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COMMENT
Cyclicals still relevant? Estimates for inflation print tomorrow are ratcheting up. Cyclicals are still a big part of the recovery story. Commodities to industrials. Not too late to add some exposure to your portfolio, at least for the short term. Record commodity prices should flow through to corporate earnings. Some more secular, high growth names have sold off as a result, so he's been picking away at opportunities there. It's a barbell approach, getting into position for when there's a switch back to growth.
COMMENT
BUY
A great business. Outperformed the last 5 years. Great balance sheet, so they can explore global growth opportunities. E-commerce is still just scratching the surface on the retail side. Dominant market share in Canada at 90%. Excellent time to buy.
James TelfserOwned
Transportation & Environmental Services
COMMENT
Being acquired. No competing offer on the horizon. You're not risking much by buying, but doesn't see another deal coming along.
James TelfserOwned
electricalelectronic
BUY
US financials are in a great position. Benefit from interest rates going higher. Will do well in capital markets and banking. US 10-year is back below 1.5%, and US banks have barely budged, so this signals a good time to buy. Still reasonably priced. Go long.
James TelfserOwned
banks
COMMENT
The CAD. CAD has been on a tear. Not inconceivable that oil and commodities will continue to rally, as inflation has been persistent. In that environment, the CAD will continue to outperform. If we get a miss on inflation, things could move the other way quite dramatically on both commodity prices and the CAD.
HOLD
A frustrating position. Imaging clinics in the US. Performing well and acquiring clinics. Higher margins than peers. Positive news has come out, so the rest of the year should be better, closing the gap in the valuation. Generating free cashflow and paying down debt. Alzheimer's drug will push organic demand for scans.
James TelfserOwned
medical services
DON'T BUY
PAST TOP PICK
(A Top Pick Jun 03/20, Up 68%) Finally getting traction with investors. Great CEO. Building up presence in higher end pharma space. Great story, good backlog. He'd still buy it here.
James TelfserOwned
misc industrial products
PAST TOP PICK
(A Top Pick Jun 03/20, Up 24%) Suffering because supply chain issues should flow through to revenue, but that's taking longer. #1 company that helps companies fix supply chain issues on the fly. Will have a great few years ahead.
James TelfserOwned
0
PAST TOP PICK
(A Top Pick Jun 03/20, Up 55%) Great business. Involved in so many industries with secular growth. Underlevered balance sheet, so they'll be able to take advantage of opportunities.
James TelfserOwned
electricalelectronic
BUY ON WEAKNESS
Be cautious putting money into utilities right now, unless you need the income. With the call on cyclicals, you might get some better opportunities to add to those names. As rates move higher, typically those stocks sell off. In the US dividend space, he owns AMT, with its infrastructure/utility type play, predictable cashflow, dividend growth, acquisition opportunities.
James TelfserOwned
Telecommunications
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