07/19/2022 - Kevin Duffy – “Shakeout in Financial Markets has only just begun”

“I think you want to look for companies that will be able to navigate this new world. They provide vital goods and services. They are self-funding and don’t rely on government subsidies. They are run by founders or owner-operators who take a long view. They try to remain apolitical. To me, the biggest risks lie in companies that suck up to the government and end up doing destructive things to shareholders. Nike for instance is trying to push certain official narratives that are going to alienate their customers in China. Yum Brands is unloading its chain of 1,000 KFC restaurants in Russia that took two decades to build. Those types of stocks are more likely to show up in the S&P 500 where everybody is positioned. If I’m right, the kinds of independent businesses I’m looking for will be seen as ports in the storm and trade at a premium.”

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