Jason Snipe, CIO, Odyssey Capital Advisors

He sold it recently. It's a great company, but his concern are the margins. Also, deals are taking a lot longer to get done. Profitability is a worry. The activist investor here has a great track record of improving companies. He will watch this for a couple of quarters.

Was upgraded today. Semis were punished last year. They're starting to diversify their products. Trades at 12x earnings and up 17% YTD.

Semis were pummeled last year. Nvidia has a lot more beta than peers, but leads in innovation. Trades at 56x earnings, but innovation paves the way for runway. He likes today's semis upgrades and the outlook for the space.

It was punished last year, but the activist investor is good by focusing on cutting costs. Also, Venmo is a juggernaut.

Tech valuations have fallen a lot, certainly compared to a year ago, but they remain higher than the S&P's 17x PE. You can still buy these names at lower prices. He's neutral tech, but prefers more profitable Cisco and Oracle.

Considering their growth in the coming year, the shares are not cheap. This and other megatechs are still trading at a premium to the wider S&P.

Has rebounded in the last three months. The ad-supported tier just started in November and those initial numbers are positive. Over 60% of revenues come from overseas, and the US dollar has weakened, so that's a plus. He's neutral, because shares have been on a run. He is close to taking some profits.

Likes it strongly among industrials. Shares are down 6% YTD because of a shift to growth names and industrials are early-cycle names (we're in the late cycle). Likes their exposure to defence, and it pays a 2% dividend yield. There's still runway the rest of this year.

Continues to like PANW and cybersecurity, which won't slow down whatever happens to the economy. The last report boasted 25% revenue growth and 50% revenue growth. PANW is expensive with a 40x PE, but they are moving more into the cloud, and the cloud keeps growing. Still a runway here.

Is bouncing nicely today. It's okay, but he prefers the investment banks. Net income was down 30% YOY but pays a nice 4.8% dividend yield. This can still do okay.

Trades at 20x PE. They draw from a strong demand from biopharma and boast strong free cash flow. Stay long.

Trades at 20x PE. They draw from a strong demand from biopharma and boast strong free cash flow. Stay long.

2022 will be the fourth-worst year since 1945 and the worst since 2008, BUT the market tends to avoid back-to-back down years. The S&P was 20% this year. This is the first negative year in the last four. Top of mind for him in 2023 is the Fed: we're closer to the end of their tightening cycle after an historic 400 basis points hiked in 2022. In 2023, we could see 50-75 points, then the Fed will likely hold. Also consider the lag effect of all that happened this year, starting with labour and housing. Beyond that there is some opportunity.

He just sold it. A high beta name with no profits, and down 82% in 2022. An innovative communications platform, but their latest guidance was negative: slower growth in 2023. Will look at it next summer.

They had a strong Christmas season with record numbers, but a wider slowdown ahead will be negative for SHOP, which is tied to retail sales. He sold his small position. Remains an innovative company with a long growth period ahead. He will look at this again next summer.