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Client Talking Points

Watch the Dollar

There are a lot of folks out there who simply hate this market, but the reality is that if you are raging against this market, you’re missing one of the most impressive four-month changes in Asian and US growth prospects that we’ve seen in nearly a decade. A strong currency, if sustained, is a pro-growth signal. So the key here is to watch whether or not the dollar remains strong.

Asset Allocation

CASH 32% US EQUITIES 20%
INTL EQUITIES 24% COMMODITIES 0%
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

“The question is (in my prime) who looked better in cutoff jean shorts – me or @KimKardashian?” -- @KeithMcCullough

QUOTE OF THE DAY

“…fraught with arbitrary and capricious consequences.” – Manhattan Supreme Court Justice Milton Tingling on striking down New York city’s soda ban

STAT OF THE DAY

$6 million, the salary the Baltimore Ravens wouldn’t pay receiver Anquan Boldin, who they traded to San Francisco