Jamie Murray

Everything's great right now in equity land. Market's are at all-time highs, with pretty broad-based strength across the board. Stick to the winners and let them run. Market's a bit expensive if you look at the PE ratio, but that's driven by the dominance of the Magnificent 7.

Under the surface, lots of value. Interest rates have peaked out. Profit margins and earnings margins are going higher. That's a healthy market, and we should see it higher by the end of the year.

It always comes down to the valuation on the stock. Earnings are what drive the stock. As long as PE ratios are sticking within historical levels, he'd keep holding as long as the earnings outlook is good. 

Inflation is starting to come down. Weakness is starting to creep into consumer spending and the labour market. Ultimately, that's what the market and the Fed want to see. Powell was right not to talk about rate hikes, the focus should still be on cuts. When those cuts come through, they'll drive a rebound in the consumer.

Know the companies you own really well, and allocate capital appropriately as you navigate the markets.

Doesn't think so. Real estate was so challenged, and now it's starting to rebound. Speaks to healthy growth. Utilities are responding to the rate trade, one of the weakest sectors in last 18 months.

Multiple's higher than it's been in last 2-3 years. At a premium to some of the other Mag 7, where there's more growth. Headwinds on device side. Where's growth going to come from? China connection adds uncertainty. Ultimately fine, but not his choice.

GOOG is the leader in the AI space by far. META is an up-and-coming challenger. AAPL gets left behind when it starts licensing other companies' technologies, such as OpenAI.

"Thesis creep" is when you change your investment thesis to fit what the company's doing. Intelligent management systems for traffic. Buying businesses, winning contracts with US government. Unique small cap. You could hold. Outlook is generally positive, but not for him.

He owns the convertible debentures yielding 6%, gives defensiveness. Well capitalized, bunch of cash on balance sheet.

Great rebound this year. Acquisition spree, overpaid, grandiose ambitions. New CFO has transformed operations. Outlook very solid. Very strong shape financially. Buying back shares, initiated dividend. Cheap at 8-9x earnings. More upside.

Shares have done phenomenally. He likes the space, has more indirect exposure through building supply stores rather than homebuilders. Shortage of homes in US. Trading at 10x next year's earnings, not expensive.

One of his two choices in the space. Prefers the providers of building supplies rather than homebuilders themselves.

One of his two choices in the space. Prefers the providers of building supplies rather than homebuilders themselves.

US insurance broker. Grown by acquisition over last decade. Property and casualty. Really likes the broker business. Right now we're in a "hard" market, where pricing is accelerating. Doesn't have the risk of paying out claims, just collects the premium and takes its share. Trades at 22x. Outperformer.

US insurance broker. Really likes the business model. Corporate benefits, retirement planning. Right now we're in a "hard" market, where pricing is accelerating. Doesn't have the risk of paying out claims, just collects the premium and takes its share. 

Great job pivoting to lottery and gaming. Digital strategy. Bit weak over last quarter. Very strong model for growth going forward. FCF accelerating. PE ratio is coming down. He's looked at, but hasn't pulled trigger.

With some companies, you wait for a pullback to enter but it never comes. On his radar. Small change in strategy, looking at larger deals. Great capital allocators. The spinouts can continue the work of the smaller deals. 

Quarterly report caused stock to fall sharply. Fine in isolation, but didn't meet revenue growth expectations. Higher expenses. E-commerce model is not broken, it will be a leader. Hasn't found any buying support yet. He'd consider it on another 10-15% drop.