COMMENT
Portfolio construction: percentage cap on sectors? Tries to limit each stock to 7-8%, within reason given the size of a client's portfolio and what stage of life they're at. Sectors change all the time. For example, is NFLX media or tech? Is AAPL tech or consumer products? It can get challenging. Oil was the big winner this year, but who knew what weighting you should have had? Invest according to your conviction, being diversified across all asset classes and geographies. He doesn't quantify one sector as more conservative than another, for example, telcos vs. utilities. But he sleeps at night by owning companies with beautiful balance sheets, recurring revenues, and high quality products and services. Those factors will protect your portfolio over the long run.
Unknown
COMMENT
Where's gold going? He's as shocked as anyone that gold's not doing well in an inflationary environment. Shows how hard it is to predict which sectors will do well. He'd be interested in some of the royalty streamers like FNV, as there's less risk. He has no views on the direction of gold.
Unknown
WATCH
He's as shocked as anyone that gold's not doing well in an inflationary environment. Shows how hard it is to predict which sectors will do well. He'd be interested in some of the royalty streamers like FNV, as there's less risk.
precious metals
COMMENT
If stagflation, own high tech growth vs. value? His comfort level is to own companies that generate profits, deliver cashflows. He can't predict which will be the next AMZN or SHOP. And when the bloom comes off, you see how badly they do. He focuses on companies and businesses, not labels. His job is to buy profitable companies that will generate the most money for his clients over the long run. He doesn't know what's going to happen in the next month or beyond, so he doesn't sell in a panic. What goes down could easily pop right back up, if it's a strong business.
Unknown
BUY
Look at the newsletters of retired fund manager Nick Sleep. These guys know what they're doing. Unlimited amounts of growth. He'd break the 7-8% portfolio rule for this one. More acquisitions, more spinoffs, incredible business model.
computer software / processing
COMMENT
Averaging down. He's happy to buy businesses on sale. When good companies pull back, put your money to work.
Unknown
DON'T BUY
Restrictions on nitrogen in Europe would be good for NTR's business. Necessary. Potash seems to be the least of all environmental evils. He can't predict how the price of fertilizer will move. Doesn't fit his mandate.
agriculture