He still likes it. It has been frustrating. It was a pick 6 months ago. There is a bit more fear of capacity increase coming on. Hurricane-created demand has gone down. Brookfield has been selling large blocks of this one. He feels we may be getting closer to the end of the cycle for this one, even if we are not there yet.

It has caught up with the other telcos. It rolled over just as the Trump trade started up again. It is one of the most stable stocks in the index. The valuation is reasonable. You have 5% yield, PE of 17 and very high return on equity. He holds a small position. They can maintain their dividend in a rising interest rate environment.

You have to ignore the noise. It is one of his largest holdings. Price momentum is one of the best. They have repeatedly surprised the street on how much cash they generated and then paid out in dividends including special dividends. 28% ROE and 11 times earnings. The balance sheet is fine.

They have been masterful in picking the hot toy. Great price momentum. They survived a couple of block sales of stock. It has good valuation despite the run-up. 38% return on equity. They have a good balance sheet and high quality earnings.

It was a poster child stock last year. They always had an extremely high valuation. No earnings. It is all forward looking. You can’t put a multiple on it. You are relying on continued rapid growth. If it had a bad quarter it could really fall off a cliff. It had gone sideways for about 6 months, so is falling in his ranking. It is a small short for him right now.

He held it in the past. It trades at around 0.9 times book ($4.40). They are selling down divisions at or above book. They have a lot of acquisitions but deals are not as cheap as they were. He prefers EFN-T.

It is a bit small cap for him. It has good price momentum, good valuation, is cheap on a book value basis, and has a good balance sheet. You can buy it for a cyclical recovery.