Show notes
Caution isn’t stopping Gordon Reid from finding opportunities. The President & Chief Investment Officer of Goodreid Investment Counsel Corp. is getting more defensive as markets contend with higher interest rates, inflation and geopolitical uncertainty—but he’s not taking his chips off the table. One of the biggest changes is in financials. When Reid joined us last year, he was all-in on the sector, making Goldman Sachs, Morgan Stanley and Jackson Financial all three of his Pro Picks. After big gains, he’s now trimming that exposure, cutting Goldman Sachs by roughly a third and Morgan Stanley by 25%. Reid explains why taking profits can be an important defensive move, where he’s redeploying that money—including Verizon and healthcare—and walks us through 10 stocks he still likes as he looks for opportunities in a more challenging market.In the Mailbag, Reid weighs in on Nvidia (NVDA) and Qualcomm (QCOM) after the recent volatility in semiconductors, whether Lululemon (LULU) has fallen enough to become attractive, and the turnaround at Citigroup (C). He explains why he prefers General Motors (GM) over Ford (F), why Costco (COST) is still too expensive for him, why he’s staying away from Netflix (NFLX) but likes his exposure to YouTube through Google (GOOGL), and how he manages the risk of owning high-flying CrowdStrike (CRWD).Plus, as we mentioned, Reid’s past Pro Picks—Goldman Sachs (GS), Morgan Stanley (MS) and Jackson Financial (JXN)—have gained roughly 40%, 45% and 60%, respectively, since his last appearance. His three fresh Pro Picks are tied to the AI infrastructure buildout: Ciena (CIEN), EMCOR Group (EME) and MasTec (MTZ). Reid explains why their recent pullbacks could represent an opportunity and why he believes the AI buildout can continue even if the pace of spending slows.Timestamps00:00 Trailer02:13 Intro03:33 Interest rates, oil prices, and inflation05:43 Is the U.S. market too expensive?08:19 How high can interest rates go?09:37 AI spending and the race for capital10:42 Is AI threatening financial stocks?12:05 Why Gordon trimmed financials13:34 Why Verizon is the new defensive position14:02 How to defend a portfolio without selling everything15:07 Why Gordon is adding to healthcare17:11 The AI impact on tech valuations20:23 ITM Mailbag: Is it time to buy semiconductor stocks?21:12 Qualcomm’s role in the AI trade (QCOM)22:41 Is NVIDIA becoming a more stable investment? (NVDA)24:13 Why Gordon is avoiding Lululemon (LULU)27:56 Why Citi remains a turnaround opportunity (C)30:46 GM vs. Ford: Which stock does Gordon prefer? (GM, F)34:15 Is Costco still too expensive? (COST)36:16 Can Netflix recover? (NFLX)39:08 Is CrowdStrike still worth buying? (CRWD)44:07 Gordon’s Past & Pro Picks: GS, MS, JXN, CIEN, EME, MTZ 52:10 The Closing Bell: Gordon’s favourite ways to unwind53:54 Closing thoughts and next episodeSponsorsThank you to our partners at ATB Financial. ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit https://ATB.com/inthemoney for more information.For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.Thank you to our partners at Hamilton ETFs. 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