He's looking for opportune sell-offs. U.S. tax reform and more restrained American household debt are encouraging, but the Fed is raising rates under a new chairman. Other factors: the U.S. yield curve is flattening and global trade tensions. He's optimistic long-term, cautious short-term. American has become an under-the-radar oil superpower through innovative fracking to the point of exporting oil and natural gas. Hold dry powder (cash) for opportunities.
A terrific business. Huge amounts of dollars are moving from print to online and Google (and Facebook) are largely receiving them. Usage is growing and reach is enormous. Things will continue to go well. Strong cash flow and balance sheet. Through Waymo, Google is a leader in self-driving cars, too. They're spending on R&D so they could spin off more opportunities in the future.
Car industry: An extremely interesting time now, given the transition to self-driving cars, electric ones and ride-sharing. Google's Waymo is offering a self-driving, ride-sharing test program in Arizona. Later, they plan to offer a for-pay service. As the cost of these new forms of transportation decline, more people will use it. Also, self-driving cars will reduce auto deaths which are rising in the age of texting drivers. Adapation will be gradual and likely be introduced from city to city. Factors, including the high cost of the technology inside these cars, will likely increase fleet sales vs. individual car sales.
An interesting company. A retail pharmacy but now also a pharmacy benefit manager and in the process of acquiring a health insurer. So, they're trying to go along the whole chain. What could happen is that the insurance side directs people to CVS' mini-clinics to perform simpler medical work that a doctor would do, such as giving injections. This could drive down U.S. medical costs (and the U.S. has issues to face here), but also drive traffic to CVS stores. As for Amazon entering this space, we'll see what the impact is.
Not keen on it. What made them terrific before may not continue: quality food and good value, then people got sick. He's unconvinced they can regain that public goodwill.