(A Top Pick Jan 11/18, Up 8%) Likes it. There are really two robust parts of the healtcare sector, one is this one, medical devices and equipment, and the other is managed care. You are buying market beta here; if the market goes down, IHI is going down. They might be high quality and good cash flow, but don't think of this as safety. Loves it and would stick with it.

(A Top Pick Jan 11/18, Down 14%) Sold last summer. Nothing wrong with the company. Still loves it fundamentally but poorly timed.

(A Top Pick Jan 11/18, Down 38%) Probably one of his worst pick to date. The stock got pummeled after they highlighted that the macro uncertainty and trade tension with China was problematic. Sold it.

Two sides to it. Pharmacy benefit side (PBM) and the retail side. Doesn't like the pharmacy benefit side. Generics pricing is an headwind. They are doing a number of right things but there is nothing to get really excited about. Prefers UNH-N.

Price to book ratio play. Classically you buy it below book and sell it at 1.5-1.8X. Currently 0.86X price to book looks really tempting. They are not as susceptible to net interest margin, to the credit, to a number of factors that are going to hit banks. Much more focused business line, great wealth management, great asset management, great trading capital market and investment banking. But at the end of the day we are at the end of the cycle and now may not be the time to buy this.

Home building, flooring, both residential and commercial. Was trading at $250 less than year ago, now is trading at $123. Revenues might be positivem but still in restructuring, and negative EPS for next year. Would stay away. This is the kind of chart they stay a million miles away from.

Percentage of cash in your U.S. equity portfolio? They are 15% cash right now, about 40% bounds and 45% equities. Doesn't love the market right now.