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Paul Harris, CFA , Portfolio Manager and Partner

Avenue Investment Management


Date Signal Chart Symbol Company Opinion Price
2014-09-24 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  Feels comfortable that stocks will continue to well. The recent pull backs were about what was going on in the US and now we are back to where we were before.  Investing in debt is not a great return.  Equities continue to do well as do the earnings.  Companies continue to buy back stock and the economy continues to grow slowly.  The US$ will continue to become stronger.  He is positive in general.  There is some geopolitical noise out there, but it does not have a lot of impact.  There will be pullbacks and you have to buy on that.  There are lots of good opportunities in the US, UK and in Europe.  European companies get a lot of revenue internationally.


Price:
$0.020
Subject:
NORTH AMERICAN/GLOBAL
Bias:
OPTIMISTIC
Owned:
_N/A
2014-09-24 BUY Must be logged in to use chart BAC-N Bank of America

Owned for a long time.  He is a big fan.  It is not expensive, trading below book value.  The litigation issues are out of the way so you can judge them by their earnings.  One of the largest retail banks, brokerages businesses and institutional brokerages in the US.  They really cut back on non-core assets. 


Price:
$17.180
Subject:
NORTH AMERICAN/GLOBAL
Bias:
OPTIMISTIC
Owned:
Yes
2014-09-24 BUY Must be logged in to use chart BB-T BlackBerry

They can certainly compete in the business side.  They have a strong franchise and some good leverage with people in that area.  The issue is only if they can leverage their existing franchise.


Price:
$11.610
Subject:
NORTH AMERICAN/GLOBAL
Bias:
OPTIMISTIC
Owned:
No
2014-09-24 TOP PICK Must be logged in to use chart BCS-N Barclays Bank PLC

Bought Leman Brothers.  They are now a very substantial investment bank.  It is a great franchise in the UK and they have a great wealth management business.  They are going to be a smaller investment bank so their cost structure will go down.  Their Barkley’s card is quite strong.


Price:
$15.130
Subject:
NORTH AMERICAN/GLOBAL
Bias:
OPTIMISTIC
Owned:
Yes
2014-09-24 BUY Must be logged in to use chart BHP-N BHP Billiton Ltd.

Iron ore broke down.  BHPs cost of production is much lower than others and so it can do alright at these levels.  They cut back cap-x and sold off some non-core businesses.  The stock fell because people expected them to increase the dividend and buy back shares more aggressively.  They have expanded into oil and gas.  Trades at 15 times and they have a nice dividend yield.


Price:
$62.200
Subject:
NORTH AMERICAN/GLOBAL
Bias:
OPTIMISTIC
Owned:
Unknown
2014-09-24 DON'T BUY Must be logged in to use chart BKW-N Burger King Worldwide Inc.

They are doing the tax inversion/THI-T acquisition because they are not seeing the growth.  The guys who run it are bright and cost effective.  Tim Horton’s is a strong franchise in this country, but he does not see it growing in the US.  He would sell THI-T now.


Price:
$30.730
Subject:
NORTH AMERICAN/GLOBAL
Bias:
OPTIMISTIC
Owned:
Unknown
2014-09-24 BUY Must be logged in to use chart CMI-N Cummins

Very good company, not expensive at 12-14 times earnings.  Engine manufacture and designer.  A lot of revenue comes from the US and they are trying to expand into China.  They have good potential internationally for their products. 


Price:
$134.210
Subject:
NORTH AMERICAN/GLOBAL
Bias:
OPTIMISTIC
Owned:
Unknown
2014-09-24 DON'T BUY Must be logged in to use chart DB-N Deutsche Bank AG

Not as good an upside as BAC-N.  DB-N’s investment bank is not as good as BAC-N’s.  You have to be number 1-4 to make all the money and DB-N is below that.  They also don’t have a huge retail brokerage franchise.  It is not an expensive stock and is one of the better European banks.


Price:
$35.760
Subject:
NORTH AMERICAN/GLOBAL
Bias:
OPTIMISTIC
Owned:
Unknown
2014-09-24 TOP PICK Must be logged in to use chart DE-N Deere & Co.

The stock is cheap.  They went into construction and it does well when agriculture does not.  People are afraid farmers won’t buy farm equipment.


Price:
$83.770
Subject:
NORTH AMERICAN/GLOBAL
Bias:
OPTIMISTIC
Owned:
Yes
2014-09-24 PARTIAL SELL Must be logged in to use chart DIS-N Walt Disney

Great brand name, trading at about 20 times earnings.  They will do well as the economy turns around through their parks.  Lucas films will generate a good rate of return for them over the long term.  They did well with Marvel hits and Frozen.  They will have a tough time comparing with this year when Avengers II comes out next year.  This stock used to trade at a discount to the group and now is at a premium.  He thinks all the good news is in the stock and it should move sideways.


Price:
$89.450
Subject:
NORTH AMERICAN/GLOBAL
Bias:
OPTIMISTIC
Owned:
Unknown
2014-09-24 BUY Must be logged in to use chart FDX-N FedEx

Great proxy for the global economy.  18.5 times earnings.  There is express and freight.  Express did reasonably well, but freight did very well.  You are going into a very seasonally strong time for them.  You aren’t paying a lot for it, although it pays only a half percent dividend. 


Price:
$159.310
Subject:
NORTH AMERICAN/GLOBAL
Bias:
OPTIMISTIC
Owned:
No
2014-09-24 BUY Must be logged in to use chart GSK-N Glaxosmithkline PLC

An interesting story.  One of the benefits of this company is that there is not just one big drug.  They are well diversified.  They are expanding their franchise into the developed world.  One issue is a drug that is 20% of their revenue.  When it comes off patent it could hurt them, but inhalers are difficult to make as generics.


Price:
$47.030
Subject:
NORTH AMERICAN/GLOBAL
Bias:
OPTIMISTIC
Owned:
Unknown
2014-09-24 DON'T BUY Must be logged in to use chart IBM-N IBM

There are other tech companies with good top line growth.  IBM grows by buying back stock.  There are a lot of better ideas in the tech world.


Price:
$192.310
Subject:
NORTH AMERICAN/GLOBAL
Bias:
OPTIMISTIC
Owned:
No
2014-09-24 PAST TOP PICK Must be logged in to use chart MEQ-T Mainstreet Equity Corp

(Top Pick Oct 3/13, Up 36.79%) No dividend.  There is a huge development in Edmonton that will really help them.  He continues to like them.  Their cost of funds has really gone down.


Price:
$40.750
Subject:
NORTH AMERICAN/GLOBAL
Bias:
OPTIMISTIC
Owned:
Yes
2014-09-24 PAST TOP PICK Must be logged in to use chart MSFT-Q Microsoft

(Top Pick Oct 3/13, Up 43.01%) Still likes it.  Thinks it will make a new all time high. 


Price:
$47.080
Subject:
NORTH AMERICAN/GLOBAL
Bias:
OPTIMISTIC
Owned:
Yes
Showing 1 to 15 of 1,850 entries
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