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COMMENT
What's the catalyst for the selloff today? This market is so extended to the upside, you can't point to anything in particular. Sometimes these markets sag under their own weight. He's been getting more defensive. It's a tough market, as there are tailwinds, but it's so extended. Sees some risk in the growth stocks.
Unknown
COMMENT
Are people losing faith in the work-from-home revolution? Reminds him of the crash of 20 years ago, when a lot of the tech stocks didn't achieve their highs again for another 15 years. The stocks were so ahead of their valuation. Zoom, Tesla, and Shopify are in the same situation. You're paying a lot today for future growth.
Unknown
HOLD

Looks cheap and still owns some, but not adding. Losing market share to AMD in particular. He prefers the semiconductor ETF, SMH, as a way to play the group at a more reasonable valuation.

electrical / electronic
HOLD
Cyclicals haven't bounced that much off the bottom. Driven by global growth, which has lagged tech. Still a good company, generating free cash, good vertical integration, paying down debt. Stick with it.
agriculture
SELL
If he owned it now, he'd sell. Great library of assets. Cruise line and sports are going to be slow to come back. Makes him nervous. Part of Disney's magic was cross-selling, and this isn't working that well for them now.
entertainment services
BUY
Well-positioned for the effects of the pandemic. Network is incredibly robust in the downturn. Generating free cash, and the whole sector is starting to increase dividends.
telephone utilities
COMMENT
Government softening towards the telecoms with diminishing threat of lowering prices? That's the risk going forward. It's a volume-driven business, and prices will come down. Not a big deal going forward.
Unknown