A portfolio manager from Canaccord Genuity talks to WP about his latest market moves
Wolfgang Klein, a portfolio manager with Canaccord Genuity Wealth Management, talks to WP about his latest market moves.
“The latest stock I bought is Facebook, which I got on Thursday morning. It’s nothing exciting – it’s a FAANG stock – so nothing overly innovative, but it has a very clean chart. They are going to be monetizing Instagram, it continues to have good momentum, technically it is breaking out, and in terms of valuation it is a growth stock trading with GARP (Growth at Reasonable Price) valuation. The valuation remains compelling as it always has been. The trend has been from lower left to upper right, so anytime in the last two years you could have bought this stock and made money. It looks like it wants to works itself to $200 a share.”
“I like tech and have about an 18% weighting in technology, and all of the names we own are in the United States. We own Google, Apple, Facebook, Amazon, Avago, and Adobe.”
“I put on a difficult trade on Wednesday when I bought into the marijuana sector. I bought HMMJ (the Horizons Marijuana Life Sciences Index ETF). It’s a basket of 10 marijuana or marijuana related names, including Scotts Miracle-Gro, Canopy Growth, and Aphria. The clock is ticking on legalization and the federal government could make a formal announcement by the end of this year. The probability of recreational marijuana being available by Canada Day next year has increased, according to our analysts, to between 80 – 90%.
“If the recreational market becomes legal, estimates are it could be as high as the spirits industry, which, in America, is somewhere between $50 and $60 billion. The cannabis market could be ginormous.”
“My third move was selling Equifax. I bought the stock in the sell-off at $93, 28 days ago, and I sold it on Thursday for just under $108. The stock had a good move. I bought it very well and therefore could be a little looser, so I took the name off the table.”
The views expressed do not necessarily reflect the opinion of Canaccord Genuity Wealth Management. This does not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors.
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“The latest stock I bought is Facebook, which I got on Thursday morning. It’s nothing exciting – it’s a FAANG stock – so nothing overly innovative, but it has a very clean chart. They are going to be monetizing Instagram, it continues to have good momentum, technically it is breaking out, and in terms of valuation it is a growth stock trading with GARP (Growth at Reasonable Price) valuation. The valuation remains compelling as it always has been. The trend has been from lower left to upper right, so anytime in the last two years you could have bought this stock and made money. It looks like it wants to works itself to $200 a share.”
“I like tech and have about an 18% weighting in technology, and all of the names we own are in the United States. We own Google, Apple, Facebook, Amazon, Avago, and Adobe.”
“I put on a difficult trade on Wednesday when I bought into the marijuana sector. I bought HMMJ (the Horizons Marijuana Life Sciences Index ETF). It’s a basket of 10 marijuana or marijuana related names, including Scotts Miracle-Gro, Canopy Growth, and Aphria. The clock is ticking on legalization and the federal government could make a formal announcement by the end of this year. The probability of recreational marijuana being available by Canada Day next year has increased, according to our analysts, to between 80 – 90%.
“If the recreational market becomes legal, estimates are it could be as high as the spirits industry, which, in America, is somewhere between $50 and $60 billion. The cannabis market could be ginormous.”
“My third move was selling Equifax. I bought the stock in the sell-off at $93, 28 days ago, and I sold it on Thursday for just under $108. The stock had a good move. I bought it very well and therefore could be a little looser, so I took the name off the table.”
The views expressed do not necessarily reflect the opinion of Canaccord Genuity Wealth Management. This does not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors.
Related stories:
How advisors should be helping investors
Why are advisors ignoring client demand?
