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PAST TOP PICK
(A Top Pick Jan 29/18, Down 28%) Reflective of Japan. Cash plus receivables accounts for the entire share price, that's how cheap it is. Getting the entire business, which is profitable and pays a dividend, for free. So many incredible values in Japan. Tariffs have put pressure on, and money has fled to go into US dollar because of rise in interest rates.
steel
COMMENT
Interest rate hikes in US being dialed back a bit. Fed has said they'll focus on the data. There have been trade disruptions, but wage inflation is real. This is a good thing for employees. Bias for interest rates remains upwards. Central banks only impact short-term interest rates, but the bigger impact will be on bond yields rising.
COMMENT
Concerned about inverted yield curve? No. This is part of the regular business cycle. Encourages everyone to read Warren Buffet's letter to shareholders this year, which details how many times his net worth went down and then recovered. Just ride it out. It's always about doing your research, finding value, and stepping in when the world looks terrible.
COMMENT
Is Japan an investable market with the yen going up and CAD going down? Avoid the "big uglies" like Sony and Panasonic, which have lost touch with the consumer. Third largest economy in the world, 4th largest exporter. Everyone has exposure to Japan. Best in class electronics, they shine at manufacturing equipment, and they're long-term thinkers. Owns about 24 stocks, not just the single stock risk of 1 or 2. Problem for investors is most trade just in Japan.
DON'T BUY
If accusations are true, shows why investors need to pay more attention to corporate governance. Great businesses report on insider dealings. Could involve massive write-downs, couldn't put a valuation on the stock. Struggles with concept that legalization will encourage new users. Avoids the sector.
agriculture
COMMENT
Outlook for gold producers? Never owned a gold stock in his life. Don't look at the 1-year chart, look at the 30-year chart. Barrick is where it was 30 years ago. The only group that's made money is management. Cost of producing now is much higher. If the whole world falls apart, he'd rather have apples than gold bars. Wouldn't touch a gold stock. Instead, own great business that are going to increase dividends.
TOP PICK
Used to be in lighting. Now a premier provider of healthcare technology. Incredibly innovative, growing earnings at 15% rate. One of few great European tech companies. After restructuring, firing on all cylinders, and it's cheap. Yield is 2.5%. (Analysts’ price target is $46.63)
misc consumer products
