TopPicks from Paul Harris, partner and portfolio manager, Harris Douglas Asset Management
Paul Harris, partner and portfolio manager at Harris Douglas Asset Management, discusses his top picks: Apple, Alphabet, and Visa.In our view current headwinds are transitory. A number of issues have led to the stock’s worst year so far since 2008, Apple shares have tumbled 23 per cent so far in 2023, steeper than the index which is down 18 per cent.
The stock trades at 18 times earnings. It will generate $50 billion in free cash flow in 2023 and has no debt. It has significant secular growth from internet advertising, a strong market share in search and other internet advertising segments. Google has a 30 per cent share of U.S. digital ad revenue and global ad revenue is expected to reach well over $400 billion in 2024 and digital advertising accounts for more than 50 per cent of total ad spend.
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