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Not a big fan of the drug distributors. Generics pricing headwind, costs, political overhang, there is a number of fundamental flags for them. He would stay away from this. They don't buy declining charts. They want to see strong fundamentals confirmed by positive price action. Loves healthcare but prefers a broad basket of healthcare funds. Biotechs are a little weaker but devices and managed care are fantastic. Healthcare will underperform, but still go up, they like that kind of quality trade in a market that they are a little suspect of.

Regulatory overhang? There are serious concerns with antitrust and privacy laws with this one and in his opinion they are only likely to intensify. Valuation and fundamental growth looks OK. It's got monopoly power. It's investing in all the right business lines. Really likes it long term. Reasonably priced, it's growing, it's in all the right niches, but doesn't recommend buying now, you want to wait until they make new highs.

Contracting for the telecom industry. Not very familiar with it. They tend to focus on bigger companies. Finds your odd of success are greater when you are taking a broader basket or larger companies as opposed to micro caps. Small by U.S. standard with a $1.8B market cap.

Interesting name. Ordinarily you would look at this as an early or mid-cycle, not late-cycle, however employment is so strong right now. You want to see robust consumer spending, jobs growth in the U.S. is fantastic and robust. You want to make sure 2019 is panning out OK before stepping in consumer spending stocks like this one.

Bank of America vs Citigroup. There's some good opportunities but maybe not something you want to invest in right now. Deposits competition is heating up. Net interest margin moving the wrong way. Deposits costs are higher. Credit isn't terrible right now. Not that the banks are a terrible spot, you're probably going to do fine. Dividends are totally safe. But is this really going to get you a great return right now? Better places to be, and probably better countries.

Bank of America vs Citigroup. There's some good opportunities but maybe not something you want to invest in right now. Deposits competition is heating up. Net interest margin moving the wrong way. Deposits costs are higher. Credit isn't terrible right now. Not that the banks are a terrible spot, you're probably going to do fine. Dividends are totally safe. But is this really going to get you a great return right now? Better places to be, and probably better countries.

Doesn't like it. So much work left to do to turn this company around. Has tons of debt. Controversial story right now. Sure it might go back to $15 but it will take years and high risk, and might not be worth it on an annualized basis given other opportunities in the market.

(A Top Pick Jan 11/18, Up 8%) Likes it. There are really two robust parts of the healtcare sector, one is this one, medical devices and equipment, and the other is managed care. You are buying market beta here; if the market goes down, IHI is going down. They might be high quality and good cash flow, but don't think of this as safety. Loves it and would stick with it.

(A Top Pick Jan 11/18, Down 14%) Sold last summer. Nothing wrong with the company. Still loves it fundamentally but poorly timed.

(A Top Pick Jan 11/18, Down 38%) Probably one of his worst pick to date. The stock got pummeled after they highlighted that the macro uncertainty and trade tension with China was problematic. Sold it.

Two sides to it. Pharmacy benefit side (PBM) and the retail side. Doesn't like the pharmacy benefit side. Generics pricing is an headwind. They are doing a number of right things but there is nothing to get really excited about. Prefers UNH-N.

Price to book ratio play. Classically you buy it below book and sell it at 1.5-1.8X. Currently 0.86X price to book looks really tempting. They are not as susceptible to net interest margin, to the credit, to a number of factors that are going to hit banks. Much more focused business line, great wealth management, great asset management, great trading capital market and investment banking. But at the end of the day we are at the end of the cycle and now may not be the time to buy this.

Home building, flooring, both residential and commercial. Was trading at $250 less than year ago, now is trading at $123. Revenues might be positivem but still in restructuring, and negative EPS for next year. Would stay away. This is the kind of chart they stay a million miles away from.

Percentage of cash in your U.S. equity portfolio? They are 15% cash right now, about 40% bounds and 45% equities. Doesn't love the market right now.

Large higher-end home builder in the U.S. Technically has come back. Still negative earnings. Too late in the cycle. Chart looks good but fundamentals aren't supporting the story. You want both fundamentals and price chart, and we don't have the fundamentals in this one yet.