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Market. Bad news is good news and good news is bad news as the market is loving that consumer spending is weak. That kind of thing is going on quote a lot in the world right now. The market is discounting lower interest rates as well as quantitative easing a year away. The IMF is pretty clear that they see global growth slowing. News of China and India are pretty weak as well as North America. It is pretty clear that the economy is slowing and the question is if we get a recession how deep and how long. Have some cash on the sides at least. The market is not going to continue to go up.
Unknown
BUY
He just trimmed his holdings. One has to look at the quality of what one is buying. This is a quality company. They are driven by the cloud business. He looks forward and sees so much cash being generated that it deserves to get a premium. They are a massive cash machine. They keep buying back stock and sit in an immaculate financial shape. It's not cheap, however.
computer software / processing
BUY
They became one of the largest wealth managers in the US. It is a very steady cash flow business. It sets them apart and is a more consistent part of the business. The stock is cheap. Global banks have all suffered with flattening yield curves.
investment companies / funds
DON'T BUY
A lot of investors don’t want to own oil stocks. He is not a huge fan. A lot of these companies don't see the value of sitting on cash when commodity prices are high.
integrated oils
BUY

AMZN-Q vs. MSFT-Q. He owns MSFT-Q so does not prefer AMZN-Q. AMZN-Q he is looking at. They have so many opportunities such as healthcare. They are building their revenues at the 15-20% range.

specialty stores
BUY

AMZN-Q vs. MSFT-Q. He owns MSFT-Q so does not prefer AMZN-Q. AMZN-Q he is looking at. They have so many opportunities such as healthcare. They are building their revenues at the 15-20% range.

computer software / processing
DON'T BUY
Other companies have gotten into trouble bidding on these large contracts. They got rid of part of the 407, which was their cash cow because they needed cash. They still have a stake, however. This whole global engineering space is hard to predict. It is so hard to know if these large companies underbid on these large contracts then 3 years later find they lost money on them.
contractors