Jamie Murray

He's seeing strength across the board in the tech space, particularly after 18 months of pretty weak results. This is turning the corner. MSFT cloud guidance was much stronger. AMZN traded up on that, reports later today, and he's expecting good news. There's been concern about cloud computing growth and the apocalypse in smaller tech companies, but mega-cap techs are showing that they're built differently. Corporate spending is still holding up in a strong economy. More of the general economy is moving toward technology rather than it being just in niche areas.

Exactly. The story of 2022 was all about inflation, and it's come down pretty significantly over the last 6-9 months. It will keep trending down, especially in the US. The housing portion of inflation has been very sticky, and we're seeing home prices decrease YOY, and rents are now decreasing. That will be a driver of inflation continuing to trend lower for the rest of 2023.

Housing prices are down YOY, but they're finding a bottom. No one wants to sell if prices are lower, especially in the US if a homeowner is locked into a 30-year mortgage at an attractive rate. Homebuilders are starting to see accelerating interest in their product. It's good for general economic activity if they start building more homes.

Rollup strategy. Now in Germany and UK. Moving more into managed services. Tough time with acquisitions, margins haven't improved, working capital hasn't materialized. Still believes in the strategy. Lots of upside if they can produce a couple of good quarters.

Fantastically run business. Covid shortages hurt, weren't able to deliver buses, so inventory built up, stressed the balance sheet. Demand is great, but they can't supply. Looking to renegotiate debt. At cusp of supply challenges easing and turning around. Watch the next couple of months. Reports next week. 

Very cheap, especially relative to peers. More expensive when you take debt into account for the size of its market cap. Issues executing. Debt's come down a lot. Upside if they can continue to grow the business. Yield is around 4%.

Big acquisition recently. He likes it, market doesn't. Energy has seen a big push for dividends, free cashflow, and return of capital. An acquisition may be sound strategically, but many investors don't like taking on any kind of debt. Will manage balance sheet prudently. Decent returns at current oil prices. See his Top Picks.

Lots of leverage to oil prices, long-life reserves. Strong free cashflow yield where oil prices are today. If oil sits between $70-80 over the next 5 years, hold for yield, decreased debt, share buybacks, potential dividend growth.

Mainly iron ore, but also copper. Good assets in a lower cost jurisdiction. World-class. Variable dividend based on earnings. Tons of free cashflow. Looking to expand copper, a big growth driver for the next decade. Still cheap. Lots of years left for good returns in the sector.

Stable, core holding. Diversifies away from concern over banks' loan losses. Issues with US legacy businesses. Likes Asian insurance operations, will drive earnings for the long term. Yield is 5.5%.

Taking success in Canada and bringing it to the US market. US revenue is just starting to outstrip Canadian revenue and will be a bigger part of the story. Inventory issues, stock's come off. Reports next week. Can grow to be a global presence.

Coming out of a period of bottlenecks. Really good exposure to high-margin products. Car market is still pretty strong. Growing backlog of new EV wins. Very cheap at 8 PE, which doesn't reflect upcoming growth. Big capex spend, but this provides years of tailwinds.

Prefers to BA. New plane is the best one out there with the lowest cost and fuel efficiency. Cleaner story than BA. Huge backlog stalled by parts shortages. Production rates will increase next 2-3 years, which will drive earnings.

Whole group is undervalued. Likes mix of gas and oil and last year's deal. Committed to increasing return of capital and dividend yield up close to 7% by Q3. Nice cashflow. Production should grow 3-5% per year and still have cash leftover at current commodity prices. Earnings report today was nothing special.

Has done well. Well run, but US is the place to look for tech. You'll probably do OK with it, as technology will continue to encroach into the economy and everyday life. This will benefit the sector, and Sony will take its share.