re: Biden infrastrcture plan FLR would benefit from Biden's plan, but FLR wouldn't be his first choice. They've had 3 CEOs in the last 2 years and were the subject of an SEC investigation and had to delay their financial statements. They're getting rid of Stock, a subsidiary. Lots of moving parts here. United Rentals, SNC Lavalin and Jacobs Engineering are better.

A great, innovative company. JPMorgan's CEO admits that they got outwitted by the smaller Square. Their cash app is growing like gangbusters. His issue with the stock and others are its extreme valuation. There's so much liquidity in the system that money is taking big risks on good ideas, but trading now at 8-9x revenues. Much of the future success is already built into the current stock price.

Recently announced an effective Covid vaccine In 2019, they had less than $50 million in revenue. It was nascent and now prominent. They could participate in the booster Covid market, and they need to live up to their current market cap of $14 billion. NVAX has to vaccinate a quarter of the world's population to trade at 1x revenues. There's a lot of hope built into the shares that they succeed. He can't buy this and sleep at night.

Obviously, changes in the economy are dramatic, some caused or accelerated by the pandemic (i.e. people moving out of cities) and the green economy. 70% of copper produced will be used in electric power (and awing from fossil fuels), namely in cars. Ford, GM, Volkswagen as well as Tesla are involved. Copper's price has moved up smartly, but the stocks and this commodity have ticked down a little. He thinks this will ebb and flow. FCX is in a great position with lots of runway.

He's been happy to own this for years. Today's they're more of an asset manager generating more than 50% of revenues. They bought eTrade and other companies. They are less sensitive to interest rates and more so to trading volumes.

Their earnings are lumpy with revenues coming from a limited number of clients. Beware. They are a big player in rewiring North America in 5G, which is a plus. Comcast, Google and others are big customers. The risk is, if one of these clients delays a project, then DY gets his for a quarter or so. Long term, this will do well and benefit from the long-term 5G theme.

(A Top Pick Jun 17/20, Up 61%) This upside can continue. It trades at 13x earnings, its historic average. This is the best bank in the world. If interest rates rise, they'll win on net interest spreads. If rates stay low, they make less on that income, but their capital markets and trading desk will carry them; in fact this has happened in the past year. Rates will rise inevitably.