COMMENT
Bitcoin. Even if it doesn't end well, is there an opportunity in the short to medium term? As central banks move ahead with digital currencies, they will look at existing cryptocurrencies with a great deal of suspicion and regulations will be implemented. A preferable way to be involved is through semiconductors, the picks and shovels of cypto mining. Digital currency will empower payment networks and banks that are most ahead in digital, and the long-term winners will be the existing businesses that are most adapted to the digital world. Both JPM and First Republic have significant investments in digital banking, and these will pay off.
BUY

Vacuum metrology, where they and one other company have most of the market. Demand increases as we move to increasingly smaller semiconductor nodes. Increase in OLED screens is a positive. They are one of two global players in leak detection, a space that's growing, especially in batteries. A significant position for him.

WAIT
Good way to play 5G, though not a pure play. Next catalyst will be in more traditional areas that depend on industrial demand. Big defense segment, which may shrink before increasing. 6G could become reality 5 years from now. He exited because unsure of next catalyst. Strong earnings power. Very fine company, but not sure it's timely.
COMMENT
Let winners run? He lets winners run. Warren Buffett says that selling your winners to buy more of your losers is like cutting your flowers to water your weeds. But there's a limit to how far you let your winners run. Can't let them run beyond control. Remember the lesson of Valeant; it was punishing when it pulled back. He has about 25 positions. He trims winners. There are risks associated with a winner becoming too big a position. A financial advisor can help navigate this.
BUY

Displaced Oracle in the cloud as the database of choice. It's about selling cloud services, like a utility. Margins are much higher on cloud than selling software. Over time, margins and free cashflow will go up. Not concerned about the valuation, because of growing business and margins.

WEAK BUY

Fine company. Merging with a competitor, so this brings uncertainty. Not beholden to any one customer. He owns TXN instead, which does digital and analog chips. One of the most profitable of all of the chip manufacturers, and this is why he owns TXN.

BUY

Instead of ADI, he owns TXN, which does digital and analog chips. One of the most profitable of all of the chip manufacturers, and this is why he owns it.

DON'T BUY
Very little competition. Optical inspection of the semiconductor wafer. He owns others instead. Rapidly growing area.
PAST TOP PICK
(A Top Pick Apr 07/20, Up 43%) Produce endoscopes, eyeglass lenses, glass platters for hard disks, and leading edge nodes. A long-term favourite.
PAST TOP PICK
(A Top Pick Apr 07/20, Up 4%) Food products in Israel. Held up last year. Affected by lockdowns, as most snack foods are consumed away from home. A reopening play.
PAST TOP PICK
(A Top Pick Apr 07/20, Up 39%) Contract producer of pharmaceuticals. Leader in making biotech drugs. 2020 was so strong, he got out, since 2021 couldn't compare. Rate of growth will be lower next year, but he will revisit it.
DON'T BUY

Liked it better in the past than today. If there were a recession, they'd need more capital. Remains a very fine company as to products. Good management that will learn from the past. Volumes in medical devices are not recovering as he expected. He owns Abbott Labs instead, a diversified player with a very strong balance sheet. You could also look at the dental space.

BUY

Liked BSX better in the past than today. If there were a recession, they'd need more capital. Remains a very fine company as to products. Volumes in medical devices are not recovering as he expected. He owns ABT instead, a diversified player with a very strong balance sheet.

WAIT

Excellent company. Supplies data to insurance companies. Only risk is consolidation, where insurance companies wouldn't need to buy the data, as they'd have it if they were big enough. A resilient business, so not the best place to be in the first stage of an economic recovery. He prefers a capital goods cyclical right now, such as DE or CAT.

WAIT

Excellent company. He exited last year after its great run in 2020. Industrial chip space, such as TXN, didn't do as well, so 2021 will be an easier comparison in the short term. Does well when crypto mining does well.