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COMMENT
Will tech resume its upward march after some of the speculative air has been let out of the sector? It's possible. Unike 20 years ago, there are viable businesses behind these prices. The run expanded the multiples as the prices were rising faster than the fundamental growth. He's taken a barbell approach, holding some tech as well as some value like banks and industrials.
Unknown
COMMENT
Rotation back into high dividend, low multiple value stocks? At some point, but getting the timing right is a mug's game. He will continue to participate in good quality businesses. When valuations get stretched, they sell a portion of a dominant position, for example Apple. When a stock is at the upper end of its historical valuation range is always a good time to take money off the table.
Unknown
BUY on WEAKNESS
Not a buying opportunity. Fabulous company, reinventing themselves under this CEO. Gaming business is very strong, plus the cloud, and its traditional business in a subscription model. However, trading at 35x earnings. Even very good companies aren't the best stocks from time to time. Have to constantly assess the value. He'd pass, but continue to watch for a pullback as a chance to buy.
computer software / processing
SELL
Expensive, close to 40x earnings. Somewhat impacted by Covid. First year in history that revenue has fallen. Transactions have dropped, but this is an unusual time. Still, you're not getting a discount. He sold, and moved into a better risk/reward.
other services
BUY
Likes it very much. Advertising revenue has been affected by Covid, but should bounce back quite smartly. Reasonable multiple. Next year, could earn $62 per share. Growing 20-25% a year. Lots of arrows in the quiver that aren't monetized yet, such as self-driving cars and AI.
Business Services
BUY
A good opportunity. Covid has led to deferral of elective surgeries, so revenues are suffering and the market didn't like this. Vaccine testing will help them quite a bit to monetize their testing technology. Reasonable opportunity. Wouldn't be shy to buy at these levels.
Healthcare
DON'T BUY

One of the most expensive stocks at price to revenue, so this is a red flag. Gives him pause. How much future success is already built into the price? An alternative is Cisco, with their add-on to access what Zoom does. CSCO is stable, with a reasonable valuation. Companies eventually will need to invest in switching and routers, and this will come straight Cisco's way.

Technology