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Stock Opinions by Richard Saperstein, Managing director, Treasury Partners

COMMENT
The Ukraine war accelerated trends before the war: the oil shortage, deglobalization and inflation on commodities. This puts more pressure on the Fed which is already behind the curve. The market is way underpricing the war. The Fed must get more aggressive. Both factors make him cautious. Supply chain shortages happened because consumers bulked up on goods during Covid. Post-Covid now, people will shift from buying goods to restaurants and travel--experiences. So, this will lessen pressure on the supply chain and reduce inflation.
Unknown
STRONG BUY
It's one of his biggest energy holdings. He started buying this last October and he continues to buy it. No one can predict the outcome of the Russia-Ukraine war. Has 11% free cash flow and pays a 3.8% dividend yield. A great hedge in this market.
oil / gas
SELL
In the last 6 months, he cut his bank holdings by 50%. Citi suffers from being too global, and Citi will be under further pressure under this market. Doesn't see a turnaround here. He holds many other US banks.
banks
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