Top picks from Brian Madden, chief investment officer, First Avenue Investment Counsel
Brian Madden, chief investment officer at First Avenue Investment Counsel, discusses her outlook for the markets.Stocks have largely shaken off the downward pressure that arose around the civic holiday weekend. The prevailing “goldilocks” interpretation of economic data morphed into fear of recession with a soft U.S. jobs report on Aug.
This was coupled with disappointing news from Amazon and Google and notice of Warren Buffett selling half his Apple shares. Over the last month, the rest of the market has markedly outperformed the Magnificent Seven. Since the Aug. 5 lows, stocks have recovered mightily to within a few points of prior highs on both sides of the border, although with broader leadership than when those highs were first reached – an encouraging development in our view.
Brian Madden, chief investment officer at First Avenue Investment Counsel, discusses his top picks: Home Depot, Uber Technologies, and Agnico Eagle Mines.Home Depot is America’s dominant home improvement retailer, serving the “pro” and do-it-yourself markets.
Recently the company has expanded into adjacent and less cyclical end markets addressing the repair/maintenance/operations needs of multi-family residential landlords, the hospitality industry, healthcare centres, government/institutional markets, prisons, etc. All told, the company sizes up an addressable market of $950 billion annually, underpinned by the $43 trillion stock of residential housing in the U.S., which wear and tear depreciates like clockwork, requiring repairs and renovation.
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