The only things working this year is everything that is defensive. On the back of that, this company has seen some nice price movement. 50% of their revenue comes from cereals, so the whole trend of people trying to get away from carbs isn’t really helpful to them. A good quality company. She doesn’t see a ton of upside.

They have changed the distribution in the last little while. Before they were paying out a lot of the capital gains on the balance sheet as well as the performance bonus. Have now decided to keep that in-house as they weren’t seeing the market paying up for that. With the dislocation in credit markets and equities, and the fear coming out of that, it is really going to impact this company. There is a lot of pain in the equity Price. But this is really the time of volatility where they get good prices, and really plant the seeds to grow the business on earnings going forward. From that standpoint there is a very good baseline yield. They are long-term assets they are collecting fees on. Likes the business and the alignment of ownership and the people that are making these bets in investments on behalf of investors, so she thinks there is a much higher share price coming.

Bank of America (BAC-N) or Citigroup (C-N)? The real driver is what interest rates are going to do. Stock had been performing pretty decently on expectation that the Fed would continue raising rates, but the Fed started reversing course. There were also fears of debt problems. She still prefers to own banks at a fraction of their BV, even if that comes off a little. A pretty good cushion here with trading at a fraction of BV. If one does well, the other will do well also.

Bank of America (BAC-N) or Citigroup (C-N)? The real driver is what interest rates are going to do. Stock had been performing pretty decently on expectation that the Fed would continue raising rates, but the Fed started reversing course. There were also fears of debt problems. She still prefers to own banks at a fraction of their BV, even if that comes off a little. A pretty good cushion here with trading at a fraction of BV. If one does well, the other will do well also.

SEC is looking into the accounting that airlines can do, in spreading costs over an entire project. Not a lot of details the company can disclose on this. This stock is a great example of the amount of fear in the stock market. Since mid-December, it is off about 20%. Backlog has increased to about 7 years, they’ve increased the dividend, and demand of travellers continues to be strong. There are not a lot of negative points on the name, and yet the fear in the market is kind of predicting that there is going to be a slowdown.

(A Top Pick Dec 8/14. Up 5.26%.) Uses technology to help reduce costs in the financial sector, insurance and healthcare. Likes the long-term trends of this. Trading at only 16X earnings. Still a Buy.

(A Top Pick Dec 8/14. Up 27 point to 3%.) They report their NAV in US dollars, so the currency plays a big part. Still have about 35% of their balance sheet in cash.