DON'T BUY
Although the 1st quarter was pretty decent and the market liked it, they are staying away for awhile. Some management changes that came from Cisco (CSCO-Q) didn't work. Not convinced they're out of the woods yet. It's a tough end market. It's a long road ahead.
BUY
With the increasing amount of cell phone users/wireless companies, this is a good company to be in. Have key patents in 3D networks (wide band CDMA) which is gradually growing. They are probably the best makers of the chips. Good valuation.
WEAK BUY
Their end business is selling automation equipment to automotive parts manufacturers. In a tough end market. A sound business. They are aggressive in getting into new markets which are sometimes a long time in maturing and gets them into trouble now and then.
BUY
A market share war between themselves, Nvidia (NVDA-Q) and Intel (INTC-Q) and that tends to swing very quickly up and down. The valuation at this point is quite attractive. A short term risk as they are ramping a new product into production. Delays could hurt them. Moving into new areas.
DON'T BUY
Had a strong niche of sharing documents between offices of the same franchise globally. That niche is now basically being built into networks. They are running the risk of becoming obsolete.
BUY ON WEAKNESS
Approaching fair value. In a tough business, but they are the biggest by far. Likes them as a long term play, but the business can swing around quarter to quarter. Do a great job in the emerging markets. You need a tough stomache for this one.
BUY
A business that he likes at this valuation. Canada's best technology company when you look at the history of profitability, cash flow, being a leader in their sector. Good management.
TOP PICK
(A Top Pick Apr 19/05 Up 11.5%.) Security software. Good franchise and strong brand name. Made an acquisition of Veritas software which is storage software and the market didn't think it was a natural synergy. Likes the idea of the 2 combined. Good valuation.
PAST TOP PICK
(A Top Pick Apr 19/05 Up 21%.) Still likes this one a lot. Have executed well and sees good things ahead of them.
TOP PICK
(A Top Pick Apr 19/05 Up 6.7%.) No company in the world gets growth and profitability better than this one. Very diversified. A semi-conductor manufacturer.
BUY
A great franchise. The growth is there. They have pledged double digit earnings growth over the next 5 years. Lots of opportunities ahead. Their recent acquisitions are working out well. Good price.
HOLD
A great tech story over the long term. A solid franchise and you are safe holding it. They continue to evolve and want to go in and run the businesses that are their customers. Continue to be a leader in semi-conductor manufacturing. Likes it below $80.
BUY
Have recently added this to his fund. Good free cash flow, strong balance sheet. There is some risk right now with their Lipitor drug. A group in India is making a generic version.
DON'T BUY
Management team has done an extraordinary job. Possibility of cash flow and growth is there. It is an $80 billion market cap company which he is not sure is justified. The easy part is done and now they are banging up against the competition. Getting more market share of the internet advertising pie is going to become increasingly challenging.
DON'T BUY
Has had a good run and may be time to lock in your profits. Would have concerns on its growth trajectory. 50% of the business is services driven by software sales. If the software sales are not there, then the service revenue will eventually be hurt.