(A Top Pick Jan 31/18, Up 13%) There is a secular theme in software as a service, as well as the cloud and this one is right in the middle of this. They are the absolute leader in their space. It pulled off its highs, but as one of the last stocks to sell off, it is a company you can buy here and hold it for 2 to 3 years.

(A Top Pick Jan 31/18, Down 14%) Even if you look at a turn in rates, themes have an interruption. This one was 2-4 months long. We had that last fall. He would buy it here, or IAI-N. It is a great entry point.

(A Top Pick Jan 31/18, Down 29%) It is a proxy for the broad US economy and also for the cycle itself. We will have to see if the numbers re-accelerate.

Within the REIT sector, apartments are interesting because there is a real lack of rental space. Rental rates are really accelerating at just under 12%. They are growing cash to be distributed at about 8%. They have a 2.8% dividend that is growing faster than other apartment REITs. They have a strong balance sheet. They can get into more projects. They will add apartments in Toronto and Vancouver. It is one of his largest positions as a firm. (Analysts’ price target is $50.56)

It is a secular theme that goes beyond the business cycle. They are more focused on emerging markets, where the industry is growing faster than domestically. It does not matter if the business cycle slows down or not. (Analysts’ price target is $235.70)