Chief Investment Officer at Bryn Mawr Trust
Member since: Mar '21 · 24 Opinions
Remains a stock that performs in a weak economy, which he expects for late this year. Since 1990, has outperformed in recessions. Subscription revenues now stand at 43% of overall and growing faster than overall. It's resilient. Valuation is fair and pays a decent dividend.
A low-cost oil producer that can support their dividend at much-lower oil prices.
They bought off more than they can chew, and this year will see retrenchment by cutting expenses. Shares will be rangebound for a while. Comare their asset management business to Morgan Stanley's, which is performing far better. GS needs to fix this.
Expectations were too high heading to today's quarter. Could see problems with consumers and remember that recessions hit small businesses harder. But it's a good, long-term story and an important player in e-commerce. Leave this alone for a while.
There's no reason why this stock can't go higher, but worries about it in another risk-off environment, which he thinks will happen in coming months. It's traded in $200-300 for a while with $225 as the next level. But there are a ton of cross-currents it faces--lowering prices, decent demand in US, but potential issues in China (suppose Chin's economy contracts). Shares are still in a downtrend, but will revisit it when that trend changes. He's been wrong about Elon Musk before. $