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Financial Fitness & Life Planning

April update

For much of the month the market was weighed down by heightened geopolitical tensions, only to rebound last week on relief over the French election, strong first quarter earnings, and the prospects for a corporate tax overhaul.  My outlook remains mixed due to good earnings growth, low interest rates, potentially business-friendly government policy and the upward direction of the stock market over the very long term, all balanced by overvaluation, Fed tightening, investor complacency and insider selling.   

This month I added to my fund’s positions in both Wells Fargo and Procter & Gamble when each of them came under pressure. Wells suffered from a parade of bad news that will eventually subside.  The bank no longer enjoys a valuation premium to its peers despite its superior profitability and efficiency.  It also boasts strong loan underwriting and risk management, and tremendous market share and reach.  As for P&G, I regard the sales miss as nothing more than short-term noise for what is otherwise a truly outstanding business. 

 

~~~~Michael Berlin can be contacted at mberlin@mhbpartners.com and at (631) 629-4928 .

The information included in this article is not intended to be used as a basis for making investment decisions nor should it be constructed as a recommendation to buy or sell any specific security. Consult your investment professional for additional information and guidance.
 

 

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