“We have just under 20% of our portfolio in banks and consumer finance companies, and they average about eight and a half times estimated earnings next year, relative to 20 something for the S&P. I still think that’s really really cheap.”

 “In the regulatory environment they’re in now, banks are holding significantly more capital that brings down returns on equity a little bit and investors have severely punished them for that. But we think what they haven’t done is offset that by saying these banks aren’t as risky as they used to be, because they have so much capital.”

 “It’s the shared favorites that you should be owning as a portfolio manager, because statistically, they tend to outperform by about three percentage points in a year.”

 “S&P 500 stocks have been less correlated over the past 6 months than any time over the past 5 years, providing an excellent backdrop for investors that focus on idiosyncratic opportunities. The ratio of Index to Single stock options prices suggests idiosyncratic opportunities will continue over the next 6 months.”

 “The company will be the first to re-launch in China, the highest yielding market for RCL back in 2019 (~$100mn of net income) and sees ~60% premium pricing for the company’s upcoming Asia voyages vs. other similar peer itineraries.”

 “Broadcom’s strategy to participate in markets that are durable and in which they either have or can construct a sustainable leadership position has worked well over the years... Broadcom also possesses an extensive technology portfolio, while its leadership in the custom artificial intelligence acceleration space could provide attractive upcoming growth opportunities.”