Top picks 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: Bank of America, TD Bank, and Visa.Bank of America is one of the largest banks in the United States holding 10 per cent of all deposit in the country. The bank continues to reduce cost through reduction in headcount and technology. The company continues to improve its capital base with Tier 1 ratio at 12 per cent. The stock trades at 0.9 times book value and eight times earnings.
Visa is like a toll both when you use the card, Visa gets .15 basis points per transaction. It processes over 65,000 transactions per second. Today 17 trillion in consumer transactions still use cash and has good organic growth internationally. Visa still has growth in the business-to-business market especially with loyalty programs.
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