Stock Market Outlook
The companies we own continue to create value at a good pace and are priced at reasonable valuations. The risks that drove the market lower in late 2018 are still lurking in the background, however, so we've been actively managing our exposure throughout 2019. We downgraded our equity exposure to slightly below normal on August 1st, then increased it back to normal on November 1st as valuation and global macro risks eased slightly. We believe investors should have their normal exposure to stocks at this time to ensure they continue to earn returns if the market keeps rising but they also have spare capacity to increase positions should the market move lower.
Companies we own
These are the companies we've invested our own savings into
High Quality
Adobe
ADBE
Alphabet
GOOGL
Amazon
AMZN
Amcor
AMCR
Apple
AAPL
Carnival
CCL
Facebook
FB
Inditex
ITX
Marriott
MAR
Mastercard
MA
NVR
NVR
Ryanair
RY4C-DUB
TSMC
TSM
Union Pacific
UNP
Visa
V
Higher Potential (but higher risk)
Bausch Health
BHC
IMF Bentham
IMF
Naspers (Prosus)
NPSNY, PRX-NL
NetEase
NTES
Nexteer Auto.
1316-HK
TAL Education
TAL
Tencent Music
TME
Teva Pharm.
TEVA
