Here is a brief summary of what he said:
— Stocks are really attractive today. People are over paying a lot for safety, income generation and high yields. — Stocks are much cheaper versus. bonds.
— Top holdings: Capital One (COF), JPMorgan (JPM), Comcast (CMCSA), Oracle (ORCL) and eBay (EBAY).
What is common among all his holdings — most of them are taking their cash flow and investing to grow EPS, and they are growing EPS faster versus earnings due to share buybacks. Investors are just penalizing companies like these relative to those with high dividend payouts.
— Attractive areas of the market: In general industrial companies and financial companies are really cheap.
— Why AIG (AIG)? It was a very complicated story couple of quarters ago, but they have sold lot of complicated assets and are more of a property and casualty insurer now, selling at half book value and putting all their capital toward repurchasing their stock.
— Best days for stock investors are ahead.
Here is the video: