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Own companies with pricing power and benefit from higher commodities: Stephanie Link - YouTube
Channel: CNBC Television
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i don't know if you saw jim a couple of
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minutes ago he's very concerned about
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semiconductors what do we need for
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that's just one uh aspect of technology
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but technology is out of favor what do
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we need a a pandemic for technology to
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work again
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well if you see slower growth then
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you're going to probably want to find
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some more growth names but we we have a
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ways to go joe on on on technology in
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general i don't own any semis by the way
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and i haven't for a couple of months
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because i was very nervous about double
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and triple ordering and that hasn't even
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begun yet so i think you want to be very
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very careful selective in technology i
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really liked the accenture quarter last
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week where they beat they slightly
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lowered the high end of guide but that
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was because of fx not demand um i really
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like ibm ibm has been a champ in this
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environment it's up seven percent year
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to date i still like the cyber security
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names and uh and fortinet is the name
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there that i like a lot and and i own uh
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meta which is very cheap uh and i think
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pricing in just kind of doomsday at this
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point
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stephanie are you you're feeling like
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you feel like buying or selling in
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general i don't know are you
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would you raise cash at this point or
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you just sort of i guess just stick with
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your uh your program try not to be
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emotionally involved in in the daily uh
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moves
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yeah no look i mean we have to wait for
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earnings um i don't think earnings
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season for the second quarter is going
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to be a demand problem as i just
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mentioned accenture look at nike even
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they said demand was not a problem
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carmax general mills this morning 13
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organic growth what the problem is is
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obviously the cost side of the equation
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and then currency so we gotta watch and
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wait and see but i want to own companies
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that have pricing power and benefit from
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higher commodities what's that that's
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obviously energy i think their earnings
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are going to be spectacular materials as
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well as i mentioned general mills i
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think some of the consumer staples they
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have pricing power for the time being i
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like hershey i like pepsi even coke i've
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owned in the past might get back into
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that one procter gamble if it comes down
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these are all names for the longer term
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and then of course you look at the
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discretionary names they're pricing in
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way past a recession target
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starbucks nike as i mentioned i like
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those and i've been nibbling at those on
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the way down um and then i own or i just
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recently bought berkshire trading at 1.2
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times book for quality company great
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great balance sheet huge free cash flow
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and a diversified business model
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you think in 2024 we'll be saying well
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the 2022 recession or the 2023 recession
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do you think that that
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uh is a given or or
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not necessarily
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yeah i mean i i look i think i i don't
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know if we're still we're gonna see a
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recession this year i don't think so
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because i do think there's enough
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momentum from all the stimulus that we
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put in place over the last two and a
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half years it takes a really long time
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to get it that into the system right so
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i think maybe we can eke out one to two
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percent in terms of gdp this year but
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yeah next year definitely there's some
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sort of real problem when you have a
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hawkish fed in a slowing economy at the
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same time and there's not much they can
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do in terms of inflation unless they
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really put the kibosh on the economy so
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2023 is a little bit more murky but i do
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think down 20 the market is starting to
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tell you that right and again some
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stocks are down 30 40 percent so i think
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you can nibble for the long term and i
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think by 2024 we'll be glad that we did
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well we still don't really know whether
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inflation is is kind of
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quasi-transitory because of the war
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because of the reopening and the supply
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chain
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it still could be more
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transitory than systemic unless you
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believe that we printed so much and
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spent so much that that
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you know we've got years to to work that
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off
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uh and if the fed is fighting the energy
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issue that it can't really control
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anyway then
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you know that it's not even don't even
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have its eye on the right cause of
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things so it's very difficult right now
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it's a it's a really tough time right
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now you have to you have to look at
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quality companies good balance sheets
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good free cash flow but that doesn't
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mean that they're not going to go down
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they may not go down as much
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as some of the high flyers but you've
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got to be very careful very selective i
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haven't i'll have a bit of extra cash on
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hand to buy on the dips
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