TopPicks from Brian Madden, chief investment officer, First Avenue Investment Counsel
Brian Madden, chief investment officer at First Avenue Investment Counsel, discusses his top picks: Northrop Grumman, Shopify, and Brookfield Corp.Northrop Grumman is one of five American “prime” defense contractors, an industry which is a “moat” oligopoly with very predictable and stable revenues stemming from long-running programmes with their primary customer, the United States government, which comprises 86 per cent of sales and underpins most of its $80 billion backlog.
E-commerce continues to benefit from long-term secular tailwinds, but in the near term, Shopify specifically should also benefit from renewed earnings momentum with the recent divestiture of its fulfillment business, which was a strategic mistake and a big drag on profitability. Some recent new arrivals in its C-suite and boardroom have helped to refocus Shopify’s strategy on profitability and growth.
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