Michael Hakes - CFA, MBA

Stock market multiples are high, and does not think markets will go higher than current levels. Believes it will be hard for stocks to advance as much as previous quarter with high inflation rates. Not expecting US Fed interest rate cuts until fall 2024 - at the earliest. Markets in Europe are seeing inflation going down faster that North America. Seeing opportunities in individual stocks that have been overlooked by tech focused investors. 

Home Depot of Europe. UK and France are focus markets. Challenges (inflation) in Europe putting pressure on stock. Margins are starting to rise - especially in France. Inventory management getting better. Consumer sentiment getting better in Europe. Savings rates are high, but expecting interest rate cuts will lead to further consumer spending. ~5% dividend yield is safe. 

Current share price is a good entry point. New CEO is making good changes. Increasing EPS, top line revenue and store sales growth. Guidance is trending lower, which makes good time to buy. China a concern - but expecting a recovery. $85 share price a great place to buy - expecting $100 share price going forward. 

Less popular name within the healthcare sector. Very strong R & D pipeline - new products are expected soon. Trading at ~14x earnings which is very under valued. Excellent time to purchase shares for the long term shareholder. 

Has continued to hold. Margins have continued to improve. Supply chain issues are beginning to resolve themselves. Consumer spending patterns continue support business model. ~4% dividend yield is strong and safe. Would expect share price to increase to ~$200. Excellent for long term investors. 

Continues to improve investment banking performance. Business has performed well the past 12 months. Anti-money laundering investigation not a major concern - but will watch closely. Recent earnings have been strong. Will continue to hold. 

Not a major growth company, but will grow steady. ~7% top line growth expected to continue. ~10% share price appreciation expected going forward. Will continue to hold in portfolio. 

Third largest pharma distributor in USA. Very high performing company. Stock price and margins improving. Stock is fully valued at current price, but is watching closely. Would buy on weakness. 

Difficult to determine direction of stock price. Very high quality company, but valuation is high. Chip demand is very high - A.I. demand not slowing down. Does not own stock at this time. Challenge is to determine position of company in 1-2 years (technology changing very quick). 

Around 800 stores, with ~150 expected to be added this year. Retail growth is increasing along with margins on sales. Strong competition with McDonalds etc. Continues to grow. 

Business model "old" in terms of internet business. Under threat from companies like Meta (Facebook). Better names to select (like Meta). Not sure what catalyst is for growth. Would not recommend buying at this time. 

One of largest community banks in USA. Recent earnings came in as expected. If interest rates fall - will be good for business. Long term, not expecting large growth. Is difficult to grow business in very competitive banking market. Would not recommend buying at this time. 

One of key holdings in portfolio. Very good company with very strong margins. Generative A.I. technology very strong. Office 365 suite very profitable. Strong leadership team that has consistently managed capital and technology well. Productivity tools very helpful for office workers. Long term - expecting performance to continue. 

Hard to determine future of business. Share price still over valued. Performance of business under pressure. Car business only worth ~$80/share. Ability to generate profits under question. Better options for investors available. Company has continued to cut prices on products, and has missed sales estimates. 

Holds shares in income growth fund. Private equity business located in the USA. Has been liquidating unprofitable business positions. Expecting better performance of share price going forward. Difficult to value company on a NAV basis, but is a quality company.