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.
Timestamps
00:00 Trailer
02:13 Intro
03:33 Interest rates, oil prices, and inflation
05:43 Is the U.S. market too expensive?
08:19 How high can interest rates go?
09:37 AI spending and the race for capital
10:42 Is AI threatening financial stocks?
12:05 Why Gordon trimmed financials
13:34 Why Verizon is the new defensive position
14:02 How to defend a portfolio without selling everything
15:07 Why Gordon is adding to healthcare
17:11 The AI impact on tech valuations
20:23 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 unwind
53:54 Closing thoughts and next episode
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