Larry Kudlow just named as Trump's new economic advisor today should give the markets some confidence. He's stable and mainstream which will appeal to Republicans, though he's a free-trader which is contrary to Trump's views. As for his threatened tariffs, Trump has a strong bark, but then backs away. He has sued people around 4,000 times. This is his strategy and we will learn to react to it in time. Technology is so concentrated in the US. that the U.S. government must block the Qualcomm deal, which gives him pause. Corrections are useful in that they turn stretched earnings (that are rising currently) to an acceptable level.


A great performer in competition with Amazon. It won't rollover against Amazon, but compete. FedEx's e-commerce business is propelling its growth. Also, we're on the verge of the driverless car, which will greatly save costs for FedEx. Good earnings. Well-managed. Expanding internationally, though a cyber attack last year cost them, Overall, great opportunity here.


This will reward patient investors. A highly-disrupted business, having just bought insurer Aetna for vertical integration. They are redefining themselves by locating a store within 3 miles of 80% of the US population, a population that now must take care of chronic ailments, like diabetes. So, this proximity to customers is efficient and profitable. Trading at 11x earnings with good cash flow despite current debt levels. Also likes competitor Walgreens.

specialty stores

Long held this, and it's a good peformer. Processed 1.9 trillion transactions last year. Growing at a 20% annual rate. Multiple around low-mid-20s. High in earnings predictability with no surprises. 61% of business is outside North America. All good.

other services

All the home builders have struggled in reaction to higher interest rates. But these rates are starting from a very low place and won't go very high. 2008 remains fresh in the minds of the Fed, so they are sensitive to the impact of rising rates. New home creation is still below trend in the U.S., so there's a lot of runway here.


He once sold it, because he saw Disney trapped in cord cutting so their cable subscribers were dropping. But after the 20th Century Fox purchase, he changed his mind. Disney's new streaming service through Hulu will compete with Netflix. An exciting opportunity here.

entertainment services

A situation where the market is nervous, the stock slips, which then creates opportunity. Investors won't pay these kinds of multiples out of uncertainty. Biogen is focussed on developing solutions for MS; their Alzheimer's drug is in phase 3 testing, which he personally hopes works. Be patient. BIIB will bounce around with failed drug tests, but this company will yield winning drugs.

biotechnology / pharmaceutical