams had come out of the stock. They turned it around, nice rebound, but got ahead of itself in light of earnings last night. He sold because growth was all priced in.

Margins in retail are 2-3%. Margins in web hosting are 70-80%, so he's looking at AWS to be the home run that drives the stock forward. Likes it, will continue to run.

Likes it, with the economy opening up and the company securing some price increases. Not a home run stock. You're looking at returns of 10-15% per annum.

CEO turned the situation around from last year. Successfully taking on the competition. Metaverse could be a huge future opportunity, both risk and reward. He's reduced its weight in his portfolio, but sticking with it.

Continues to motor on. In all the right businesses, though not the leader. Some fears that AI might eat into the Search business. Still likes it, still makes a ton of money. Margins are incredible. Revenue growth has slowed from 20% to 10%. You get a home run if ideas pay off, but also if ideas don't pan out and money is saved instead.

Inventory caught up with them. Still likes it, believes still on track to follow LULU and ZARA. Years and years of growth ahead. Momentum is broken, and that will take some time to turn around. You can nibble here.

Converted to a leasing business of planes smaller than most major airlines use, one of the major players in the world in that space. Using cashflow to pay down debt. Talk of reinstating dividend, perhaps in 2 years. Dirt cheap. Buy it, put it away, it could be a double, though it may take a while. Undervalued.

Highest quality company in industrial automation. AI will bring a whole plethora of opportunities. Great companies hit new highs and then go higher. You're just fine holding.