She doesn't buy cyclical stocks, which TECK is. TECK depends on the price of underlying commodities, which in turn reflects overall economic growth in places like China. She'd rather buy companies with secular growth.
They make dental products. She likes the dental industry for its secular growth, specifically from aging demographics (a desire to keep your teeth longer which feeds the implant business), and a low penetration rate in developing markets. 22% of their revenues come from emerging markets, plus 50% from North America. There's a lot of room for NVST to grow and they have a broad product offering, supplying 90% of the equipment of what a dentist needs. They lead in many product categories. They just launched the Sparks clear dental liner which is enjoying strong growth int he U.S., the first innovation in years. They're #1 in the implant business. (Analysts’ price target is $51.75)
She likes the banks, releasing provisions put on last year. When the banks will be allowed to raise dividends and buyback shares, TD will likely hike its dividend by double digits. TD has the strongest capital position among the big banks. TD trades at a premium valuation to the group. They have a strong retail presence in Canada and the U.S. and so will benefit as those economies recover. They have a position in Schwab, a nice source of capital. (Analysts’ price target is $92.85)