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Peter Hodson's Top Picks: Premium Brands, Methanex, ZCL Composites
BNN.ca Staff
MARKET OUTLOOK We have tried to ignore politics and to focus on earnings and company fundamentals. But there has been a big rally since Trump was elected, and last week's failure of the passing of a new health bill may worry some of the recent bulls. Things may not change as quickly as planned, and this may include tax changes. So there is a bit of a curve ball from the political world, perhaps. However, corporate earnings remain decent, takeovers are continuing, and we can barely keep up with the announcements of dividend increases. Investors are concerned about the length of the rally, but this concern has been in place a very long time. Sure, we are “overdue” for a correction, but this does not mean you are actually going to get one soon. Waiting for a correction can be painful, and our data suggests there is still a lot of cash on the sidelines. We think stock picking remains the key: don't just buy the market. If you do, you will load up on financials and resources, instead of good-quality growth companies. There is plenty of good growth still available, if you look for it.
David Fingold's Top Picks: BELIMO, Parker-Hannifin, Keysight Technologies
BNN.ca Staff
MARKET OUTLOOK As a bottom-up stock picker, I don't normally provide market forecasts. The direction of the market is more important to users of index funds and closet index investors (of course, that likely accounts for over 75 per cent of investors, but they won't be interested in what I have to say). We tend to stay near fully invested unless credit markets become unglued. A look at the Investment Grade Credit Index would suggest that there is no need for immediate concern. Perhaps investors in ultra-expensive defensive issues such as REITs, utilities and telecommunications should also be concerned. Those issues appear to be priced for a continued environment with no growth. Investments in consumer staples should likely be quite selective given they have been bid up by the same buyers as other high-dividend, yield-paying industries. The valuation of high-dividend yield companies is at record levels. At the same time, there is much to choose from for anyone looking to build a concentrated portfolio of high-quality companies with some prospect of growth. What we mean by that are companies with strong balance sheets and margins and returns that are well above average.