Today, Bruce Murray and Geoff Scott commented about whether SYMC-Q, CSX-Q, TOU-T, AC-T, GE-N, GILD-Q, SHOP-T, BAC-N, FTS-T, BRK.B-N, CCL-N, TOU-T, MIDD-Q, PX-N, SLF-T, WJA-T, WJA-T, EMA-T, MSFT-Q, IFC-T, MFC-T, ATD.B-T, KEY-T, ENB-T, LNR-T, CELG-Q, META-Q, MU-Q, NVDA-Q, SHOP-T, BB-T, SQ-N, SLB-N, TRP-T, EL-N, TECK.B-T, VZ-N, T-N, ENB-T, MS-N, AMZN-Q, GOOG-Q, TCL.A-T, SLCA-N, STN-T, MA-N, V-N, ATD.B-T, KO-N are stocks to buy or sell.
Market. He came into the year with a conservative frame of mind and more cash than usual. Valuations were too high at the start of the year but there have been good opportunities as volatility has gone up. In terms of FAANG stocks, he thinks they are hitting a wall in terms of what regulators will ignore. There is downside risk as new regulations are created, but he cannot yet tell how much. When asked which sectors he prefers, he said that his process is bottom-up, focused on individual stocks rather than sectors. However, the opportunities that have been most attractive this year have mainly been utilities and other stocks that people often think of as boring.
Couche-Tard is a strong Canadian business that has executed their strategy of consolidating the convenience store exit globally, with a lot of discipline. This quarter, they had weakness in their gasoline margins and wage pressures in the U.S. There were also one-time issues, such as storms and the cost of a large new acquisition. (The stock dropped 6.75% on the day of this interview.) He has liked this company for a long time and thinks it is worth buying at the right time.
Buy on a pullback. This is quite expensive but will grow. Great company. Buy high and sell higher.