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TOP PICK
An industrial stock for them. A free cash flow generator where they roll up other businesses. Still has good run way, nice valuation and clean business model. Likes it for the space. The valuation is still depressed and has not yet participated in the rally. (Analysts’ price target is $50.14)
merchandising / lodging
TOP PICK
Private equity companies have really taken off. Trading at a discount to asset values. Can own private equity but at a discount. You get the benefit of the management company and holdings. A premier private equity company. (Analysts’ price target is $108.20)
mngmnt / diversified
TOP PICK

It is hard to predict the oil price in a year out. They are now making so much money and the debt is coming down. It's a massive company. Debt is a concern after the Husky purchase but debt is coming down quickly. (Analysts’ price target is $15.79)

oil / gas
PAST TOP PICK
(A Top Pick Aug 28/20, Down 33%) Gold is important as a hard asset. Gold has not moved with inflation expectations however. Would never have imagined gold would come down to these levels. Around $25, it is a good risk-reward payoff. Could go up 50% if interest comes back to this space.
precious metals
PAST TOP PICK
(A Top Pick Aug 28/20, Up 16%) A good return for a utility. A core part of the portfolio. Electricity demand will double and triple so must have exposure to a company like this.
mngmnt / diversified
PAST TOP PICK

(A Top Pick Aug 28/20, Up 94%) The stock market is discounting a lot of the recover happening. Has moved to CCL Industries now. It starts to get harder to hold in a cyclical business when it's runup this much.

steel
COMMENT
Prices may stay higher but if the economy does not recover, you can't buy anything. Wages will probably not go up but with inflation, people will just buy less. If we stay in this low interest rate environment for a while, stocks will remain at higher valuations. Markets are extremely expensive, but there is value in industrials and energy.
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