Market. Portfolio management changes every day. There is always risk but that is where discipline comes in. Regarding talks with Mexico, there is no direction and people are looking for any headline to drive the market. There has been no deal all year and we have been just treading water on a deal all year. If we look at the global PMI index we are seeing weakness. We have seen the global economy slow down but it is not at recession levels. He is not avoiding economically sensitive stocks but is going a little more defensive as of late. We will see the bottom this summer in industrials. Resolving of the tariffs into the election should let us see rebounding in the fall. The US dollar has stayed strong all of this year but he does not see it as a huge headwind.
It has been going up non-stop. It has never pulled back to buy-in levels. It is a great company and has a lot of tailwinds. If you are really into it, then pick away at it. He likes the company. It is a great play on ecommerce that is growing at triple digits still and there are a lot of positives for it. The number of large companies coming on board is growing also.
He likes it and has done so for a long time. He used to not be comfortable with the valuation but has not wrapped his head around it. The cloud business has been the leader in cloud and is almost utility-like in nature. Growth is slowing due to the law of large numbers. You can have a lot of confidence in management.
specialty stores
He would not get out before the next dividend. It is a great Canadian company with a great dividend. Wait and hold it for the dividend and then see where it goes.
telephone utilities

It is hard to distinguish between itself and MA-N. It is one of the two largest in the world with great tailwinds. The US is still moving to payment cards.

other services
It has had a bit of a run and then came down. It is a bit more compelling than it was earlier. You are seeing strength come back with new gaming cards.
computer software / processing
He still believes in US banks even if the FED has hinted at a rate cut in the future. BAC-N has increased capital ratios and is in a good position to re-distribute earnings in terms of dividends and share buybacks.