There is some regulatory risk in that they get so broad that regulators see it as anti competitive behavior. Regulators would mangle a high growth company like this. Right now the growth is good even if stretched. It is all working, but there is nothing new to the story. Technically it checks all the technical and fundamental boxes.

WFC-N has been in the news recently with sales practices. C-N is still in line with JPM-N, which is the best in breed. C-N is more emerging markets. You eventually have to choose.

It trades at a 25% discount to WFC-N and JPM-N and is less internationally exposed. BAC-N are returning capital hand over fist. Regulations are continuing to come down. The FED feels capital requirements have hit a max. Regulatory reform is a big positive.

They are having discussions with DIS-N over assets. DIS-N is best in breed and have the best ability to monetize content. They are exceptional at it. Ultimately they will fix the ESPN stuff. However he would not touch any media right now. When it turns you want to go with the strong one, DIS-N.

It’s a good idea to be exposed 10% to the high flyers. You should use stops. You have to hang in if you are right too early. They beat earnings consistently and have a buy back in place right now. They have good strategy and a good management team in place. It has not broken technically.

Their earnings profile has been in decline. They have been beating because they were communicating with the street very well. They have global growth. However he thinks there are more interesting opportunities.

He would not touch it technically. The roll over means you have a steep climb back up. It has had declining earnings estimates.