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Client Talking Points

Just Pump It Up

Having a strong US dollar is one of the most important things for our country right now. Why? Because having a strong dollar will ultimately help stocks. Now while that may seem to be the opposite agenda, a strong dollar helps drive down commodity prices like crude oil. Low oil prices and lower commodity prices help increase consumption among consumers when they visit places like the gas station and the grocery store. An increase in consumption is an increase in growth and growth helps everyone in the long run.

Asset Allocation

CASH 22% US EQUITIES 24%
INTL EQUITIES 24% COMMODITIES 6%
FIXED INCOME 0% INTL CURRENCIES 24%

Top Long Ideas

Company Ticker Sector Duration
ASCA

We believe ASCA will receive a higher bid from another gaming competitor. Our valuation puts ASCA’s worth closer to $40.

FDX

With FedEx Express margins at a 30+ year low and 4-7 percentage points behind competitors, the opportunity for effective cost reductions appears significant. FedEx Ground is using its structural advantages to take market share from UPS. FDX competes in a highly consolidated industry with rational pricing. Both the Ground and Express divisions could be separately worth more than FDX’s current market value, in our view.

HOLX

HOLX remains one of our favorite longer-term fundamental growth companies given growing penetration of its 3D Tomo platform and high leverage to the 2014 Insurance Expansion from the Affordable Care Act.

Three for the Road

TWEET OF THE DAY

"New week!! Go get 'em!!!" -@TheKillir

QUOTE OF THE DAY

"In politics, absurdity is not a handicap." -Napoleon Bonaparte

STAT OF THE DAY

10-year Treasury hits a six-month high this morning of 2.05%.