How will the pandemic change your investing style? Not likely to change his strategy. These disruptions happen. It's been hard on people, but there have been pandemics before, and there will be again. Currency, interest rates, and commodity prices all go up and down. Choose companies that have resilience, with a business model that can survive adversity. He selects quality companies. Investors will have to spend more time doing due diligence.

Science is telling us there may be a worse virus to come. The 1918 influenza epidemic had an impact on the economy. Influenza in the 1950s and again in the 1968 recession both affected economic activity. Businesses need to be able to adapt. For example, a media company's business model is more resilient since people can work from home. This allows these businesses to take market share. There are always concerns: SARS, Covid, terrorism, recessions.

Very fine company. One of the best property and casualty companies in the world. Relatively resilient, defensive business model. Long-term, he recommends it. But for short and medium performance, we're exiting a recession, so it makes sense to put more capital into cyclicals.

Hard drives refuse to die. Hoya is the only supplier of glass platters, so that's where he's invested. Hard drives will be transitioning from aluminum to glass over the next 5 years.

Hard drives refuse to die. Hoya is the only supplier of glass platters, so that's where he's invested. Hard drives will be transitioning from aluminum to glass over the next 5 years.

Likes it. One of the largest suppliers in the world of index funds. They have scale. One of the few parts of asset management that's growing. Compelling management fees.

Likes it in the long term. He's taken some profit. Short-term concern is that a lot of people bought pandemic companion animals, so 2020 was a really good year, and it's going to be hard to top 2020.

An area that's started to act better recently. Well managed. But doesn't understand what the catalysts are. Doesn't find it compelling. Consider the picks and shovels instead, like Agilent or Danaher, who benefit from growth in everyone's pipeline.

Likes the product. Concern is one of scale. How much bigger can it be, and how compelling is the product? Likes the cyclical aspect of increased ad revenues. Better ways to get access to those revenues, such as Google or a media content library owner.

(A Top Pick Dec 02/19, Up 44%) Very fine company. Exited for better ideas. He would buy it again. They're very exposed to the 5G market, and he chose to own Teradyne instead.

(A Top Pick Dec 02/19, Up 40%) Masters of making glass. Second largest eye glass lens maker in the world. Their Pentax lens unit will benefit from pent-up demand in endoscopy. Well positioned in current environment.

(A Top Pick Dec 02/19, Up 48%) Make a bunch of different chemicals for a bunch of different uses. Heavily involved in infrastructure, and it's uniquely positioned to benefit from this trend.

He doesn't invest in equities from communist countries. Recent events have proved this wisdom. These companies are becoming less investable, especially with interest in ESG investing.

One of the largest fabulous semiconductor companies in the world. Its recent internally produced chip is giving tremendous performance. He's reduced Apple considerably since last August. Not the best pick for the next 12 months. He'd prefer the semi space.

Index ETFs. He would never recommend an index ETF, because you have to take the good with the bad. So you get a company like Intel, that keeps surrendering market share. He'd rather own companies that are taking market share or pick and shovel companies that help others take market share.