-- There is lot of pent-up demand from consumers and businesses due to macroeconomic and political uncertainty.
-- Once uncertainty is removed consumer and businesses will spend and one of the key beneficiaries will be J.C. Penney (JCP).
-- JCP is trading at half of its intrinsic value. Remember that they have excellent real estate and there is lot of value there, even if you forget about their business.
-- Ron Johnson is doing all the right things at JCP.
-- America is the place to invest in this kind of low-interest environment but U.S. stock market is fairly valued
-- Don't invest in the stocks based on macroeconomic factors, but pick stocks based on bottom-up fundamental value of the businesses.
-- Advice for investors in this uncertain environment: Stay the track with good money management shops with low fee; GAMCO is good, and so is Franklin Group.
-- Banks: Thumbs up on Citi (C) and JPMorgan (JPM). Vikram Pandit was the right guy for Citibank after the financial crisis.
-- High frequency trading is making stocks transactions inefficient.
-- Likes industrials; they are liquid and acquisitive. He likes Ingersoll Rand (IR), Tyco (TYC)'s upcoming spin-offs
Credit and source: www.bloomberg.com, Bloomberg
Here is the video: