TopPicks from Brian Madden, chief investment officer, First Avenue Investment Counsel
Brian Madden, CIO at First Avenue Investment Counsel, discusses his top picks: Alibaba Group Holding, Fairfax Financial, and Fortis.Alibaba is the leading e-commerce and cloud provider in China. Chinese cloud spending lags behind the rest of the world at just seven of overall I.T. spend and thus is expected to grow at 30 per cent per year over the medium term.
In its core insurance underwriting business, it is booking combined ratios in the mid 90’s – some of the best underwriting margins they’ve earned in 10+ years, as the entire industry benefits from tight underwriting capacity and good pricing power. Its $53 billion investment portfolio is $35 billion invested in cash and very short duration, high credit quality bonds and will benefit enormously this year from reinvestment at higher interest rates as the bonds mature. The shares trade at 1.
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